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Page 1 of 69
FINANCIAL STATEMENTS DISCLOSURE CHECKLIST
TABLE OF CONTENTSPARTICULARS PAGE NO.
INTRODUCTION AND EXPLANATORY COMMENTS 2
FINANCIAL STATEMENTS DISCLOSURE CHECKLIST 3
PART I - GENERAL 3
1.0 GENERAL DISCLOSURE / INFORMATION 32.0 FUNDAMENTAL ACCOUNTING ASSUMPTIONS 43.0 SIGNIFICANT ACCOUNTING POLICIES 5
PART II - BALANCE SHEET 8
1.0 INFORMATION TO BE PRESENTED ON THE FACE OF THE BALANCE SHEET 92.0 SHARE CAPITAL 93.0 RESERVES 114.0 SURPLUS ON REVALUATION OF FIXED ASSETS 115.0 STATEMENT OF CHANGES IN EQUITY 116.0 NON-CURRENT LIABILITIES 127.0 CURRENT LIABILITIES 168.0 CONTINGENCIES 179.0 COMMITMENTS 18
10.0 EVENTS AFTER THE BALANCE SHEET DATE 1811.0 FIXED ASSETS (OTHER THAN INVESTMENTS) 1812.0 LONG-TERM INVESTMENTS 2613.0 LONG TERM LOANS AND ADVANCES 3614.0 LONG-TERM DEPOSITS AND PREPAYMENTS 3615.0 CURRENT ASSETS 3616.0 INVENTORIES 38
PART III PROFIT AND LOSS ACCOUNT 39
17.0 GAINS AND LOSSES 4018.0 RELATED PARTY TRANSACTION 4119.0 INCOME TAX 4120.0 SEGMENT REPORTING 4321.0 EXTRAORDINARY ITEMS 4722.0 EARNINGS PER SHARE 47
PART IV CASH FLOW STATEMENT 49
PART V INTERIM FINANCIAL STATEMENTS (IFS) 51
PART VI NON-CURRENT ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS 54
PART VII SHARE-BASED PAYMENT 56
PART VIII AGRICULTURE 58
PART IX BANKS AND SIMILAR FINANCIAL INSTITUTIONS 60
PART X CONSTRUCTION CONTRACTORS 60
PART XI EXTRACTIVE INDUSTRIES 61
PART XII LEASE DISCLOSURES BY LESSORS 62
PART XIII REPORTING BY RETIREMENT BENEFIT PLANS 63
PART XIV BUSINESS COMBINATIONS 65
Acquisitions 65Business combinations after balance sheet date 66Business combinations – adjustments 66Acquisitions: classification of financial instruments 67
PART XV INSURANCE CONTRACTS 68
Page 2 of 69
INTRODUCTION AND EXPLANATORY COMMENTS
1
2
3
4
5
6
7
8
9
10 “Changes made by IAS 1 (revised)
a) ‘Income Statement’ is amended to ‘Statement of Comprehensive Income’.
b) ‘Balance Sheet’ is amended to ‘Statement of Financial Position’.
c) ‘Cash Flow Statement’ is amended to ‘Statement of Cash Flows’.
d) ‘Balance Sheet Date’ is amended to ‘End of the Reporting Period’.
e) ‘Subsequent Balance Sheet Date’ is amended to ‘End of the Subsequent Reporting Period’.
f) ‘Equity Holders’ is amended to ‘Owners’.g)
h)
This checklist seeks to provide guidance to the reporting companies and their auditors with regard to the disclosures to be made in the financial statements prepared in accordance with the approved accounting standards as defined in the Institute’s circular No. 07/2007 dated November 02, 2007 and the requirements of the Companies Ordinance, 1984.
The checklist is merely a technical practice aid and in no way represents the authoritative pronouncements of the Institute. It does not aim at interpreting the statutory disclosure requirements set out in the Fourth Schedule. IFRSs/ IASs, or TRs laid down in various professional pronouncements.
This checklist seeks to represent minimum requirements and does not purport to be all inclusive and would need
review in the light of changes in statutory requirements and accounting standards from time to time. Users may need
to expand or modify the checklist when further accounting standards are issued or made applicable subsequently.
Users of this checklist are advised to refer directly to applicable statutory provisions and accounting standards when appropriate. In determining the applicability of any standards, its effective date should also be considered.
Use of the checklist requires the exercise of individual professional judgment and may require some modification based on the circumstances of individual reporting companies.
The checklist includes accounting standards pertaining to specific industry applications, namely accounting for contracts, leasing, modarabas, banks, insurance, retirement plans etc. and the disclosures required to be made by banks and insurance companies under the Banking Companies Ordinance, 1962 and the Insurance Ordinance, 2000 respectively.
Respond to each item of the checklist with a tick (P) in the appropriate column : Yes: indicating disclosures; No: indicating disclosures not made and N/A: showing items not present or relevant.
Items marked “No” should be accompanied by an explanatory memorandum to document in what manner and to
what extent disclosure falls short of the statutory requirement and accounting standards . The explanation should
include either the amount or an appropriate percentage relationship.
Each disclosure requirement listed in the checklist, wherever applicable, is denoted by relevant clause or reference of the IAS, or Schedule, “Sch. I, II, or III” followed by a paragraph number refers to Part I, II or III of the Fourth Schedule, as applicable. Circular reference indicate important circulars on disclosure requirements issued by the Securities and Exchange Commission of Pakistan from time to time.
IAS 1 (revised) introduces a number of changes and amends a number of references in other IFRSs and their interpretations. Some of the changes introduced in IAS 1 (revised) are as follows:
References to the current version of IAS 7, ‘Cash Flow Statements’ are amended to IAS 7, ‘Statement of Cash Flows’.
References to the current version of IAS 10, ‘Events After the Balance Sheet Date’ are amended to ‘IAS 10, Events After the Reporting Period’.
We have not used the terminologies used by the IAS (revised) instead terminologies of the 4th Schedule to the Companies Ordinance 1984 are being used.”
Page 3 of 69
FINANCIAL STATEMENTS DISCLOSURE CHECKLIST
NAME OF THE COMPANY _____________________________
FINANCIAL STATEMENTS
FOR THE YEAR ______________________________________
NAME OF THE AUDITOR ______________________________
DISCLOSURE MADE
YES NO N/A
PART I- GENERAL
1.0 GENERAL DISCLOSURE / INFORMATION
1.1 Is the following information disclosed?
a) the domicile and legal form of the Company, and its country of incorporation
b) a description of the nature of the Company's operations and its principal activities;
c) the name of the parent Company and the ultimate parent Company of the group;
d) the address of the registered office (or principal place of business, if different
from the registered office) IAS 1.138
1.2 Do the financial statements include:-
a) balance sheet;
b) Profit and loss account
c) a statement showing either:
i) all changes in equity; or
ii) changes in equity other than those arising from capital transactions
with equity holders acting in their capacity as equity holders
d) cash flow statement; and
e) notes, accounting policies and other explanatory information IAS 1.10
1.3 Is each component of the financial statements clearly identified in the same published document? IAS 1.49
1.4 Is the following information prominently displayed and repeated in each component of the financial
statements which is necessary for a proper understanding of the information presented:-
a)
b) whether the financial statements cover the individual Company or a group of Companies.
c) the balance sheet date or the period covered by the financial statements or notes, whichever is
appropriate to the related component of the financial statements.
d) the presentation currency; and
e) the level of rounding used in the presentation of figures in the financial statements IAS 1.51
1.5 Does the statement of compliance given in the notes to the financial statements comply with the
approved accounting standards? If not, has this fact been disclosed?
1.6 Has the management in the extremely rare circumstances concluded that compliance with a IAS 1.19
requirement in approved accounting standards is so misleading that it would conflict with the
objective of financial statements set out in the Framework?
1.7 If answer to 1.6 above is "Yes" then the management has departure from the requirement in the
following manner, if the relevant regulatory framework requires, or otherwise does not prohibit, such
a departure.
Have the following disclosures been made in the financial statements:- IAS 1.20
a) that management has concluded that the financial statements fairly present the
Company’s financial position, financial performance and cash flows;
b) that it has complied in all material respects with an applicable approved accounting
standard except that it has departed from a standard in order to achieve a fair presentation;
c) the approved accounting standard from which the Company has departed, the nature of
departure including the treatment that the standard would require, the reason why that
treatment would be misleading in the circumstances and the treatment adopted; and
d) for each period presented, the financial effect of the departure on each item in the
financial statements that would have been reported in complying with the requirement.
1.8 When Company has departed from a requirement of a Standard or an Interpretation in a prior
period, and the departure affects the amounts recognised in the financial statements for the current
period, has the Company disclosed it as per 20 (c ) & (d)? IAS 1.21
1.9
IAS 1.23
the name of the Company or other means of identification and any change in the information from the preceding balance sheet date.
(ICAP Circular 07/2007)
In the extremely rare circumstances in which management concludes that compliance with a requirement in a Standard or an interpretation could be so misleading that it would conflict with the objective of financial statements set out in the Framework, but the relevant regulatory framework prohibits departure from the requirement, has the Company, to the maximum extent possible, reduced the perceived misleading aspects of compliance by disclosing:
Page 4 of 69
DISCLOSURE MADE
YES NO N/A
a) the title of the Standard or Interpretation from which the Company has departed;
b) the nature of the departure;
c)
d)
1.10 Have the financial statements been clearly identified and distinguished from other
information in the annual report (for example, by providing an index to the annual report)? IAS 1.49
1.11 When, in exceptional circumstances, the Company's end of reporting period changes and annual
financial statements are presented for a period longer or shorter than a year, does the Company
disclose:- IAS 1.36
a) the reason for a period other than one year being used; and
b) the fact that amounts presented in the financial statements are not entirely comparable. IAS 1.36
1.12 Has the Company disclosed the following information:
a) the date when the financial statements were authorised for issue;b) who authorised the financial statements; and
c) IAS 10.17
1.13
a) that fact;
b) the functional currency; and
c) the reason for using a different presentation currency. IAS.21.53
1.14
IAS.21.54
a) that fact; and
b) the reason for the change in functional currency
1.15 When the Company presents its financial statements in a currency that is different from its IAS 21.55
functional currency, has it described the financial statements as complying with IFRS only if they
comply with all the requirements of each applicable Standard and each applicable Interpretation of
those Standards including the translation method set out in IAS 21.39 and 21.42.
1.16 Have the following been disclosed by way of notes to the financial statements:- IAS 1.112
a) the information about:
i) the basis of preparation of the financial statements
ii) the specific accounting policies selected and applied for significant
transactions and events
b) the information required by approved Accounting Standards that is not presented
elsewhere in the financial statements?
c) additional information which is not presented on the face of the financial statements but
that is necessary for a fair presentation?
1.17 Has the Company provided additional disclosures when the particular requirements in IFRSs and
Interpretations of those Standards are insufficient to enable users to understand the impact of
particular transactions, other events and conditions on the Company’s financial position and
financial performance. IAS 1.17(c)
1.18 Have the notes to the financial statements been presented in a systematic manner? IAS 1.113
1.19 Has it been ensured that each item on the face of the balance sheet, profit and loss
account and cash flow statement is cross-referenced to any related information in the notes. IAS 1.113
1.20 Has the Company:
a)
b)IAS 1.38
1.21
IAS 1.41
a) the nature of the reclassification;
b) the amount of each item or class of items that is reclassified; and
c) the reason for the reclassification.
1.22 When it is impracticable to reclassify comparative amounts, has the Company disclosed the
IAS 1.42
2.0 FUNDAMENTAL ACCOUNTING ASSUMPTIONS
2.1 Going concern
the reason why management has concluded that complying with that requirement is so misleading in the circumstances that it conflicts with the objective of financial statements set out in the Framework; andfor each period presented, the adjustments to each item in the financial statements that management has concluded would be necessary to achieve a fair presentation.
if applicable, the fact that the Company’s owners or others have the power to amend the financial statements after issue.
When the presentation currency is different from the functional currency, has the Company disclosed the following information:
When there is a change in the functional currency of either the reporting Company or a significant foreign operation, does the Company disclose the following information:
disclosed comparative information in respect of the previous period for all amounts reported
in the current period's financial statements, unless a Standard permits or requires otherwise.
included comparative information for narrative and descriptive information when it is relevant to an understanding of the current period’s financial statements.
When the presentation or classification of items in the financial statements is amended and
comparative amounts are reclassified (unless the reclassification is impracticable), has the Company
disclosed the following information:
reason not reclassifying the amounts and the nature of the adjustments that would have been made if amounts were reclassified?
Page 5 of 69
DISCLOSURE MADE
YES NO N/A
a) Has the financial statements been made on a going concern basis after the management
has made an assessment of the Company's ability to continue as a going concern? IAS 1.25
If answer to (a) above is NO, give the answer to the following questions (b) to (d):
b) Does the management intend to liquidate the Company or to cease trading or has no
realistic alternative but to do so?
c) When the management is aware, in making its assessment of the Company's ability to
continue as a going concern, of material uncertainties related to events or conditions which
may cast significant doubt upon the Company's ability to continue as a going concern,
have those uncertainties been disclosed? IAS 1.25
d) when the financial statements are not prepared on a going concern basis, has the following
information been disclosed:-
i) the fact that the financial statements have not been prepared on a
going concern basis;
ii) the basis on which the financial statements have been prepared.
iii) the reason why the Company has not been regarded to be a going concern. IAS 1.25
Accrual Basis of Accounting
2.2 Has the Company disclosed the fact that its financial statements, except for cash flow information,
have been prepared under the accrual basis of accounting? IAS 1.27
Consistency of Presentation
2.3 Does the Company retain in the financial statements from one period to the next: IAS 1.45
a) the presentation of items; and
b) the classification of items.
