Clever checklists to ensure your financial statements comply with the reporting standards...
Our IFRS and PBE financial reporting standards package includes the black letter requirements of the standards, disclosure requirements and other relevant points with cross referencing by hyper link to the actual standards if further clarification is needed.
Where Tier 2 concessions are available these are clearly marked. Most standards are covered to cover all commonly encountered situations. We have left out the requirements of certain reporting standards with restricted application, or which are being superseded.
In addition we have checklists for the requirements of SPFR for FPEs, Tier 3 PBE and Tier 4 PBE.
We use yes/no and multi-choice options to open or close sections to avoid unnecessary use of “n/a”. The checklists may be printed when complete or saved in PDF format to your files. Annual rollover means that prior year responses are shown in the new year.
(These checklists contain copyright material of the IFRS® Foundation and the XRB in respect of which all rights are reserved).
To check out the tool in action and to get a full idea of features and content watch a four minute video here.
As of June 2019 there is a stand-alone IFRS checklist called NZ IFRS Requirements Checklist (2019) - under the Financial Reporting Checklists section.
There is also a new audit template which contains these checklists called NZ IFRS Audits - For Profit Entities (2019). Users may update current Tier 1 and 2 audit files to the new template with minimal disruption.
We are currently working on our packages so that we can make the stand-alone version available to non-audit firms without the audit templates. We will also be updating prices for the larger audit packages as this content is licensed to the IFRS foundation so we need to recover the cost of the license fee and the considerable amount of work in creating these checklists.
The next part of this work is making a similar checklist for PBE jobs. We have secured permission from the XRB to do this, and have made a start on the work.