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Body Corporate – Illustrative example of Annual Financial Statements
- 01 March 2023
- Accounting
- South African Accounting Academy
This represents the finalisation of Exposure Draft ED 424 that was issued in November 2021.
The CSOS (Community Schemes Ombud Service) formed part of the original template task force and approved the exposure draft.
Click here to download the Template:
Relevance to Auditors, Independent Reviewers & Accountants:
- As an auditor and independent reviewer, you need to consider whether the financial statements comply with the relevant IFRS for SMEs. If not, you should amend your opinion or conclusion accordingly.
- As a compiler, you need to compile the financial statements comply with the relevant IFRS for SMEs.
- You will need to advise your body corporate clients accordingly.
Relevance to Your clients:
- All body corporate clients need to compile the financial statements comply with the relevant IFRS for SMEs – to ensure that the correct financial reporting framework is used.
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