2.4 Has the presentation and classification of items in the financial statements been retained from last
period to the present one: If NO, is it due to:
a) a significant change in the nature of the operations of the Company or a review of its
financial statement presentation demonstrates that the change will result in a more
appropriate presentation of events or transactions; or
b) a change in presentation is required by an approved Accounting Standard or an
Interpretation. IAS 1.45
Materiality and Aggregation
2.5 Has each material class of similar items been presented separately in the financial statements? IAS 1.29
2.6 Has the Company presented separately items of a dissimilar nature or function unless they are
immaterial? IAS 1.29
3.0 SIGNIFICANT ACCOUNTING POLICIES
3.1 Has the accounting policy section of the notes to the financial statements disclosed a description Suggestive
of all significant accounting policies of the reporting Company, presented in a clear and concise
manner at one place?
3.2 Has the Company disclosed the following in its summary of significant accounting policies: IAS 1.117
a)
b)
3.3
IAS1.122
3.4 In deciding whether a particular accounting policy should be disclosed, management considers
whether disclosure would assist users in understanding how transactions, other events and
conditions are reflected in reported financial performance and financial position. IAS 1.119
Some IFRSs specifically require disclosure of particular accounting policies, including choices
made by management between different policies they allow.
3.5 Change in Accounting Policies
3.5.1 Has the Company changed its accounting policy? Yes or No
3.5.2 If Yes, ensured that the change is only: IAS 8.14
a) is required by a Standard or an Interpretation; or
b) resulted in the financial statements providing reliable and more relevant information about
the effects of transactions, other events or conditions on the Company’s financial position,
the measurement basis (or bases) used in preparing the financial statements (e.g. historical cost, current cost, net realisable value, fair value, etc) and;
the other accounting policies used that are relevant to an understanding of the financial statements.
Has the Company disclosed, in the summary of significant accounting policies or other notes, the
judgments (apart from those involving estimations) made by management in applying the accounting
policies that have the most significant effect on the amounts recognised in the financial statements.
Page 6 of 69
DISCLOSURE MADE
YES NO N/A
financial performance or cash flows.
3.5.3 Where a change in accounting policy results from the initial application of a Standard or an
Interpretation, have the transitional provisions, if any, in that Standard or Interpretation been
applied? IAS 8.19a
3.5.4 Has the change in accounting policy been applied retrospectively, where a Company changes an
accounting policy upon initial application of a Standard or an Interpretation that does not include
specific transitional provisions applying to that change, or changes an accounting policy
voluntarily? IAS 8.19b
3.5.5 When retrospective application is required (as noted in 3.7.3 below) has the Company adjusted the
opening balance of each affected component of equity for the earliest prior period presented and
the other comparative amounts disclosed for each prior period presented as if the new accounting
policy had always been applied? IAS 8.22
3.5.6 When retrospective application is required (as noted in 3.5.3 and 3.5.4 above), has the Company
applied the accounting policy changes retrospectively except it is impractical to determine either: IAS 8.23
a) period specific effects; or
b) the cumulative effect of the change.
3.5.7 When it is impracticable to determine the period specific effects of changing an accounting policy,
has the Company applied the new accounting policy to the carrying amount of assets and
liabilities as at the beginning of the earliest period for which retrospective application is
practicable? IAS 8.24
3.5.8 When it is impracticable to determine the cumulative effect at the beginning of the current period of IAS 8.25
applying a new accounting policy, has the Company applied the new accounting policy
prospectively, by adjusting the comparative information, from the earliest date practicable?
3.5.9 When initial application of a Standard or Interpretation has an effect on the current period or any IAS 8.28
prior period presented, except that it is impracticable to determine the amount of the adjustment,
or might have an effect on future periods, has the Company disclosed the following information:
a) the title of the Standard or Interpretation;
b) when applicable, that the change in accounting policy is made in accordance with its
transitional provisions;
c) the nature of the change in accounting policy;
d) when applicable, a description of the transitional provisions;
e) when applicable, the transitional provisions that might have an effect on future periods;
f) for the current period and each prior period presented, to the extent practicable, the
amount of the adjustment for each financial statement line item affected and the basic and
diluted earnings per share (where IAS 33 applies to the Company);
g) the amount of the adjustment relating to periods before those presented, to the extent
practicable; and
h) if retrospective application is impractical for a particular prior period, or for periods before
those presented, the circumstances that led to the existence of that condition and a
description of how and from when the change in accounting policy has been applied.
3.5.10 When a voluntary change in accounting policy has an effect on the current period or any prior IAS 8.29
period, except that it is impracticable to determine the amount of the adjustment, or might have an
effect on future periods, has the Company disclosed the following information:
a) the nature of the change in accounting policy;
b) the reasons why applying the new accounting policy provides reliable and more relevant
information;
c) for the current period and each prior period presented, to the extent practicable, the
amount of the adjustment for each financial statement line item affected and the basic and
diluted earnings per share (where IAS 33 applies to the Company);
d) the amount of the adjustment relating to periods before those presented, to the extent
practicable; and
e) if retrospective application is impractical for a particular prior period, or for periods before
those presented, the circumstances that led to the existence of that condition and a
description of how and from when the change in accounting policy has been applied.
3.5.11 When the Company has not applied a new Standard or Interpretation that has been issued but is
not yet effective, has the Company disclosed: IAS 8.30
a) that fact
b) known or reasonably estimable information relevant to assess the possible impact that
application of the new Standard or interpretation will have on the entity's financial
statements in the period of initial application.
3.5.12 Has the Company also disclosed in relation to 3.5.11 above:
a) the title of the new Standard or Interpretation IAS 8.31
b) the nature of the impending change or changes in accounting policy;
c) the date by which application of the Standard or Interpretation is required;
d) the date as at which it plans to apply the Standard or Interpretation ; and
e) either:
– a discussion of the impact of the effect of the change(s) on its financial
statements; or
– if such an impact is not known or reasonably estimable, a statement to
that effect.
3.6 ERRORS
3.6.1
IAS 8.42
IAS 8.43
Has the material prior period errors been corrected retrospectively (except to the extent it is impracticable to determine either the period-specific effects or the cumulative effect of the error) in the first set of financial statements authorised for issue after their discovery:
Page 7 of 69
DISCLOSURE MADE
YES NO N/A
a) by restating the comparative amounts for the prior period(s) presented in which the error
occurred; or
b) when the error occurred before the earliest prior period presented, by restating the opening
balances of assets, liabilities and retained equity for that period
3.6.2 When it is impracticable to determine the period – specific effects of an error on comparative
information, has the Company restated the opening balances of assets, liabilities and equity for the
earliest period for which retrospective restatement is practicable IAS 8.44
3.6.3 When it is impractical to determine the cumulative effect, at the beginning of the current period,
has the Company restated the comparative information to correct the error prospectively from the
earliest date practicable? IAS 8.45
3.6.4 Has the Company disclosed the following information:
a) the nature of the prior period error; IAS 8.49
b) the amount of the correction for each prior period presented (to the extent practicable) for
each financial statement line item affected;
c) the amount of the correction for each prior period presented (to the extent practicable) for
basic and diluted earnings per share (where IAS 33 applies to the Company);
d) the amount of the correction at the beginning of the earliest period presented
e) where retrospective restatement is impracticable, the circumstances that led to the
existence of that condition and a description of how and from when the error has been
corrected.
3.7 CHANGES IN ACCOUNTING ESTIMATES
3.7.1 Has the effect of a change in an accounting estimate, other than a change to which 3.7.2 applies, IAS 8.36
been recognised prospectively by including it in profit or loss in:
a) the period of the change, if the change affects that period only; or
b) the period of the change and future periods, if the change affects both.
3.7.2 To the extent that a change in an accounting estimate gives rise to changes in assets and
liabilities, or relates to an item of equity, has it been recognised by adjusting the carrying amount
of the related asset, liability or equity item in the period of the change? IAS 8.37
3.7.3 Has the following information been disclosed for a change in accounting estimates that has an
effect in the current period or is expected to have an effect in future periods: IAS 8.39
a) the nature of the change; and
b) the amount of the change.
3.7.4 If the amount of the effect in future periods is not disclosed because estimating it is impracticable,
has the Company disclosed that fact? IAS 8.40
Page 8 of 69
DISCLOSURE MADE
YES NO N/A
PART II - BALANCE SHEET
1.0 INFORMATION TO BE PRESENTED ON THE FACE OF THE BALANCE SHEET
1.1 As a minimum, has the face of the balance sheet included line items which present the following
amounts: IAS 1.54
a) property, plant and equipment;
b) investment property;
c) intangible assets;
d) financial assets (excluding amounts shown under (e), (h) and (i));
e) investments accounted for using the equity method;
f) biological assets;
g) inventories;
h) trade and other receivables;
i) cash and cash equivalents;
j) the total of assets classified as held for sale and assets included in disposal groups
classified as held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and
Discontinued Operations;
k) trade and other payables;
l) provisions;
m) financial liabilities (excluding amounts shown under (k) and (l));
n) liabilities and assets for current tax, as defined in IAS 12 Income Taxes;
o) deferred tax liabilities and deferred tax assets, as defined in IAS 12;
p) liabilities included in disposal groups classified as held for sale in accordance with IFRS 5;
q) non-controlling interests, presented within equity; and
r) issued capital and reserves attributable to owners of the parent.
1.2 If the Company does not present separately current and non-current assets, and current and
non-current liabilities on the face of its balance sheet, does it present all assets and liabilities
broadly in order of liquidity. IAS 1.60
1.3 If the Company presents separately current and non-current assets, and current and non-current
liabilities on the face of its balance sheet, has the Company classified:
a) an asset as current when it: IAS 1.66
– is expected to be realised in, or is intended for sale or consumption in,
the Company’s normal operating cycle;
– is held primarily for the purpose of being traded;
– is expected to be realised within twelve months after the balance sheet date; or
– is cash or a cash equivalent asset unless it is restricted from being
exchanged or used to settle a liability for at least twelve months after
the balance sheet date.
Have all other assets been classified as non-current, including intangible assets?
The term ‘non-current’ includes tangible, intangible and financial assets of a IAS 1.67
long-term nature. This checklist does not prohibit the use of alternative descriptions
as long as the meaning is clear.
Current assets also include assets held primarily for the purpose of being traded IAS 1.68
(financial assets within this category are classified as held for trading in
accordance with IAS 39 Financial Instruments: Recognition and Measurement)
and the current portion of non-current financial assets.
b) its financial liabilities as current, when they are due to be settled within twelve months after
the balance sheet date, even if:
IAS 1.70
c) its long-term liability as current, where a Company breaches an undertaking under a long
term loan agreement on or before the balance sheet date with the effect that the liability
becomes payable on demand, even if: IAS 1.74
– the lender has agreed, after the balance sheet date and before the authorisation
of the financial statements for issue, not to demand payment as a consequence
of the breach.
However, the liability is classified as non-current if the lender agreed by the balance IAS 1.75
sheet date to provide a period of grace ending at least twelve months after the balance
sheet date, within which the entity can rectify the breach and during which the lender
cannot demand immediate repayment.
1.4 When the Company makes a distinction between current and non-current assets and liabilities in
its financial statements, has it presented deferred tax assets and deferred tax liabilities as
non-current items. IAS 1.56
1.5 In respect of loans classified as current liabilities, if the following events occur between the balance
sheet date and the date the financial statements are authorised for issue, those events qualify for
– the original term was for a period longer than twelve months;
Page 9 of 69
DISCLOSURE MADE
YES NO N/A
disclosure as non-adjusting events in accordance with IAS 10 Events after the Balance Sheet
Date: IAS 1.76
a) refinancing on a long-term basis;
b) rectification of a breach of a long-term loan agreement; and
c) the receipt from the lender of a period of grace to rectify a breach of a
long-term loan agreement ending at least twelve months after the balance
sheet date.
1.6 Have additional line items, headings and subtotals been presented on the face of the balance
sheet when a standard requires it, or when such presentation is necessary to present fairly the
Company’s financial position? IAS 1.55
1.7 Has a liability been classified as current when the entity: IAS 1.69
a) expects to settle the liability in its normal operating cycle?
b) holds the liability primarily for the purpose of trading;
c) the liability is due to be settled within twelve months after the reporting period; or
d) does not have an unconditional right to defer settlement of the liability
for at least twelve months after the reporting period
Terms of a liability that could, at the option of the counterparty, result in ****
its settlement by the issue of equity instruments do not affect its
classification.
Have all other liabilities been classified as non-current?
1.8 Has the Company classified investments in associates accounted for using the equity method as IAS 28.38
non-current asset?
1.9 Has the Company classified government grants related to assets (including non-monetary grants at IAS 20.24
fair value) either:
a) as deferred income; or
b) as a deduction in arriving at the carrying amount of the asset.
