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Explanatory Commentary on Body Corporate Template – Illustrative AFS
- 04 May 2023
- Accounting
- South African Accounting Academy
It contains references to pages, and sets out the purpose and/or requirements of relevant items.
It refers specifically to the Illustrative example of Annual Financial Statement for a Body Corporate that was published by SAICA earlier this year.
Click here to download the Explanatory Document:
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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