[AFS CHECKLIST] Public Classes for AFS Readiness

For more information>> https://forms.gle/xd778QcYNATTLDoLA Public Classes Timetable at the end of this email. An annual financial statements checklist is a tool used by companies and accounting professionals to ensure that all necessary financial information is accurately and completely represented in the company’s annual financial statements. The checklist helps to organize the financial reporting process and ensures compliance with accounting standards and regulations. Here’s a general checklist that may be adapted based on the specific reporting requirements and industry standards:

• 
  Balance Sheet:
  • Assets
  • Liabilities
  • Equity
• Income Statement (Profit and Loss Statement):
  • Revenue
  • Cost of Goods Sold (COGS)
  • Gross Profit
  • Operating Expenses
  • Net Income
• Cash Flow Statement:
  • Operating Activities
  • Investing Activities
  • Financing Activities
  • Net Cash Flow
• Statement of Changes in Equity:
  • Share capital
  • Retained earnings
  • Other comprehensive income
• Notes to the Financial Statements:
  • Significant Accounting Policies
  • Contingencies
  • Related Party Transactions
  • Segment Reporting
  • Subsequent Events
• Supporting Schedules and Disclosures:
  • Depreciation and Amortization Schedule
  • Breakdown of Revenue by Product/Service
  • Debt Schedule
  • Inventory Valuation
  • Accruals and Prepayments
• Compliance with Accounting Standards:
  • Ensure adherence to relevant accounting standards (e.g., IFRS, GAAP).
• Review of Accounting Estimates and Assumptions:
  • Evaluate the reasonableness of estimates such as depreciation, bad debt provisions, etc.
• Management Discussion and Analysis (MD&A):
  • Analyze and comment on the company’s financial performance, future outlook, and significant events.
• Review of Contingent Liabilities:
  • Identify and disclose any potential liabilities that may arise in the future.
• Comparative Analysis:
  • Compare current year financials with prior years for trends and variations.
• Audit Adjustments:
  • Ensure that any adjustments recommended by the external auditors are incorporated.
• Legal Compliance:
  • Verify compliance with legal and regulatory requirements.
• Review of Subsequent Events:
  • Include any events that occurred after the balance sheet date but before the financial statements were issued.
• Internal Controls and Risk Management:
  • Assess the effectiveness of internal controls and risk management processes.
• Board and Shareholder Approval:
  • Confirm that the financial statements have been approved by the board and shareholders.
• Review of Financial Ratios:
  • Calculate and analyze key financial ratios to assess the company’s financial health.

For more information>> https://forms.gle/xd778QcYNATTLDoLA

Save the dates:

IFRS Masterclass

– Monday 11 March – Friday 15 March 2024, JOHANNESBURG – Monday 20 – Friday 24 May 2024, JOHANNESBURG

IFRS Fundamentals

– Monday 26 February – Wednesday 28 March 2024, JOHANNESBURG

– Monday 11 March – Wednesday 13 March 2024, JOHANNESBURG – Monday 20 – Wednesday 22 May 2024, JOHANNESBURG

IFRS 9

– Monday 18 – Friday 22 March 2024, JOHANNESBURG IFRS 15 Refresher

– Monday 25 – Tuesday 26, JOHANNESBURG

IFRS 9 Refresher

– Tuesday 26 – Wednesday 27, JOHANNESBURG

Coming Soon:

IFRS for Private Equity Structures and Holding Companies, ONLINE

Copy and paste this link into your browser if you links are disabled in your email to REGISTER NOW>> https://forms.gle/DYTnoWoeXyc9oPJ16 or reply to this email for more information!

Regards,

The IFRS Training Team

“Your Leading IFRS Training Partner”

info@ifrstraining.co.za

www.ifrstraining.co.za

www.events.ifrstraining.co.za

+27 73 610 5046