1.10 Has the Company disclosed, either on the face of the balance sheet or in the notes, further
sub-classifications of the line items presented, classified in a manner appropriate to the
Company’s operations? Each item is sub-classified, when appropriate, by its nature. IAS 1.77
1.11 Has the Company disclosed separately the major classes of assets and liabilities classified as IFRS 5.38
held for sale either on the face of the balance sheet or in the notes, except if the disposal group is IFRS 5.39
a newly acquired subsidiary that meets the criteria to be classified as held for sale at acquisition.
1.12 Are assets and liabilities presented separately and not offset (items may only be offset when this
is required or permitted by a Standard or Interpretation). IAS 1.32
1.13 Whichever method of presentation is adopted, each asset and liability line item that combines
amounts expected to be recovered or settled within no more than twelve months after the balance
sheet date and more than twelve months after the balance sheet date, has the Company disclosed
for the amount expected to be recovered or settled after more than twelve months. IAS 1.61
2.0 SHARE CAPITAL
2.1 Is the share capital classified under the following sub-heads, namely: Sch IV, 6(i)
2.1.1 Issued, subscribed and paid up capital, distinguishing in respect of each class between:-
a) shares allotted for consideration paid in cash
b) shares allotted for consideration other than cash, showing separately shares issued
against property and others (to be specified); and
c) shares allotted as bonus shares.
2.2 For each class of share capital (or for each category of equity interest for an entity without share IAS 1.79
capital), has the following been disclosed either on the face of the balance sheet, the statement of
changes in equity or in the notes:
a) the number of shares authorised?
b) the number of shares issued and fully paid, and issued but not fully paid?
c) par value per share, or that the shares have no par value;
d) reconciliation of number of shares outstanding at the beginning and end of the year?
e) the rights, preferences and restrictions attaching to each class of share capital including
restrictions on the distribution of dividends and the repayment of capital?
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f) shares in the Company held by the Company itself or by subsidiaries or associates of the
Company?
g) shares reserved for issuance under options and sales contracts, including
the terms and amounts?
2.3 Where a Company issues shares at a premium, whether in cash or otherwise, has the sum equal Co.Ord.
to the aggregate amount or the value of the premiums on those shares shall be transferred to an Sec. 83
account, to be called "the share premium account"?
2.4 Has the Company disclosed any major ordinary share transactions and potential ordinary share
transactions after the balance sheet date (IAS 33 Earnings per Share requires an entity to disclose
a description of such transactions, other than when such transactions involve capitalisation or
bonus issues, share splits or reverse share splits all of which are required to be adjusted under IAS
33); as non adjusting events after the balance sheet date. IAS 10.22(f)
2.5 Has the Company disclosed information that enables users of its financial statements to evaluate
the Company’s objectives, policies and processes for managing capital? IAS 1.134
2.6 To comply with paragraph 2.5 , has the Company disclosed the following: IAS 1.135
a) qualitative information about its objectives, policies and processes for managing capital,
including (but not limited to):
(i) a description of what it manages as capital;
(ii) when a Company is subject to externally imposed capital requirements,
the nature of those requirements and how those requirements are
incorporated into the management of capital; and
(iii) how it is meeting its objectives for managing capital.
b) summary quantitative data about what it manages as capital. Some entities regard some
financial liabilities (e.g. some forms of subordinated debt) as part of capital. Other entities
regard capital as excluding some components of equity (e.g. components arising from cash
flow hedges).
c) any changes in (a) and (b) from the previous period.
d) whether during the period it complied with any externally imposed capital requirements to
which it is subject.
e) when the entity has not complied with such externally imposed capital requirements, the
consequences of such non-compliance. Are these disclosures based on the information
provided internally to the Company's key management personnel?
2.7 When an aggregate disclosure of capital requirements and how capital is managed would not
provide useful information or distorts a financial statement user’s understanding of a Company’s
capital resources, has the Company disclosed separate information for each capital requirement to
which the Company is subject? IAS 1.136
2.8 Has the Company provided disclosure in accordance with IAS 24, if the Company reacquires its
own shares from related parties? IAS 32.34
2.9 Has the Company disclosed the buy back of shares (purchase) in the balance sheet as reduction Co.(Buy back
of share capital and other necessary details including the mode and purchase price provided in the of shares)
explanatory notes of the accounts? Rules, 1999
2.10 Has the amount of transaction costs accounted for as a deduction from equity in the period been
disclosed separately under IAS 1? IAS 32.39
2.11 Has the related amount of income taxes associated with transaction costs accounted for as a IAS 32.39
deduction from equity been included in the aggregate amount of current and deferred tax credited
or charged to equity that is disclosed under IAS 12?
2.12 Members' shares in co-operative entities and similar instruments (IFRIC 2)
The contractual right of the holder of a financial instrument (including members’ shares in
co-operative entities) to request redemption does not, in itself, require that financial instrument to IFRIC 2.5
be classified as a financial liability. Rather, the Company must consider all of the terms and IFRIC 2.8
conditions of the financial instrument in determining its classification as a financial liability or
equity. Those terms and conditions include relevant local laws, regulations and the Company’s
governing charter that can impose various types of prohibitions on the redemption of members’
shares.
2.13 When a change in the redemption prohibition of members’ shares leads to a transfer between IFRIC 2.13
financial liabilities and equity, has the Company disclosed separately the amount, timing and
reason for the transfer?
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3.0 RESERVES
3.1 Are the reserves, distinguished between capital reserves and revenue reserves. Sch IV 6(ii)
3.2 Has the Company disclosed a description of the nature and purpose of each reserve within owners'
equity? IAS-1.79(b)
4.0 SURPLUS ON REVALUATION OF FIXED ASSETS
4.1 Have fixed assets been revalued? Sch. Iv Part 7
4.2 Has the Company treated and shown surplus on revaluation of fixed assets shown in the Sch IV. 7
balance-sheet of the Company after capital and reserves as specified in section 235 of the CO84 Sec. 235
Companies Ordinance, 1984 (XLVII of 1984) and SRO 45(I)/2003 dated January 13, 2003?
4.3
CO84 Sec. 235
4.4
CO84 Sec. 235
4.5 Has the amount equivalent to incremental depreciation along with its tax effect been transferred
from surplus on revaluation of fixed assets to equity?
4.6 Has the Company disclosed the aggregate current and deferred tax relating to items that are CO84 Sec. 235
charged or credited to surplus on revaluation of fixed assets in respect of the said revaluation?
5.0 STATEMENT OF CHANGES IN EQUITY
5.1 Does the Company present the statement as a separate component of its financial statements
showing:- IAS 1.106(a),(b)
a) the net profit or loss for the period;
b)
c)
d) the cumulative effect of changes in accounting policies and corrections of errors
recognised in accordance with IAS 8;
e) the equity conversion element of a convertible debt; IAS 32.28
f) equity-settled share-based payment transactions. IFRS 2.50
5.2 In addition to 5.1 above has the Company presented, either within the statement of changes in
equity or in the notes?
a) the amounts of transactions with equity holders acting in their capacity as equity holders,
showing separately distributions to equity holders; IAS 1.106(d)
b) the balance of retained earnings at the beginning of the period and at the balance sheet
date, and the changes during the period; and
c) a reconciliation between the carrying amount of each class of contributed equity and each
reserve at the beginning and the end of the period, separately disclosing each change. IAS 1.106
5.3 Has the change in the revaluation surplus arising from a change in the decommissioning,
restoration and similar liability been disclosed in the statement of changes in equity as required by
IAS 1? IFRIC 1.6 d
5.4 Has the investor’s share of changes recognised directly in the associate’s equity been disclosed in IAS 28.39
the statement of changes in equity ?
5.5 Has the Company presented separately any cumulative income or expense recognised directly in
equity relating to a non-current asset (or disposal group) classified as held for sale? IFRS 5.38
5.6 Has the Company disclosed separately the aggregate current and deferred tax relating to items
charged or credited to equity? IAS 12.81(a)
5.7 Has the Company classified net exchange differences in equity as a separate component of equity
and has a reconciliation of the amount of such exchange differences at the beginning and end of
the period been disclosed? IAS 21.52(b)
5.8 Has the Company recognised actuarial gains and losses outside profit or loss as permitted by
paragraph 93A of IAS 19 IAS 19.93B
If an asset’s carrying amount is increased as a result of a revaluation, has the increase been credited directly to surplus on revaluation of fixed assets. Has the increase been recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss?
If an asset’s carrying amount is decreased as a result of a revaluation, has the decrease been recognised in profit or loss. Has the decrease been debited directly to surplus on revaluation of fixed assets to the extent of any credit balance existing in the revaluation surplus in respect of that asset?
each item of income and expense that, as required by other Standards, is recognised directly in equity, and the total of these items;
total income and expense for the period (i.e. the sum of "a" and "b" above), showing separately the total amounts attributable to equity holders of the parent and to minority interests;
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6.0 NON-CURRENT LIABILITIES
6.1 Fourth Schedule Requirement
6.1.1 Has the Company classified its non-current liabilities under appropriate sub-heads,
duly itemized such as: Sch iv 8(a)
(i) long term financing;
(ii) debentures;
(iii) liabilities against assets subject to finance lease;
(iv) long term murabaha;
(v) long term deposits; and
(vi) deferred liabilities.
6.1.2 Have the long term loans been classified as secured and unsecured, showing Sch IV. 8(B)
separately under each class:
(i) loans from banking companies and other financial institutions, other
than those as specified in clause (ii) below;
(ii) loans from related parties; and
(iii) other loans.
6.1.3 Have long-term deposits been classified according to their nature? Sch IV. 8(C)
6.2 Lease Disclosure by Lessee
Finance Lease
6.2.1 Have the following disclosures been made for finance lease : IAS 17.31
a) for each class of asset, the net carrying amount at the balance sheet date;
b) a reconciliation between the total of future minimum lease payments at the
balance sheet date, and their present value. In addition, a Company should
disclose the total of future minimum lease payments at the balance sheet date,
and their present value, for each of the following periods:
i) not later than one year?
ii) later than one year and not later than five years?
iii) later than five years?
c) contingent rents recognized in income for the period?
d) the total of future minimum sublease payments expected to be received under
non-cancelable subleases at the balance sheet date? and
e) a general description of the lessee's significant leasing arrangements including,
but not limited to the following:
i) the basis on which contingent rent payments are determined?
ii) the existence and terms of renewal or purchase options and
escalation clauses? and
iii) restrictions imposed by lease arrangements, such as those
concerning dividends, additional debt, and further leasing?
In addition, the requirements for disclosure in accordance with IASs 16, 36, 38, IAS 17.32
40 and 41 apply to lessees for assets leased under finance leases.
6.2.2 When a lease includes both land and buildings elements, has each element been IAS 17.15
separately assessed for the classification as a finance or an operating lease?
In determining whether the land element is an operating or a finance lease, an important
consideration is that land normally has an indefinite economic life.
Lease Payments under Operating Leases
6.2.3 Has the Company (the lessee ) made the following disclosures for operating leases: IAS 17.35
(a) the total of future minimum lease payments under non cancelable operating
leases for each of the following periods:
i) not later than one year;
ii) later than one year and not later than five years;
iii) later than five years;
(b) the total of future minimum sublease payments expected to be received under
non cancelable subleases at the balance sheet date;
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(c) lease and sublease payments recognized as expense in the period, with separate
amounts for minimum lease payments, contingent rents, and sublease payments;
(d) a general description of the lessee's significant leasing arrangements including,
but not limited to, the following:
(i) the basis on which contingent rent payments are determined;
(ii) the existence and terms of renewal or purchase options and escalation
clauses; and
(iii) restrictions imposed by lease arrangements, such as those concerning
dividends, additional debt, and further leasing.
6.2.4 Sale and leaseback transactions
Does the description of material leasing arrangements include disclosure of unique or
unusual provisions of the agreement or terms of the sale and leaseback transactions? IAS 17.65
6.2.5 Substance of transactions involving the legal form of a lease
All aspects of an arrangement that does not, in substance, involve a lease under IAS 17 SIC 27.10
shall be considered in determining the appropriate disclosures that are necessary to SIC 27.11
understand the arrangement and the accounting treatment adopted. When the Company
has entered into arrangements that are leases in form but not in substance; has the
Company disclosed, separately for each arrangement or each class of arrangements, the
following information in each period that an arrangement exists:
a) a description of the arrangement including:
– the underlying asset and any restrictions on its use;
– the life and other significant terms of the arrangement;
– the transactions that are linked together, including any options.
b) the accounting treatment applied to any fee received;
c) the amount of fees recognised as income in the period; and
d) the line item of the income statement in which the fee income is included.
6.2.6 Determining whether an arrangement contains a lease (IFRIC 4)
IFRIC 4 provides guidance for determining whether an arrangement, that does not take the
legal form of a lease but conveys a right to use an asset is, or contains, a lease that IFRIC 4.12
should be accounted for in accordance with IAS 17. For the purpose of applying the IFRIC 4.13
requirements of IAS 17, payments and other consideration required by the arrangement
have to be separated. In some cases, it will be impractible to reliably separate the
payments for the lease from payments for other elements in the arrangement.
6.2.7 If in case of an operating lease the Company is a purchaser and concludes that it is
impracticable to reliably separate the payments for the lease from payments for other IFRIC 4.15(b)
elements in the arrangement, has the Company:
a) treated all payments under the arrangement as lease payments for the purpose of
complying with the disclosure requirements of IAS 17, but:
i. disclosed those payments separately from minimum lease payments of
other arrangements that do not include payments for non-lease
elements, and
ii. stated that the disclosed payments also include payments for non-lease
elements in the arrangement.
