Eszter Rapanos, Quality Assurance, Public Sector and Publication Manager, Chartered Institute for Business Accountants (CIBA) Eszter Rapanos, Quality Assurance, Public Sector and Publication Manager, Chartered Institute for Business Accountants (CIBA)

Transition from CC to (Pty) Ltd Financial Statement Format

What happens when a (Pty) Ltd is accidentally dressed up like a Close Corporation? That’s the dilemma in this real-world case where a client’s 2020 financials used CC-style terms like “members” instead of “directors,” despite being a (Pty) Ltd all along. Now, as the team prepares the 2021 AFS under IFRS for SMEs, key questions arise: Should 2020 be recompiled? Is a disclosure note enough? What do the professional standards say? If you’ve ever had to untangle a client’s financial past, this one’s for you.

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