Using a Disclosure Checklist Prepared under IFRS
A set of financial statements prepared under IFRS (International Financial Reporting Standards) can span many pages and if you look in detail you find that the majority of these pages encompass the disclosure notes. The disclosure notes give details on how the preparer of the financial statements arrived at the figures, as well as other issues such as the company’s critical accounting policies, problems encountered in the year, related party transactions and other financial and non-financial matters relating to the year.
Trying to remember every single detail that needs to go in the notes is a nightmare, so do yourself a favour and invest in a reputable disclosure checklist. You normally pay an annual subscription and receive updates from the checklist provider periodically when changes occur. Ask your professional body or auditor where you can best source a checklist.