6.3 Deferred Liabilities and Employee Benefits
6.3.1 Has the Company distinguished and disclosed the following separately: Sch II. 8(A)(vi)
a) deferred taxation
b) deferred liabilities for retirement and other staff benefits ; and
c) any other deferred liability (specifying separately material items)
6.3.2
IAS 19.120
6.3.3 Has the Company disclosed the following about defined benefit plans? IAS 19.120A
a) the Company's accounting policy for recognizing actuarial gains and losses?
b) a general description of the type of plan?
Has the Company disclosed information that enables users of the financial statements to evaluate the nature of its defined benefit plans and the financial effects of changes in those plans during the period.
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c) a reconciliation of opening and closing balances of the present value of the
defined benefit obligation showing separately, if applicable, the effects during the
period attributable to each of the following:
- current service cost,
- interest cost,
- contributions by plan participants,
- actuarial gains and losses,
- foreign currency exchange rate changes on plans measured in a currency
different from the Company’s presentation currency,
- benefits paid,
- past service cost,
- business combinations,
- curtailments and
- settlements.
d) an analysis of the defined benefit obligation into amounts arising from plans that
are wholly unfunded and amounts arising from plans that are wholly or partly
funded.
e) a reconciliation of the opening and closing balances of the fair value of plan
assets and of the opening and closing balances of any reimbursement right
recognised as an asset in accordance with IAS 19.104A showing separately, if
applicable, the effects during the period attributable to each of the following:
- expected return on plan assets,
- actuarial gains and losses,
- foreign currency exchange rate changes on plans measured in a currency
different from the Company’s presentation currency,
- contributions by the employer,
- contributions by plan participants,
- benefits paid,
- business combinations and
- settlements.
f) a reconciliation of the present value of the defined benefit obligation in (c) and the
fair value of the plan assets in (e) to the assets and liabilities recognised in the
balance sheet, showing at least
- the net actuarial gains or losses not recognised in the balance sheet (see
IAS 19.92);
- the past service cost not recognised in the balance sheet (see IAS 19.96);
- any amount not recognised as an asset, because of the limit in IAS 19.58(b);
- the fair value at the balance sheet date of any reimbursement right recognised
as an asset in accordance with IAS 19.104A (with a brief description of the link
between the reimbursement right and the related obligation); and
- the other amounts recognised in the balance sheet.
g) the total expense recognised in profit or loss for each of the following, and
the line item(s) in which they are included:
i) current service cost;
ii) interest cost;
iii) expected return on plan assets;
v) actuarial gains and losses;
vi) past service cost;
vii) the effect of any curtailment or settlement; and
viii) the effect of the limit in IAS 19.58(b).
h) the total amount recognised in the statement of recognised income and expense
for each of the following:
- actuarial gains and losses; and
- the effect of the limit in IAS 19.58(b).
i) for entities that recognise actuarial gains and losses in the statement of
recognised income and expense in accordance with IAS 19.93A, the cumulative
amount of actuarial gains and losses recognised in the statement of recognised
income and expense.
j) for each major category of plan assets, which shall include, but is not limited to,
equity instruments, debt instruments, property, and all other assets, the
percentage or amount that each major category constitutes of the fair value of the
total plan assets.
k) the amounts included in the fair value of plan assets for:
- each category of the Company’s own financial instruments; and
- any property occupied by, or other assets used by, the Company.
iv) expected return on any reimbursement right recognised as an asset in accordance with IAS 19.104A;
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l) a narrative description of the basis used to determine the overall expected rate of
return on assets, including the effect of the major categories of plan assets.
m) the actual return on plan assets, as well as the actual return on any
reimbursement right recognised as an asset in accordance with ISA 19.104A
n) the principal actuarial assumptions used (in absolute terms and not just as a
margin between different percentages or other variables) as at the balance sheet
date, including, when applicable:
- the discount rates;
- the expected rates of return on any plan assets for the periods presented in
the financial statements;
- the expected rates of return for the periods presented in the financial
statements on any reimbursement right recognised as an asset in accordance
with IAS 19.104A;
- the expected rates of salary increases (and of changes in an index or other
variable specified in the formal or constructive terms of a plan as the basis for
future benefit increases);
- medical cost trend rates; and
- any other material actuarial assumptions used.
o) the effect of an increase of one percentage point and the effect of a decrease of
one percentage point in the assumed medical cost trend rates on:
- the aggregate of the current service cost and interest cost components
of net periodic post-employment medical costs; and
- the accumulated post-employment benefit obligation for medical costs.
p) the amounts for the current annual period and previous four annual periods of:
- the present value of the defined benefit obligation, the fair value of the plan
assets and the surplus or deficit in the plan; and
- the experience adjustments arising on:
(i) the plan liabilities expressed either as (1) an amount or (2) a percentage of
the plan liabilities at the balance sheet date; and
(ii) the plan assets expressed either as (1) an amount or (2) a percentage of
the plan assets at the balance sheet date.
q) the employer’s best estimate of contributions expected to be paid to the plan
during the annual period beginning after the balance sheet date.
6.3.4 When the Company has more than one defined benefit plan, has the disclosures made in IAS 19.122
total, separately for each plan, or in such groupings as are considered to be the most
useful. It may be useful to distinguish groupings by criteria such as the following:
a) the geographical location of the plans, for example, by distinguishing
domestic plans from foreign plans; or
b) whether plans are subject to materially different risks, for example, by
distinguishing flat salary pension plans from final salary pension plans and
from post-employment medical plans.
6.3.5 When the Company provides disclosures in total for a grouping of defined benefit plans, are
such disclosures provided in the form of weighted averages or of relatively narrow ranges? IAS 19.122
6.3.6 Has the Company offset an asset relating to one plan against a liability relating to another
plan when and only when the Company: IAS 19.116
a) has a legally enforceable right to use a surplus in one plan to settle
obligations under the other plan; and
b) intends either to settle the obligations on a net basis, or realise the surplus
in one plan and settle the obligation under the other plan simultaneously.
Multi employer Plan
6.3.7IAS 19.29(b)
6.3.8
IAS 19.30(b,c)
a) the fact that the plan is a defined benefit plan?
b) the reason why sufficient information is not available to enable the Company to
account for the plan as a defined benefit plan?
c) to the extent that a surplus or deficit in the plan may affect the amount of future
contributions disclosed in addition:
(i) any available information about that surplus or deficit?
For multi-employer plans that are accounted for as defined benefit plans, has the Company disclosed the information required by IAS 19.120A?
Has the following been disclosed for a multi-employer plan that is treated as a defined contribution plan when sufficient information is not available to use defined benefit accounting:
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(ii) the basis used to determine that surplus or deficit?
(iii) the implications, if any, for the Company?
Defined Benefit Plans that Share Risks between Various Entities under Common Control
6.3.9 When a Company participates in a defined benefit plan that shares risks between various
entities under common control, Has the Company made the following disclosure in its
separate or individual financial statements: IAS 19.34B
a) the contractual agreement or stated policy for charging the net defined benefit
cost or the fact that there is no such policy.
b) the policy for determining the contribution to be paid by the Company.
c) if the Company accounts for an allocation of the net defined benefit cost in
accordance with IAS 19.34A, all the information about the plan as a whole in
accordance with IAS 19.120-121
d) if the Company accounts for the contribution payable for the period in accordance
with IAS 19.34A, the information about the plan as a whole required in
accordance with IAS 19.120A (b) to (e), (j), (n), (o), (q) and 19.121 only.
e) participation by a parent or subsidiary in a defined benefit plan that shares risks
between group entities which is a transaction between related parties IAS 24.20
Defined contribution plans
6.3.10 Has the Company disclosed the amount recognised as an expense for defined contribution
plan? IAS 19.46
6.3.11 Has the Company disclosed contributions to defined contribution plans for key IAS 19.47
6.4 Deferred Taxation
6.4.1 Has the Company disclosed the amount of a deferred tax asset and the nature of the
evidence supporting its recognition, when: IAS 12.82
a) the utilization of the deferred tax asset is dependent on future taxable profits in
excess of the profits arising from the reversal of existing taxable temporary
differences? And
b) the Company has suffered a loss in either the current or preceding period in the
tax jurisdiction to which the deferred tax asset relates?
6.4.2 Has the amount of unrecognised deferred tax liabilities associated with investments in IAS 12.87
subsidiaries, branches and associates and interests in joint ventures, for which deferred
tax liabilities have not been recognised, been disclosed when this disclosure has not
required undue cost or effort?
6.4.3 Has the Company disclosed any tax-related contingent liabilities and contingent assets in IAS 12.88
accordance with IAS 37?
7.0 CURRENT LIABILITIES
7.1 Have the current liabilities and provisions been classified under the following sub-heads, so far as (Sch IV. 9(A))
these are appropriate to the Company's business:
7.1.1 Trade and other payables, classified as:
a) creditors;
b) murabaha;
c) accrued liabilities;
d) advance payments;
e) payable to employee retirement benefit funds;
f) unpaid and unclaimed dividend; and
g) others ( to be specified, if material);
7.1.2 Interest, profit, return or mark-up accrued on loans and other payables;
7.1.3 Short term borrowings classified as:
a) short-term borrowings, distinguishing between secured and unsecured and
between loans taken from:
(i) banking companies and other financial institutions other than related parties;
(ii) related parties; and
(iii) others;
b) short-term running finance, distinguishing between secured and unsecured;
7.1.4 current portion of long term borrowings;
7.1.5 current portion of long term murabaha; and
7.1.6 provision for taxation, showing separately income tax and other taxes.
management personnel when required by IAS 24?
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Provisions
7.2 For each class of provisions, has the Company disclosed: IAS 37.84
a) the carrying amount at the beginning and end of the period?
b) additional provisions made in the period, including increases to existing provisions?
c) amount used (i.e. incurred and charged against the provision) during the period?
d) unused amounts reversed during the period?
e) the increase during the period in the discounted amount arising from the passage of timeand the effect of any change in the discount rate?
7.3 Has the Company disclosed the following for each class of provisions: IAS 37.85
a) a brief description of the nature of the obligation and the expected timing of any resultingoutflows of economic benefits?
b) an indication of the uncertainties about the amount or timing of those outflows along withmajor assumptions made concerning future events?
c) the amount of any expected reimbursement, stating the amount of any asset that hasbeen recognized for that expected reimbursement.
7.4 In extremely rare cases, disclosure of some or all of the information required by 7.2-7.3 above IAS 37.92
can be expected to prejudice seriously the position of the entity in a dispute with other
parties on the subject matter of the provision, contingent liability or contingent asset. In such
cases, has the Company disclosed the general nature of the dispute, together with the fact ,
and reason why, the information has not been disclosed?
8.0 CONTINGENCIES
8.1 Whether a footnote to the balance sheet has been added, showing separately, -
8.1.1 aggregate amount of any guarantees given by the Company on behalf of any related party Sch IV . 10(i)
and where practicable, the general nature of the guarantee;
8.1.2 where practicable the aggregate amount or estimated amount, if it is material, of contracts Sch lV.10 (ii)
for capital expenditure, so far as not provided for or a statement that such an estimate can
not be made;
8.2 Has the following been added as a footnote to the balance sheet, separately:-
- Any other commitment, if the amount is material, indicating the general nature of
the commitment? Sch.IV 10(iii)
8.3 Unless the possibility of any outflow in settlement is remote, has the Company disclosed for each
class of contingent liability at the balance sheet date IAS 37.86
a) an estimate of its financial effects?
b) an indication of the uncertainties relating to the amount or timing of any outflow?
c) the possibility of any reimbursement?
8.4 Where a provision and a contingent liability arise from the same set of circumstances, has the IAS 37.88
Company made the disclosures required by paragraphs 7.2-7.3 and 8.3 in a way that shows the
link between the provision and the contingent liability?
8.5 Where an inflow of economic benefits is probable, has a brief description of the nature and
estimate of the contingent assets at the balance sheet date been made? IAS 37.89
8.6 Has the fact been stated where any of the above information required by IAS 37.86 and 37.89 not
disclosed because it is not practicable to do so? IAS 37.91
8.7 Has the Company disclosed any contingent liabilities and contingent assets in accordance with IAS 11.45
IAS 37- Provisions, Contingent Liabilities and Contingent Assets. Contingent liabilities and IAS 18.36
contingent assets may arise from such items as:
- warranty costs, claims, penalties or possible losses.
- unresolved disputes with the taxation authorities. IAS 12.88
- In the context of a multi-employer plan, a contingent liability may arise from, for example: IAS 19.32B
a) actuarial losses relating to other participating entities because each entity
that participates in a multi-employer plan shares in the actuarial risks of
every other participating entity; or
b) any responsibility under the terms of a plan to finance any shortfall in the
plan if other entities cease to participate.
- contingent liabilities at the acquisition date in accordance with IFRS 3 IFRS-3.B 64(j)
8.8 The contingent liabilities recognised separately as part of allocating the cost of a business
combination are excluded from the scope of IAS 37. However, has the acquirer disclosed for those
contingent liabilities the information required to be disclosed by IAS 37 for each class of provision? IFRS-3.B 67'(c)
8.9 Has the Company disclosed contingent liabilities arising from: IAS 19.125
a) post-employment benefit obligations?
