Financial Reporting Checklists

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IFRS and PBE Checklists

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. Or choose the specific RDR versions which exclude all the items not required for Tier 2 jobs. Most standards are included to cover all commonly encountered situations.

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.

To check out the tool in action and to get a full idea of features and content watch a four minute video here.

NOTES:

  • These checklists contain copyright material of the IFRS® Foundation and the XRB in respect of which all rights are reserved.
  • We have left out the requirements of certain reporting standards with restricted application, or which are being superseded.

Small Charity Reporting Checklists

For checking that financial statements are compliant with Public Benefit Entities under Tier 3 and 4 New Zealand Special Purpose Public Benefit Entities Standards (PBE SFR-C (NFP) and PBE SFR-A (NFP)).

Over 95% of the 27,000 NZ registered charities fall into Tier 3 and 4 PBE reporting (expenses under $2 million). Granted, only charities with annual expenditure over $1million will be required to be audited, and those with over $500k will need to be reviewed, but there are many smaller entities who are currently audited or reviewed as a matter of course because of the comfort level it provides to their members, the requirements of their funders or the stipulation of their founding documents. 

Our checklists help assure that the performance reports filed with Charities Services for these entities are complaint with these standards and if requiring audit or review, this will make the process so much smoother.

SPFS for FPE Checklist

For testing disclosures required under "A Special Purpose Financial Reporting Framework for use by For-Profit Entities" (SPFR for FPEs) issued by the New Zealand Institute of Chartered Accountants - designed for use in New Zealand by Small and Medium Sized Entities. 

With the change to reporting requirements for small companies in 2014 NZICA issued a "...self-contained set of financial reporting guidelines designed to assist in the preparation of single entity financial statements. It recognises the user needs of for-profit small and medium sized entities (SMEs) as well as other entities with no statutory financial reporting requirements such as incorporated societies that are not registered charities."

We also have an audit package for these types of entity but we also provide this stand-alone checklist for firms who want to ensure that their work prepared in terms of SPFR for FPEs is compliant with the requirements. 

Note

These checklists are already available within the applicable audit and review templates but may be purchased in stand-alone format for accounts preparation purposes, or if using our compilation package, appropriate checklist will be included. Contact us for more information or for a demonstration.

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