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If you are someone that easily forgets things, you’d always have a checklist with you when you go to a shopping store to get groceries. Sometimes the brain just cannot keep up with remembering everything.
So you can imagine the headache for someone looking to prepare financial statements that check all the requirements of IFRS. Especially for a company that submits its annual report. The list is almost endless.
To get it all good, there is always a need to have an IFRS checklist when preparing financial statements. For every line item you have on your financial statements, there must be enough information in the notes to support it based on the requirements of the applicable standard.
For example, if you have revenue on your statement of profit or loss, IFRS 15 will have you consider if you have disclosed appropriate accounting policies on revenue from contract with customers, disaggregation of revenue in the notes, how performance obligation is satisfied, if there are contract assets and contract liabilities arising from your revenue contracts, if there are any impairment on those contract assets…among others.
This blog post compiles for you the disclosure checklists for financial statements made available by the Big 4 Audit firms to aid those preparing IFRS-compliant financial statements.
Click the links below to download them.
Disclosure checklists for financial statements:
Source: EY
Annual: EY disclosure checklists for annual financial statements 2024 Pdf
Interim: EY disclosure checklists for interim financial statements 2024 Pdf
Source: KPMG
Annual: KPMG disclosure checklists for annual financial statements 2023 Pdf
Interim: KPMG disclosure checklists for interim financial statements 2024 Pdf
Source: Deloitte
Interim: Deloitte disclosure checklists for interim financial statements 2024 Pdf
PS: The "Source" represents the owners of the files shared above (downloaded from their public domain as made publicly available by them) and compiled in a downloadable folder here by IFRS IS EASY for your convenience and learning.
Share your experience in the comment section below about drafting notes and disclosures when preparing financial statements.