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b) termination benefits (e.g. due to the uncertainty about the number of employees who will IAS 19.141
accept an offer of termination benefits)? unless the possibility of an outflow in settlement
is remote.
8.10 Has the Company disclosed, as required by IAS 1, the nature and amount of termination benefits if IAS 19.142
material?
8.11 Has the Company as a venturer disclosed the aggregate amount of contingencies separately from
Has the Company as a venturer disclosed the aggregate amount of contingencies separately from IAS 31.54
a) Any contingencies that the Company (venturer) has incurred in relation to its interest injoint ventures and its share in each of the contingencies which have been incurred jointlywith other venturers?
b) Its share of the contingencies of the joint ventures themselves for which it is contingentlyliable; and
c) Those contingencies that arise because the (Company) venturer is contingently liable forthe liabilities of the other venturers of a joint venture?
9.0 COMMITMENTS
9.1 Has the Company as a venturer disclosed the aggregate amount of commitments in respect of its
interest in joint ventures separately from other commitments: IAS 31.55
9.1.1 Any capital commitments of the venture in relation to its interests in joint ventures and its
share in the capital commitments that have been incurred jointly with other venturers? and
9.1.2 Its share of the capital commitments of the joint venturer themselves?
9.2 Has the Company disclosed the amount of commitments for the acquisition of:-
a) property, plant and equipment? IAS 16.74c
b) intangible assets? IAS 38.122(e)
9.3 Has the Company disclosed contractual obligations to purchase, construct or develop investment
property or for repairs, maintenance or enhancements? IAS 40.75(h)
10.0 EVENTS AFTER THE BALANCE SHEET DATE
10.1 Has the Company disclosed in the notes:
a)
IAS 1.137
b) the related amount per share; and
c) the amount of any cumulative preference dividends not recognised. IAS 1.137
10.2 Is following information disclosed for the material events occurring after the balance sheet IAS 10.21
date which do not affect the condition of assets or liabilities at the balance sheet date:
a) the nature of event?
b) an estimate of the financial effect, or a statement that such an estimate cannot be made?
10.3 Has the Company updated disclosure in respect of the information received after the balance sheet
date about conditions that existed at the balance sheet date? IAS 10.19
11.0 FIXED ASSETS (OTHER THAN INVESTMENTS)
11.1 Property, Plant & Equipment
11.1.1 Have the fixed assets, other than investments, been classified under appropriate
sub-heads; duly itemised such as:- Sch IV. Part II.1(i)
(i) Property, plant and equipment:
(a) land (distinguishing between free-hold and leasehold);
(b) buildings (distinguishing between buildings on free-hold land and
those on leasehold land);
(c) plant and machinery;
(d) furniture and fittings;
(e) vehicles;
(f) office equipment;
(g) capital work in progress indicating significant item wise details;
(h) development of property; and
(i) others (to be specified).
(ii) Intangible: Sch IV. Part II.1(ii)
(a) goodwill;
(b) brands names;
(c) computer software;
(d) licences and franchises;
(e) patents, copyright, trade marks and designs;
(f) intangible assets under development; and
(g) others (to be specified)
11.1.2
IAS 16.73
a) the measurement basis used for determining the gross carrying amount
b) the depreciation methods used;
c) the useful lives or the depreciation rates used;
d) the gross carrying amount and the accumulated depreciation at the beginning and end of the period, aggregated with accumulated impairment losses.
the amount of dividends proposed or declared before the financial statements were authorised for issue but not recognised as a distribution to equity holders during the period;
Whether the financial statements disclosed, for each class of property, plant and equipment, in the following manner:
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e)
i) additions;
ii)
iii) acquisitions through business combinations;
iv) increases or decreases during the period resulting from revaluations and fromimpairment losses recognized or reversed directly in equity under IAS 36'Impairment of Assets' (if any);
v) impairment losses recognized in income statement;
vi) impairment losses reversed in income statement;
vii) depreciation;
viii)
ix) other movements.
Examples of other movements:
- the amount of borrowing costs capitalized during the period IAS 23.26- the capitalization rate used to determine the amount of borrowing costs eligible for capitalization
11.1.3 Whether the financial statements disclosed: IAS 16.74 (a,b,d)
a) the existence and amounts of restrictions on title, and property, plant and
equipment pledged as security for liabilities;
b) the amount of expenditures recognised in the carrying amount of an item of
property, plant and equipment in the course of its construction;
c) if it is not disclosed separately on the face of the income statement, the amount
of compensation from third parties for items of property, plant and equipment that
were impaired, lost or given up that is included in profit or loss.
11.1.4 When items of property, plant and equipment are stated at revalued amounts, have the
following been disclosed: IAS 16.77
a) the effective date of the revaluation;
b) whether an independent valuer was involved;
c) the methods and significant assumptions applied in estimating the items’ fair
values;
d) the extent to which the items’ fair values were determined directly by reference to
observable prices in an active market or recent market transactions on arm’s
length terms or were estimated using other valuation techniques;
e) the carrying amount of each class of property, plant and equipment that would
have been included in the financial statements had the assets been carried under
the cost model
f) the revaluation surplus, indicating the movement for the period and any
restrictions on the distribution of the balance to shareholders.
11.1.5 Has the following additional information been disclosed, if found relevant to the needs of IAS 16.79
users:
a) the carrying amount of temporarily idle property, plant and equipment;
b) the gross carrying amount of any fully depreciated property, plant and equipment
that is still in use;
c) the carrying amount of property, plant and equipment retired from active use and
not classified as held for sale as per IFRS 5; and
d) when the cost model is used, the fair value of property, plant and equipment when
this is materially different from the carrying amount.
11.1.6 Are the tax effects of revaluation disclosed? IAS 12.20
11.1.7 Has the Company disclosed the effects of taxes on income, if any, resulting from
the revaluation of property, plant and equipment in accordance with IAS 12? IAS 16.42
11.2 Impairment of assets
11.2.1 Have the following been disclosed if an impairment loss for an individual asset (or
cash-generating unit) recognized or reversed during the period is material to the financial
statements of the Company as a whole:- IAS 36.130
a) the events and circumstances that led to the recognition or reversal of theimpairment loss
b) the amount of the impairment loss recognized or reversed
c) for an individual asset:
(i) the nature of the asset(ii) the segment to which the asset belongs (based on primary format) as defined in IFRS 8
d) for a cash-generating unit:
(i) a description of the cash generating unit (such as whether it is a product line, a plant, a business operation, a geographical area, a reportable segment or other as defined in IFRS 8
(ii) the amount of the impairment loss recognized or reversed:
a reconciliation of the carrying amount at the beginning and end of the period showing:
assets classified as held for sale or included in a disposal group
the net exchange differences arising on the translation of the financial statements from the functional currency into a different presentation currency, including the translation of a foreign operation into the presentation currency of the reporting entity;
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(iii) if the aggregation of assets for identifying the cash-generating unit haschanged since the previous estimate of the cash-generating unit's recoverableamount, the Company should describe the current and former way of aggregatingassets and the reasons for changing the way the cash-generating unit isidentified;
e) whether the recoverable amount is its fair value less cost to sell or its value in use
f) if recoverable amount is fair value less cost to sell, the basis used to determinefair value less cost to sell (e.g. whether it was determined by reference to an active market or in some other way)
g) if recoverable amount is value in use, the discount rates used in current estimateand previous estimate (if any) of value in use
Note: The disclosures in this section relating to segments are applicable to thosecompanies that apply IFRS 8.
11.2.2 Has the Company assessed the indication about the impairment of each class of assets. IAS 36.9
11.2.3 If the answer to 11.2.2 is "YES" have the following disclosures been made in the financial
statement for each class of assets: IAS 36.126
a) the amount of impairment losses recognized in the income statement during the
period, and the line item of SOCI in which the losses are included?
b) the amount of reversals of impairment losses recognized in the income statement
and the line item(s) of the SOCI in which the losses are reversed?
c) the amount of impairment losses on revalued assets recognized in other compre-
hensive income during the period?
d) the amount of reversals of impairment losses revalued assets recognized directly
in equity during the period?
11.2.4 If the Company reports segment information in accordance with IFRS 8 has it* disclosed
the following for each reportable segment IAS 36.129
a) the amount of impairment losses recognised in profit or loss and in other
comprehensive income during the period; and
b) the amount of reversals of impairment losses recognised in profit or loss and in
other comprehensive income during the period.
11.2.5 When no information is disclosed in accordance with 11.3.1, has the Company disclosed
the following information for the aggregate impairment losses and the aggregate reversals
of impairment losses recognised during the period: IAS 36.131
a) the main classes of assets affected by impairment losses and the main classes
of assets affected by reversals of impairment losses.
b) the main events and circumstances that led to the recognition of these
impairment losses and reversals of impairment losses.
11.2.6 Has the Company disclosed the assumptions used to determine the recoverable amount of
assets (cash-generating units) during the period. IAS 36.132
11.2.7 Has the Company disclosed the following information for each cash-generating unit (group
of units) for which the carrying amount of goodwill or intangible assets with indefinite useful
lives allocated to that unit (group of units) is significant in comparison with the Company’s
total carrying amount of goodwill or intangible assets with indefinite useful lives: IAS 36.134
a) the carrying amount of goodwill allocated to the unit (group of units);
b) the carrying amount of intangible assets with indefinite useful lives allocated to
the unit (group of units);
c) the basis on which the unit’s (group of units’) recoverable amount has been
determined (i.e. value in use or fair value less costs to sell);
d) if the unit’s (group of units’) recoverable amount is based on value in use:
– a description of each key assumption on which management has based
its cash flow projections for the period covered by the most recent
budgets/forecasts;
– a description of management’s approach to determining the value(s)
assigned to each key assumption, whether those value(s) reflect past
experience or, if appropriate, are consistent with external sources of
information, and, if not, how and why they differ from past experience
or external sources of information;
– the period over which management has projected cash flows based on
financial budgets/forecasts approved by management and, when a
period greater than five years is used for a cash-generating unit (group
of units), an explanation of why that longer period is justified;
– the growth rate used to extrapolate cash flow projections beyond the
period covered by the most recent budgets/forecasts;
– the justification for using any growth rate that exceeds the long-term
average growth rate for the products, industries, or country or countries
in which the Company operates, or for the market to which the unit (group
of units) is dedicated; and
– the discount rate(s) applied to the cash flow projections
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e) if the unit’s (group of units’) recoverable amount is based on fair value less costs
to sell, the methodology used to determine fair value less costs to sell. If fair value
less costs to sell is not determined using an observable market price for the unit
(group of units), the following information shall also be disclosed:
– a description of each key assumption on which management has based
its determination of fair value less costs to sell; and
– a description of management’s approach to determining the value(s)
assigned to each key assumption, whether those value(s) reflect past
experience or, if appropriate, are consistent with external sources of
information, and, if not, how and why they differ from past experience
or external sources of information; and
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If fair value less cost to sell is determined using discounted cash flow projections,
has the following information also been disclosed?
- the period over which management has projected cash flows
- the growth rate used to extrapolate cash flow projections
- the discount rate applied to cash flow projections
f) if a reasonably possible change in a key assumption on which management has
based its determination of the unit’s (group of units’) recoverable amount would
cause the unit’s (group of units’) carrying amount to exceed its recoverable
amount:
– the amount by which the unit’s (group of units’) recoverable amount
exceeds its carrying amount;
– the value assigned to the key assumption; and
– the amount by which the value assigned to the key assumption must
change, after incorporating any consequential effects of that change on
the other variables used to measure recoverable amount, in order for
the unit’s (group of units’) recoverable amount to be equal to its
carrying amount.
11.2.8 Where some or all of the carrying amount of goodwill or intangible assets with indefinite
useful lives is allocated across multiple cash-generating units (groups of units), and the
amount so allocated to each unit (group of units) is not significant in comparison with the
Company’s total carrying amount of goodwill or intangible assets with indefinite useful
lives, has the Company disclosed: IAS 36.135
a) that fact; and
b) the aggregate carrying amount of goodwill or intangible assets with indefinite
useful lives allocated to those units (groups of units).
11.2.9 Where the recoverable amounts of any of those units (groups of units) are based on the
same key assumption(s) and the aggregate carrying amount of goodwill or intangible
assets with indefinite useful lives allocated to them is significant in comparison with the
Company’s total carrying amount of goodwill or intangible assets with indefinite useful
lives, has the Company disclosed: IAS 36.135
a) that fact;
b) the aggregate carrying amount of goodwill allocated to those units (groups of
units);
c) the aggregate carrying amount of intangible assets with indefinite useful lives
allocated to those units (groups of units);
d) a description of the key assumption(s);
e) a description of management’s approach to determining the value(s) assigned to
the key assumption(s), whether those value(s) reflect past experience or, if
appropriate, are consistent with external sources of information, and, if not, how
and why they differ from past experience or external sources of information; and
f) if a reasonably possible change in the key assumption(s) would cause the
aggregate of the units’ (groups of units’) carrying amounts to exceed the
aggregate of their recoverable amounts:
– the amount by which the aggregate of the units’ (groups of units’)
recoverable amounts exceeds the aggregate of their carrying amounts;
– the value(s) assigned to the key assumption(s); and
– the amount by which the value(s) assigned to the key assumption(s)
must change, after incorporating any consequential effects of the change
on the other variables used to measure recoverable amount, in order for
the aggregate of the units’ (groups of units’) recoverable amounts to
be equal to the aggregate of their carrying amounts.
