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Compilation of Annual Financial Statements

The purpose of this CPD session is to equip CIBA members with a comprehensive understanding of the critical elements involved in the compilation of Annual Financial Statements. This session will delve into the requirements set forth by the Companies Act, the importance of accurately calculating the Public Interest (PI) Score, and the application of the relevant Accounting Frameworks.

2 CPD units December 2, 2024 1 presenter

What will set you apart

By completing this course you will gain the following competencies

  • The key requirements of the Companies Act related to the compilation of Annual Financial Statements.
  • How to accurately calculate the Public Interest (PI) Score and understand its implications for financial reporting.
  • The application and importance of relevant Accounting Frameworks in the preparation of financial statements.
  • Best practices for ensuring compliance with statutory requirements and accounting standards.
  • The impact of the PI Score on audit requirements and other compliance obligations.
  • How to effectively apply accounting frameworks to different types of entities, considering size, structure, and industry.
  • The significance of aligning financial statement preparation with both legal and ethical standards.

Event breakdown

  • Introduction and Overview
  • Welcome and introduction to the session
  • Objectives and key takeaways
  • Importance of accurate financial statement compilation
  • Understanding the Companies Act Requirements
  • Overview of relevant sections of the Companies Act
  • Statutory requirements for Annual Financial Statements
  • Roles and responsibilities of company officers and accountants
  • Common compliance challenges and how to address them
  • Calculating and Understanding the Public Interest (PI) Score
  • Definition and significance of the PI Score
  • Detailed steps to accurately calculate the PI Score
  • Implications of the PI Score on audit requirements and other obligations
  • Case study: Real-world application of PI Score calculations
  • Applying the Appropriate Accounting Frameworks
  • Overview of key Accounting Frameworks (e.g., IFRS, IFRS for SMEs)
  • Criteria for selecting the appropriate framework for different entities
  • Practical examples of framework application in various scenarios
  • Addressing common issues when applying frameworks
  • Practical Case Study and Group Discussion
  • Detailed walkthrough of a sample Annual Financial Statement preparation
  • Group discussion on potential pitfalls and best practices
  • Interactive Q&A session with participants to address specific concerns
  • Conclusion and Key Takeaways
  • Recap of key learning points
  • Final thoughts on ensuring compliance and enhancing financial reporting quality
  • Open floor for any remaining questions or comments
  • Information on additional resources and follow-up opportunities
  • Closing Remarks
  • Thank participants for their attendance
  • Provide information on upcoming CPD sessions and events
Category: Financial ReportingType: CPD CourseCPD category: Financial Reporting

Description

This CPD session is designed to provide CIBA members with essential knowledge and practical skills for compiling Annual Financial Statements in accordance with the Companies Act, accurately calculating the Public Interest (PI) Score, and applying relevant Accounting Frameworks. Over two hours, participants will gain insights into regulatory requirements, best practices, and common challenges in financial statement preparation. The session will include practical examples and case studies to ensure delegates can confidently apply what they’ve learned in their professional roles, enhancing compliance, transparency, and the overall quality of financial reporting. Given the increasing regulatory scrutiny and the evolving nature of financial reporting standards, it is essential for business accountants and financial professionals to stay informed and proficient in these areas. This session aims to provide practical insights and actionable knowledge that participants can apply directly in their practice. By the end of this session, attendees will be able to confidently navigate the complexities of financial statement preparation, ensuring compliance and enhancing the quality of financial reporting within their organizations or for their clients.

Presenters

Leana van der Merwe

Leana van der Merwe — Leana: Leana van der Merwe, with 18+ years in accounting and corporate governance, Leana leads technical support at CIBA and is a recognized thought leader in regulatory compliance.

You will earn a certificate

On successful completion you will receive a certificate for 2 CPD units in Financial Reporting.

Requirements

  • Laptop, desktop, or mobile device with internet access
  • Microsoft Edge, Google Chrome, Safari, or Firefox browser