Body Corporate Template AFS 2021

10 January 2022
Accounting
South African Accounting Academy

Comment deadline is 31 January 2022.

The CSOS (Community Schemes Ombud Service) formed part of the template task force and has approved the exposure draft for publication.

Click here to download the Draft template:

https://saicawebprstorage.blob.core.windows.net/uploads/resources/Exposure-Draft-of-the-draft-IFRS-for-SMEs-Illustrative-Financial-Statements-for-Body-Corporates.pdf

How does this affect you and your clients?

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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