11.3 Investment Property
11.3.1 Has the Company disclosed the following:
a) whether it applies the fair value model or the cost model; IAS 40.75
b) if it applies the fair value model, whether, and in what circumstances, property
interests held under operating leases are classified and accounted for as
investment property;
c) when classification is difficult, the criteria the Company uses to distinguish
investment property from owner-occupied property and from property held for sale
in the ordinary course of business;
d) the methods and significant assumptions applied in determining the fair value of
investment property;
e) a statement whether the determination of fair value was supported by market
evidence or was more heavily based on other factors (which the entity shall
disclose) because of the nature of the property and lack of comparable market
data;
f) the extent to which the fair value of investment property (as measured or
disclosed in the financial statements) is based on a valuation by an independent
valuer who holds a recognised and relevant professional qualification and who has
recent experience in the location and category of the investment property being
valued;
g) if there has been no valuation by an independent valuer (as described in f above),
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that fact;
h) the amounts included in the profit or loss for:
– rental income from investment property;
– direct operating expenses (including repairs and maintenance) arising
from investment property that generated rental income during the
period; and
– direct operating expenses (including repairs and maintenance) arising
from investment property that did not generate rental income during
the period;
– the cumulative change in fair value recognised in profit or loss on a
sale of investment property from a pool of assets in which the cost
model is used into a pool in which the fair value model is used (see
IAS 40.32C); and
i) the existence and amounts of restrictions on the realisability of investment
property or the remittance of income and proceeds of disposal; and
11.3.2
IAS 40.76
a)
b) additions resulting from acquisitions through business combinations?
c) assets classified as held for sale or included in a disposal group classified as
held for sale in accordance with IFRS 5 and other disposals;
d) net gains or losses from fair value adjustments
e)
f) transfers to and from:
(i) inventories; and(ii) owner-occupied property; and
g) other movements.
11..3.3 When a valuation obtained for an investment property is adjusted significantly for the
purpose of the financial statements, has the Company disclosed a reconciliation between
the valuation obtained and the adjusted valuation included in the financial statements,
showing separately: IAS 40.77
a) the aggregate amount of any unrecognised lease obligations that have beenadded back; and
b) any other significant adjustments.
11.3.4 In the exceptional cases when the Company’s policy is to account for investment
properties at fair value, but because of the lack of a reliable fair value, it measures
investment property at cost less any accumulated depreciation and any accumulated
impairment losses, has the Company disclosed: IAS 40.78
a) a reconciliation – relating to that investment property separately – of the
carrying amount at the beginning and end of the period;
b) a description of the investment property;
c) an explanation of why fair value cannot be determined reliably;
d) if possible, the range of estimates within which fair value is highly likely to lie; and
e) on disposal of investment property not carried at fair value:
– the fact that the Company has disposed of investment property not
carried at fair value;– the carrying amount of that investment property at the time of sale;– the amount of gain or loss recognised.
11.3.5 Has the following been disclosed, if the cost model is used:- IAS 40.79
a) depreciation methods used
b) the useful lives or the depreciation rates used
c) the gross carrying amount and the accumulated depreciation:
(i) at the beginning
(ii) at the end of the period
d) a reconciliation of the carrying amount of investment property at the
beginning and end of the period, showing the following:
– additions, disclosing separately those additions resulting from acquisitions
and those resulting from subsequent expenditure recognised as an asset;
– additions resulting from acquisitions through business combinations;
– assets classified as held for sale or included in a disposal group
classified as held for sale in accordance with IFRS 5 and other disposals;
If the Company applies the fair value model, has it disclosed (in addition to the requirements of IAS 40.75) a reconciliation of the carrying amount of investment property at the beginning and end of the period, showing the following:
additions, disclosing separately those resulting from acquisitions and those resulting from subsequent expenditure recognised in the carrying amount of an asset;
the net exchange differences arising on the translation of into a different presentation currency, and on the translation of a foreign operation into the presentation currency of the reporting entity;
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– depreciation;
– the amount of impairment losses recognised, and the amount of
impairment losses reversed, during the period in accordance with IAS 36;
– the net exchange differences arising on the translation of the financial
statements into a different presentation currency, and on translation of
a foreign operation into the presentation currency of the reporting entity;
– transfers to and from inventories and owner-occupied property; and
– other changes;
e) the fair value of investment property; and
f) in the exceptional cases (see IAS 40.53 for guidance), when the Company
cannot determine the fair value of the investment property reliably, has the
entity disclosed:
– a description of the investment property;
– an explanation of why fair value cannot be determined reliably; and
– if possible, the range of estimates within which fair value is highly likely to lie.
11.4 Intangible Assets (including goodwill)
11.4.1 Has the following information been disclosed for each class of intangible assets
distinguishing between internally generated intangible assets and other intangible assets: IAS 38.118
a) whether the useful lives are indefinite or finite and, if finite the useful lives or the
amortisation rates used; the amortisation methods used for intangible assets with
definite useful lives; the gross carrying amount and the accumulated amortisation
(aggregated with accumulated impairment losses):
– at the beginning of the period; and
– at the end of the period;
b) the line item(s) of the income statement in which any amortisation of intangible
assets is included;
11.4.2 Has the Company disclosed the reconciliation of the carrying amount at the beginning and
end of the period showing: IAS 38.118(e)
a) additions (indicating separately those from internal development and through
business combinations);
b) assets classified as held for sale or included in a disposal group classified as
held for sale in accordance with IFRS 5 and other disposals;
c) increases or decreases resulting from revaluations (in accordance with IAS 38.75,
38.85 and 38.86) and from impairment losses recognized or reversed directly in
equity (in accordance with IAS 36);
d) impairment losses recognized in the profit and loss account during the period;
e) impairment losses reversed during the period;
f) amortization;
g)
h) other movements.
11.4.3 Do the financial statements disclose: IAS 38.122
a) for an intangible asset assessed as having an indefinite useful life, the carrying
amount of that asset and reasons supporting the assessment of an indefinite
useful life;
b) in giving these reasons (see a. above), has the Company described the factor(s)
that played a significant role in determining that the asset has an indefinite useful
life;
c) for any individual intangible asset that is material to the Company’s financial
statements:
- a description;
- the carrying amount; and
- remaining amortisation period;
d) for intangible assets acquired by way of a government grant and initially
recognised at fair value:
- the fair value initially recognised for these assets;
- their carrying amount; and
- whether they are measured after recognition under the cost model or the
revaluation model;
e) the existence and carrying amounts of intangible assets whose title is restricted
and the carrying amounts of intangible assets pledged as security for liabilities.
Revalued intangible assets
11.4.4 If intangible assets are accounted for at revalued amounts, has the Company IAS 38.124
disclosed the following information:
a) by class of intangible assets:
the net exchange differences arising on the translation of the financial statements into the presentation currency, and on the translation of a foreign operation into the presentation currency of the reporting Company; and
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– the effective date of the revaluation;
– the carrying amount of revalued intangible assets; and
– the carrying amount that would have been recognised had the revalued
class of intangible assets been measured after recognition using the
cost model in IAS 38.74;
b) the amount of the revaluation surplus that relates to intangible assets at the
beginning and end of the period, indicating the changes during the period and any
restrictions on the distribution of the balance to shareholders; and
c) the method and significant assumptions applied in estimating the assets’ fair
values.
Other information
11.4.5 Has the Company disclosed the following information: IAS 38.128
a) a description of any fully amortised intangible asset that is still in use;
b) a brief description of significant intangible assets controlled by the entity but not
recognised as assets because they did not meet the recognition criteria of IAS 38
or because they were acquired or generated before the version of IAS 38
Intangible Assets issued in 1998 was effective.
11.5 Goodwill and Negative Goodwill
11.5.1 Has the Company disclosed the following information that enables users of its IFRS 3.b 67(d)
a) the gross amount and accumulated impairment losses at the beginning of
the period;
b) additional goodwill recognised during the period except goodwill included
in a disposal group that, on acquisition, meets the criteria to be classified as
held for sale in accordance with IFRS 5;
c) adjustments resulting from the subsequent recognition of deferred tax assets
during the period;
d) goodwill included in a disposal group classified as held for sale in accordance
with IFRS 5 and goodwill derecognised during the period without having previously
been included in a disposal group classified as held for sale;
e) impairment losses recognised during the period;
f) net exchange differences arising during the period;
g) any other changes in the carrying amount during the period; and
h) the gross amount and accumulated impairment losses at the end of the period.
11.5.2 Where the initial allocation of goodwill acquired in a business combination was incomplete
at reporting date, therefore goodwill was not allocated to a cash generating unit (group of
units) at the reporting date, has the Company disclosed: IAS 36.133
a) the amount of the unallocated goodwill; and
b) the reasons why that amount remains unallocated.
11.5.3 If goodwill has been allocated to a cash-generating unit and the Company disposes of an IAS 36.86
operation within that unit, has the goodwill associated with the operation disposed of :
a) included in the carrying amount of the operation when determining the gain or loss
on disposal; and
b) measured on the basis of the relative values of the operation disposed of and the
portion of the cash-generating unit retained, unless the entity can demonstrate
that some other method better reflects the goodwill associated with the operation
disposed of.
11.6 Government Grants
11.6.1 Do the financial statements contain: IAS 20.39
a) the accounting policy adopted for government grants;
b) the methods of presentation adopted in the financial statements;
c) disclosure of the nature and extent of the government grants recognized in the
financial statements, if any, and an indication of other forms of government
assistance from which the Company has directly benefited;
d) Unfulfilled conditions and other contingencies attached to government assistance
that have been recognized;
11.6.2 Are the following government loans appropriately accounted for and disclosed as
government grants according to the substance?
a) A forgivable loan from the Government when there is reasonable assurance
that the entity will meet the terms for forgiveness of the loan IAS 20.10
b) The benefit of a government loan at below the market rate of interest. IAS 20.10A
financial statements to evaluate changes in the carrying amount of goodwill during the period:
Which shall be measured as the difference between the initial carrying value of the loan determined under IAS 39 and the proceeds received.
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12.0 LONG-TERM INVESTMENTS
12.1 Has the Company shown under separate sub-heads the aggregate amount in respect of the
following: Sch IV, Part II.2(A)
(i) Investments in related parties; and
(ii) other investments
12.2 Has the Company shown the above investments under the head long term investments and Sch IV, Part II.2(B)
indicated separately whether:
a) at cost;
b) using the equity method;
c) held to maturity investments, which are not due to mature within next twelve months; and
d) available for sale investments, which are not intended to be sold within next twelve months.
12.3 Associates
12.3.1 Has the Company classified the investment in associate as ‘held for sale' and account for
it in accordance with IFRS 5 where the investment is classified as held for sale in
accordance with IFRS 5.i.e that its carrying amount will be recovered principally through
sales transaction rather than through continuing use. IAS 28.14
12.3.2 Has the Company disclosed the following: IAS 28.37
a) the fair value of investments in associates for which there are published price
quotations;
b) summarised financial information of associates, including the aggregated
amounts of assets, liabilities, revenues and profit or loss;
c) the reasons why the investor concludes that it has significant influence in
situations where it holds directly, or indirectly through subsidiaries less than 20
per cent of the voting or potential voting power of the investee;
d) the reasons why the investor concludes that it does not have significant influence
in situations where it holds directly, or indirectly through subsidiaries, 20 per cent
or more of the voting or potential voting power of the investee;
e) the reporting date of the financial statements of an associate, when such financial
statements are used in applying the equity method and are as of a reporting date
or for a period that is different from that of the investor, and the reason for using a
different reporting date or different period;
f) the nature and extent of any significant restrictions (e.g. resulting from borrowing
arrangements or regulatory requirements) on the ability of associates to transfer
funds to the investor in the form of cash dividends, repayment of loans or
advances;
g) the unrecognised share of losses of an associate, both for the period and
cumulatively, if an investor has discontinued recognition of its share of losses of
an associate;
the fact that an associate is not accounted for using the equity method in
h) accordance with IAS 28.13; and
i) summarised financial information of associates, either individually or in groups,
which are not accounted for using the equity method, including the amounts of
total assets, total liabilities, revenues and profit or loss.
12.3.3 Has carrying amount of investments in associates accounted for using the equity
method been disclosed as a separate item in the balance sheet? IAS 28.38
12.3.4 Has the Company’s share of any discontinued operations of such associates accounted
for using the equity method been disclosed separately? IAS 28.38
12.3.5 Has the Company, in accordance with IAS 37, disclosed the following information: IAS 28.40
a) its share of the contingent liabilities of an associate incurred jointly with other
investors; and
b) those contingent liabilities that arise because the investor is severally liable for all
or part of the liabilities of the associate.
12.4 Joint Ventures
12.4.1 Has the Company if a venturer disclosed listing and description of interests in significant
joint ventures and the proportion of ownership interest held in jointly controlled entities? IAS 31.56
12.4.2
IAS 31.56
a) current assets?
b) long-term assets?
c) current liabilities?
d) long-term liabilities?
e) income (e.g. total of revenue and other operating income)?
f) expenses (e.g. total of operating expenses, and net interest expense)?
