Hello, welcome to IFRS IS EASY!
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
EY disclosure checklists for financial statements 2023 Pdf
PS: All resources above are sourced directly from the public domain of the owners as made publicly available by them and are compiled here by IFRS IS EASY for your convenience.
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