What are the necessary disclosures when an entity presents financial statements for a period longer or shorter than one year?

When the end of an entity’s reporting period changes and the annual financial statements are presented for a period longer or shorter than one year, the entity shall disclose the following: (a) that fact; (b) the reason for using a longer or shorter period; and (c) the fact that comparative amounts presented in the …

What are the information that needs to be disclosed in the notice to financial statements?

Notes to the financial statements disclose the detailed assumptions made by accountants when preparing a company’s: income statement, balance sheet, statement of changes of financial position or statement of retained earnings. The notes are essential to fully understanding these documents.

What is the standard of adequate disclosure?

What Is Adequate Disclosure? Adequate disclosure is an accounting concept confirming that all essential information is included in financial statements for an investor or creditor to rely on when analyzing a company.

Should be disclosed in the summary of significant accounting policies?

Certain items are commonly required disclosures in a summary of significant accounting policies: (1) the basis of consolidation, (2) depreciation methods, (3) amortization of intangible assets (excluding goodwill), (4) inventory pricing, (5) recognition of profit on long-term construction-type contracts, and (6) …

What is the International GAAP® disclosure checklist?

This International GAAP® Disclosure Checklist contains IFRS disclosure requirements for annual financial statements with a 30 June 2022 year end. An online checklist is available to audit clients through EY Intelligent Checklists. The new Smart Automation solution is accessible by audit clients from the EY Online portal.

How do I access the EY checklist?

EY’s online version of the checklist may be accessed, free of charge, by registering on www.ey.com/checklist. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity.

What is the disclosure checklist for annual financial statements?

This disclosure checklist for annual financial statements captures the disclosure requirements for IFRS standards and interpretations in issue on 31 August 2021.

Are the online checklists available for use under international financial reporting standards?

The online checklists summarized here are for use in reporting under International Financial Reporting Standards (IFRS); for specific jurisdictions, please contact us.