12.4.3 Has the Company (venturer) disclosed the method it uses to recognise its interests in IAS 31.57
jointly controlled entities.
If the Company (venturer) recognises its interest in jointly controlled companies using the line by line reporting format for proportionate consolidation or the equity method, has it disclosed:
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12.5 Subsidiaries
12.5.1 Has a parent not presented consolidated financial statements to comply with IFRSs, if and
only if: IAS 27.10
a) it is a wholly-owned subsidiary or the owners of the minority interests, including
those not otherwise entitled to vote, do not object to the parent not presenting
consolidated financial statements;
b) its securities are not publicly traded;
c) it is not in the process of issuing securities in public securities markets;
d) the ultimate or intermediate parent publishes consolidated financial statements
that comply with IFRSs.
12.5.2 Has the Company prepared consolidated financial statements using uniform accounting
policies for like transactions and other events in similar circumstances? IAS 27.24
12.5.3 Has non controlling interest been presented in the consolidated SoFP within equity,
separately from the equity of the owners of the entity? IAS 27.27
12.5.4 In consolidated financial statements, has the following been disclosed:
a) the nature of the relationship between the parent and a subsidiary when the
parent does not own, directly or indirectly through subsidiaries, more than half of
the voting power; IAS 27.41
b) the reasons why the ownership, held directly or indirectly through subsidiaries, of
more than half of the voting or potential voting power of an investee does not
constitute control;
c) the reporting date of a subsidiary’s financial statements when it is different from
that of the parent, and the reason for using a different reporting date or period; and
d) the nature and extent of any significant restrictions (e.g. resulting from borrowing
arrangements or regulatory requirements) on the ability of subsidiaries to transfer
funds to the parent in the form of cash dividends or to repay loans or advances.
e) a schedule that shows the effects of any changes in a parent's ownership interest
in a subsidiary that do not result in a loss of control on the equity attributable to
owners of the parent; and
f) If control of a subsidiary is lost, the parent shall disclose the gain or loss, if any,
recognized in accordance with IAS 27, and
(i) the portion of that gain or loss attributable to recognizing any investment
retained in the former subsidiary at its fair value at the date when control is lost;
and
(ii) the line item(s) in the income statement in which the gain or loss is recognized.
12.5.5 Have the following disclosures been made in the parent’s separate financial statements
that elects not to present consolidated financial statements (in accordance with IAS 27.10
above): IAS 27.42
a) the fact that the financial statements are separate financial statements;
that the exemption from consolidation has been used;
b) the name and country of incorporation or residence of the Company whose
consolidated financial statements that comply with IFRSs have been produced for
public use (and the address where these are obtainable);
c) a list of significant investments in subsidiaries, jointly controlled entities or
associates, including the name, country of incorporation or residence, proportion
of ownership interest and, if different, proportion of voting power held; and
d) A description of the method used to account for investments in subsidiaries,
associates and jointly controlled entities.
12.5.6 Has the following disclosures been made in the parent’s (other than a parent covered by
IAS 27.43
a) the fact that the financial statements are separate financial statements;
b) the reasons why those separate financial statements are prepared if not
required by law;
c) a list of significant investments in subsidiaries, jointly controlled entities or
associates, including the name, country of incorporation or residence, proportion
of ownership interest and, if different, proportion of voting power held; and
d) a description of the method used to account for investments in subsidiaries,
associates and jointly controlled entities.
12.5.7 Has profit or loss and each component of other comprehensive income been attributed
to owners of the parent and to the non-controlling interest. IAS 27.28
12.5.8 Has total comprehensive income been attributed to the owners of the parent and to the
non controlling interests even if this results in the NCI having a deficit balance?
12.6 Investments - Financial Assets
12.6.1 For all transfers that involve collateral, if the transferee has the right by contract or custom
to sell or repledge the collateral, has the transferor reclassified that asset in its balance
sheet separately from other assets? IAS 39.37(a)
12.7 Financial Instrument- General Disclosure
IAS 27.421)/ venturer’s/investors separate financial statements, been made:
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12.7.1 Classes of financial instruments and level of disclosure
IFRS 7.6
When IFRS 7 requires disclosure by class of instrument, has sufficient information IFRS 7.6
been provided to permit reconciliation to the line items presented in the balance sheet?
12.7.2 Significance of financial instruments for financial position and performance
Has information been disclosed that enables users of its financial statements to evaluate IFRS 7.7
the significance of financial instruments for its financial position and performance?
balance sheet
Categories of financial assets and financial liabilities
12.7.3
a) financial assets at fair value through profit or loss, showing separately: IFRS 7.8(a)
i) those designated as such upon initial recognition; and
ii) those classified as held for trading in accordance with IAS 39;
b) held-to-maturity investments; IFRS 7.8(b)
c) loans and receivables; IFRS 7.8(c)
d) available-for-sale financial assets; IFRS 7.8(d)
e) financial liabilities at fair value through profit or loss, showing separately: IFRS 7.8(e)
i) those designated as such upon initial recognition; and
ii) those classified as held for trading in accordance with IAS 39; and
f) financial liabilities measured at amortised cost? IFRS 7.8(f)
Financial assets or financial liabilities at fair value through profit or loss
12.7.4 If the entity has designated a loan or receivable (or group of loans or receivables) as at
fair value through profit or loss, has it disclosed the following?
a) the maximum exposure to credit risk of the loan or receivable (or group of loans IFRS 7.9(a)
or receivables) at the end of the reporting period (see note 1 below);
b) the amount by which any related credit derivatives or similar instruments mitigate that IFRS 7.9(b)
maximum exposure to credit risk;
c) the amount of change, during the period and cumulatively, in the fair value of the loan or IFRS 7.9(c)
receivable (or group of loans or receivables) that is attributable to changes in the credit risk
of the financial asset determined either:
i) as the amount of change in its fair value that is not attributable to changes
in market conditions that give rise to market risk (see note 2 below); or
ii) using an alternative method the entity believes more faithfully represents the amount of
change in its fair value that is attributable to changes in the credit risk of the asset; and
d) the amount of the change in the fair value of any related credit derivatives or similar IFRS 7.9(d)
instruments that has occurred during the period and cumulatively since the loan or
receivable was designated as at fair value through profit or loss.
12.7.5 If the entity has designated a financial liability as at fair value through profit or loss
in accordance with paragraph 9 of IAS 39, has it disclosed the following?
a) the amount of change, during the period and cumulatively, in the fair value of the financial IFRS 7.10(a)
liability that is attributable to changes in the credit risk of that liability determined either:
i) as the amount of change in its fair value that is not attributable to changes in market
conditions that give rise to market risk (see also paragraph B4 of IFRS 7, as detailed
below); or
ii) using an alternative method the entity believes more faithfully represents the amount of
change in its fair value that is attributable to changes in the credit risk of the liability; and
b) the difference between the financial liability’s carrying amount and the amount the entity IFRS 7.10(b)
would be contractually required to pay at maturity to the holder of the obligation.
12.7.6 Has the following been disclosed?
a) the methods used to determine the amount of change that is attributable to changes in
credit risk in compliance with the requirements in paragraphs 9(c) and 10(a) of IFRS 7 (see IFRS 7.11(a)
above); and
b) if the entity believes that the disclosure it has given to comply with the requirements in
paras 9(c) or 10(a) of IFRS 7 does not faithfully represent the change in the fair value of the
When IFRS 7 requires disclosures by class of instrument, has the financial instruments been grouped financial instruments into classes that are appropriate to the nature of the information disclosed and that take into account the characteristics of those financial instruments?
Has the carrying amounts of each of the following categories, as defined in IAS 39 Financial Instruments: Recognition and Measurement, been disclosed either in the balance sheet or in the notes:
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financial asset or financial liability attributable to changes in its credit risk, the reasons for
reaching this conclusion and the factors it believes are relevant. IFRS 7.11(b)
Reclassification
12.7.7
a) at cost or amortised cost, rather than at fair value; or IFRS 7.12(a)
b) at fair value, rather than at cost or amortised cost, IFRS 7.12(b)
has it disclosed the amount reclassified into and out of each category and the reason for
that reclassification (see paragraphs 51 to 54 of IAS 39).
12.7.8 If the entity has reclassified a financial asset out of the fair value through profit or loss
category in accordance with paragraph 50B or 50D of IAS 39 or out of the available-for-sale
category in accordance with paragraph 50E of IAS 39,has it disclosed?
a) the amount reclassified into and out of each category; IFRS 7.12A(a)
b) for each reporting period until derecognition, the carrying amounts and fair values of all IFRS 7.12A(b)
financial assets that have been reclassified in the current and previous reporting periods;
c) if a financial asset was reclassified in accordance with paragraph 50B, the rare situation, IFRS 7.12A(c)
and the facts and circumstances indicating that the situation was rare;
d) for the reporting period when the financial asset was reclassified, the fair value gain or loss IFRS 7.12A(d)
on the financial asset recognised in profit or loss or other comprehensive income in that
reporting period and in the previous reporting period;
e) for each reporting period following the reclassification (including the reporting period in IFRS 7.12A(e)
which the financial asset was reclassified) until derecognition of the financial asset, the fair
value gain or loss that would have been recognised in profit or loss or other comprehensive
income if the financial asset had not been reclassified, and the gain, loss, income and
expense recognised in profit or loss; and
f) the effective interest rate and estimated amounts of cash flows the entity expects to IFRS 7.12A(f)
recover, as at the date of reclassification of the financial asset.
Derecognition
12.7.9 The entity may have transferred financial assets in such a way that part or all of the
financial assets do not qualify for derecognition (see paragraphs 15 to 37 of IAS 39). Has
the entity disclosed, for each class of such financial assets:
a) the nature of the assets not derecognised? IFRS 7.13(a)
b) the nature of the risks and rewards of ownership to which the entity remains exposed? IFRS 7.13(b)
c) when the entity continues to recognise all of the assets, the carrying amounts of the IFRS 7.13(c)
assets and of the associated liabilities? and
d) when the entity continues to recognise the assets to the extent of its continuing IFRS 7.13(d)
involvement, the total carrying amount of the original assets, the amount of the assets that
the entity continues to recognise, and the carrying amount of the associated liabilities?
Collateral
12.7.10 Has the following been disclosed?
a) the carrying amount of financial assets it has pledged as collateral for either liabilities or
contingent liabilities, including amounts that have been reclassified in the statement of IFRS 7.14(a)
financial position separately from other assets as the transferee has the right to sell or
repledge, in accordance with paragraph 37(a) of IAS 39; and
b) the terms and conditions relating to its pledge. IFRS 7.14(b)
When the entity holds collateral (of financial or non-financial assets) and is permitted to
sell or repledge the collateral in the absence of default by the owner of the collateral, it
shall disclose:
i) the fair value of such collateral held; IFRS 7.15(a)
ii) the fair value of any such collateral sold or repledged, and whether the entity has an IFRS 7.15(b)
obligation to return it; and
c) the terms and conditions associated with its use of the collateral. IFRS 7.15(c)
Allowance account for credit losses
12.7.11
IFRS 7.16
If the entity has reclassified a financial asset (in accordance with paragraphs 51 to 54 of IAS 39) as one measured
When financial assets are impaired by credit losses and the entity records the impairment in a separate account (e.g. an allowance account used to record individual impairments or a similar account used to record a collective impairment of assets) rather than directly reducing the carrying amount of the asset, has it disclose a reconciliation of changes in that account during the period for each class of financial assets?
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12.7.12 Compound financial instruments with multiple embedded derivatives
If the entity has issued an instrument that contains both a liability and an equity IFRS 7.17
component, and the instrument has multiple embedded derivatives whose values are
interdependent (such as a callable convertible debt instrument), has the existence of
those features been disclosed?
12.7.13 Defaults and breaches
For loans payable recognised at the end of the reporting period, has the following been
disclosed?
a) details of any defaults during the period of principal, interest, sinking fund, or redemption IFRS 7.18(a)
terms of those loans payable;
b) the carrying amount of the loans payable in default at the end of the reporting period; and IFRS 7.18(b)
c) whether the default was remedied, or the terms of the loans payable were renegotiated, IFRS 7.18(c)
before the financial statements were authorised for issue.
If, during the period, there were breaches of loan agreement terms other than those IFRS 7.19
described in paragraph 18 of IFRS 7 (see above), the entity shall disclose the same
information as required by paragraph 18 if those breaches permitted the lender to demand
accelerated repayment (unless the breaches were remedied, or the terms of the loan were
renegotiated, on or before the end of the reporting period).
Income Statement
Items of income, expense, gains or losses
12.7.14 Has the following items of income, expense, gains or losses either been disclosed either
in the statement of comprehensive income or in the notes?
a) net gains or net losses on: IFRS 7.20(a)
i) financial assets or financial liabilities at fair value through profit or loss, showing
separately those on financial assets or financial liabilities designated as such upon initial
recognition, and those on financial assets or financial liabilities that are classified as held
for trading;
ii) available-for-sale financial assets, showing separately the amount of gain or loss
recognised in other comprehensive income during the period and the amount reclassified
from equity to profit or loss for the period;
iii) held-to-maturity investments;
iv) loans and receivables; and
v) financial liabilities measured at amortised cost;
b) total interest income and total interest expense (calculated using the effective interest IFRS 7.20(b)
method) for financial assets or financial liabilities that are not at fair value through profit or
loss;
c) fee income and expense (other than amounts included in determining the effective interest IFRS 7.20(c)
rate) arising from:
i) financial assets or financial liabilities that are not at fair value through profit or loss; and
ii) trust and other fiduciary activities that result in the holding or investing of assets on
behalf of individuals, trusts, retirement benefit plans, and other institutions;
d) interest income on impaired financial assets accrued in accordance with paragraph AG93 IFRS 7.20(d)
of IAS 39; and
e) the amount of any impairment loss for each class of financial asset. IFRS 7.20(e)
Other disclosures
Accounting policies
12.7.15 In accordance with paragraph 117 of IAS 1 Presentation of Financial Statements has IFRS 7.21
disclosure, in the summary of significant accounting policies, the measurement basis
(or bases) used in preparing the financial statements and the other accounting policies
used that are relevant to an understanding of the financial statements been made?
Hedge accounting
12.7.16 Has the following separately been disclosed for each type of hedge (i.e. fair value hedges,
cash flow hedges, and hedges of net investments in foreign operations)?
a) a description of each type of hedge; IFRS 7.22(a)
b) a description of the financial instruments designated as hedging instruments and their fair IFRS 7.22(b)
values at the end of the reporting period; and
c) the nature of the risks being hedged. IFRS 7.22(c)
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12.7.17 For cash flow hedges, has the entity disclosed?
a) the periods when the cash flows are expected to occur and when they are expected to IFRS 7.23(a)
affect profit or loss;
b) a description of any forecast transaction for which hedge accounting had previously been IFRS 7.23(b)
used, but which is no longer expected to occur;
c) the amount that was recognised in other comprehensive income during the period; IFRS 7.23(c)
d) the amount that was reclassified from equity to profit or loss for the period, showing the IFRS 7.23(d)
amount included in each line item in the Income statement; and
e) the amount that was removed from equity during the period and included in the initial cost IFRS 7.23(e)
or other carrying amount of a non-financial asset or non-financial liability whose acquisition
or incurrence was a hedged highly probable forecast transaction.
12.7.18 Has the entity disclosed separately?
a) in fair value hedges, gains or losses: IFRS 7.24(a)
i) on the hedging instrument; and
ii) on the hedged item attributable to the hedged risk;
b) in cash flow hedges, the ineffectiveness recognised in profit or loss; and IFRS 7.24(b)
c) for hedges of net investments in foreign operations, the ineffectiveness recognised in profit IFRS 7.24(c)
or loss.
Fair value
12.6.19 Except as set out in paragraph 29 of IFRS 7 (see below), for each class of financial assets IFRS 7.25
and financial liabilities, has the fair value of that class of assets and liabilities in been
disclosed a way that permits it to be compared with its carrying amount?
12.6.20 Has the entity disclosed for each class of financial instruments the methods and, when a IFRS 7.27(a)
valuation technique is used, the assumptions applied in determining fair values of each
class of financial assets or financial liabilities?
12.6.21 If there has been a change in valuation technique, has that change and the reason for IFRS 7.27
making it been disclosed?
12.6.22 For fair value measurements recognised in the balance sheet has the following IFRS 7.27B
been disclosed for each class of financial instruments?
a) the level in the fair value hierarchy into which the fair value measurements are categorised IFRS 7.27B(a)
in their entirety, segregating fair value measurements in accordance with the levels defined
in paragraph 27A.
b) any significant transfers between Level 1 and Level 2 of the fair value hierarchy and the IFRS 7.27B(b)
reasons for those transfers.
Transfers into each level shall be disclosed and discussed separately from transfers out of
each level. For this purpose, significance shall be judged with respect to profit or loss, and
total assets or total liabilities.
c) for fair value measurements in Level 3 of the fair value hierarchy, a reconciliation from the
beginning balances to the ending balances, disclosing separately changes during the IFRS 7.27B(c)
period attributable to the following :
i) total gains or losses for the period recognised in profit or loss, and a description of where
they are presented in the income statement
ii) total gains or losses recognised in other comprehensive income;
iii) purchases, sales, issues and settlements (each type of movement disclosed
separately); and
iv) transfers into or out of Level 3 (e.g. transfers attributable to changes in the observability
of market data) and the reasons for those transfers. For significant transfers, transfers into
Level 3 shall be disclosed and discussed separately from transfers out of Level 3.
d) the amount of total gains or losses for the period in (c)(i) above included in profit or loss
that are attributable to gains or losses relating to those assets and liabilities held at the
end of the reporting period and a description of where those gains or losses are presented
in the income statement IFRS 7.27B(d)
e) for fair value measurements in Level 3, if changing one or more of the inputs to reasonably
possible alternative assumptions would change fair value significantly, the entity shall state
that fact and disclose the effect of those changes. The entity shall disclose how the effect
of a change to a reasonably possible alternative assumption was calculated. For this
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purpose, significance shall be judged with respect to profit or loss, and total assets or total
liabilities, or; when changes in fair value are recognised in other comprehensive income,
total equity. IFRS 7.27B(e)
12.6.23 Has the quantitative disclosures required by this paragraph been presented in tabular
format unless another format is more appropriate? IFRS 7.27B
12.6.24 If a difference exists between the fair value at initial recognition and the amount that would IFRS 7.28(a)
be determined at that date using a valuation technique (see note below), has the following
been disclosed, by class of financial instrument?
a) its accounting policy for recognising that difference in profit or loss to reflect a change in IFRS 7.28(a)
factors (including time) that market participants would consider in setting a price (see
paragraph AG76A of IAS 39); and
b) the aggregate difference yet to be recognised in profit or loss at the beginning and end of IFRS 7.28(b)
the period together with a reconciliation of changes in the balance of this difference.
12.6.25 Disclosures of fair value are not required:
a) when the carrying amount is a reasonable approximation of fair value (e.g. for financial IFRS 7.29(a)
instruments such as short-term trade receivables and payables);
b) for an investment in equity instruments that do not have a quoted market price in an active IFRS 7.29(b)
market, or derivatives linked to such equity instruments, that is measured at cost because
its fair value cannot be measured reliably; or
c) for a contract containing a discretionary participation feature (as described in IFRS 4 IFRS 7.29(c)
Insurance Contracts) if the fair value of that feature cannot be measured reliably.
12.6.27 In the cases described in paragraphs 29(b) and (c) of IFRS 7 (see above), has disclosure
been made information to help users of the financial statements make their own
judgements about the extent of possible differences between the carrying amount of those
financial assets or financial liabilities and their fair value, including?
a) the fact that fair value information has not been disclosed for these instruments because IFRS 7.30(a)
their fair value cannot be measured reliably;
b) a description of the financial instruments, their carrying amount, and an explanation of why IFRS 7.30(b)
fair value cannot be measured reliably;
c) information about the market for the instruments; IFRS 7.30(c)
d) information about whether and how the entity intends to dispose of the financial IFRS 7.30(d)
instruments; and
e) if financial instruments whose fair value previously could not be reliably measured are IFRS 7.30(e)
derecognised, that fact, their carrying amount at the time of derecognition, and the amount
of gain or loss recognised
Nature and extent of risks arising from financial instruments
12.6.28 Has the entity disclosed information that enables users of its financial statements to IFRS 7.31
evaluate the nature and extent of risks arising from financial instruments to which the
entity is exposed at the end of the reporting period?
Qualitative disclosures
12.6.29 For each type of risk arising from financial instruments, has the entity shall disclosed?
a) the exposures to that risk and how they arise; IFRS 7.33(a)
b) its objectives, policies and processes for managing the risk and the methods used to IFRS 7.33(b)
measure the risk; and
c) any changes in 33(a) or (b) (see above) from the previous period. IFRS 7.33(c)
Quantitative disclosures
12.6.30 For each type of risk arising from financial instruments, has the entity disclosed?
a) summary quantitative data about its exposure to that risk at the end of the reporting period. IFRS 7.34(a)
This disclosure shall be based on the information provided internally to key management
personnel of the entity (as defined in IAS 24 Related Party Disclosures) (e.g. the entity’s
BOD or CEO);
b) the disclosures required by paragraphs 36 to 42 of IFRS 7 (see below), to the extent not IFRS 7.34(b)
provided in paragraph 34(a) (see above), unless the risk is not material; and
c) concentrations of risk if not apparent from 34(a) and (b) (see above). IFRS 7.34(c)
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Disclosure of concentrations of credit risk shall include:
i) a description of how management determines concentrations; IFRS 7.B8(a)
ii) a description of the shared characteristics that identifies each concentration (e.g. IFRS 7.B8(b)
counterparty, geographical area, currency or market); and
d) the amount of the risk exposure associated with all financial instruments sharing that IFRS 7.B8(c)
characteristic.
12.6.31 If the quantitative data disclosed as at the end of the reporting period are unrepresentative
of an entity’s exposure to risk during the period, has further information been provided that
is representative? IFRS 7.35
Credit risk
12.6.32 Has the following been disclosed by class of financial instrument?
a) the amount that best represents its maximum exposure to credit risk at the end of the IFRS 7.36(a)
reporting period without taking account of any collateral held or other credit enhancements
(e.g. netting agreements that do not qualify for offset in accordance with IAS 32 Financial
Instruments: Presentation) (see also IFRS 7.B9 and B10);
b) in respect of the amount disclosed in 36(a) (see above), a description of collateral held as IFRS 7.36(b)
security and their credit enhancements;
c) information about the credit quality of financial assets that are neither past due nor IFRS 7.36(c)
impaired; and
d) the carrying amount of financial assets that would otherwise be past due or impaired IFRS 7.36(d)
whose terms have been renegotiated.
12.6.33 For financial assets that are either past due or impaired, has the entity shall disclose by
class of financial asset?
a) an analysis of the age of financial assets that are past due as at the end of the reporting IFRS 7.37(a)
period but not impaired;
b) an analysis of financial assets that are individually determined to be impaired as at the end IFRS 7.37(b)
of the reporting period, including the factors the entity considered in determining that they
are impaired; and
c) for the amounts disclosed in 37(a) and (b) (see above), a description of collateral held by IFRS 7.37(c)
the entity as security and other credit enhancements and, unless impracticable, an
estimate of their
12.6.34 When the entity obtains financial or non-financial assets during the period by taking
possession of collateral it holds as security or calling on other credit enhancements (e.g.
guarantees), and such assets meet the recognition criteria in other Standards, has the
entity disclosed?
a) the nature and carrying amount of the assets obtained; and IFRS 7.38(a)
b) when the assets are not readily convertible into cash, its policies for disposing of such IFRS 7.38(b)
assets or for using them in its operations.
Liquidity risk
12.6.35 Has the entity disclosed?
a) a maturity analysis for non-derivative financial liabilities (including issued financial IFRS 7.39(a)
guarantee contracts) that shows the remaining contractual maturities;
b) a maturity analysis for derivative financial liabilities. The maturity analysis shall include the IFRS 7.39(b)
remaining contractual maturities for those derivative financial liabilities for which contractual
maturities are essential for an understanding of the timing of the cash flows (see paragraph
B11B);
c) a description of how it manages the liquidity risk inherent in 39(a) and 39(b) (see above).
12.6.36 Has a maturity analysis been disclosed, of financial assets it holds for managing liquidity IFRS 7.B11E
risk (e.g. financial assets that are readily saleable or expected to generate cash inflows to
meet cash outflows on financial liabilities), if that information in necessary to enable users
of its financial statements to evaluate the nature and extent of liquidity risk?
12.6.37 Have other factors been considered in providing the disclosure required in paragraph 39© IFRS 7.B11F
including, but are not limited to, whether the entity:
a) has committed borrowing facilities (e.g. commercial paper facilities) or other lines of credit
(e.g. stand-by credit facilities) that it can access to met liquidity needs?
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b) holds deposits at central banks to meet liquidity needs?
c) has very diverse funding sources?
d) has significant concentrations of liquidity risk in either its assets or its funding sources?
e) has internal control processes and contingency plans for managing liquidity risk?
f) has instruments that include accelerated repayment terms (e.g. on the downgrade of the
entity’s credit rating)?
g) has instruments that could require the posting of collateral (e.g. margin calls for
derivatives)?
h) has instruments that allows the entity to choose whether it settles its financial liabilities
by delivering cash (or another financial asset) or by delivering its own shares? or
i) has instruments that are subject to master netting agreements?
Market risk
12.6.38 Unless the entity complies with paragraph 41 of IFRS 7 (see below), has the following
been disclosed?
a) a sensitivity analysis for each type of market risk to which the entity is exposed at the end IFRS 7.40(a)
of the reporting period, showing how profit or loss and equity would have been affected by
changes in the relevant risk variable that were reasonably possible at that date;
b) the methods and assumptions used in preparing the sensitivity analysis; and IFRS 7.40(b)
c) changes from the previous period in the methods and assumptions used, and the reasons
for such changes. IFRS 7.40(c)
If the entity prepares a sensitivity analysis, such as value-at-risk, that reflects interdependencies IFRS 7.41
between risk variables (e.g. interest rates and exchange rates) and uses it to manage financial
risks, it may use that sensitivity analysis in place of the analysis specified in paragraph 40 of
IFRS 7 (see above).
12.6.39 In the circumstances described in paragraph 41 of IFRS 7 (see above), has dislosures of:
a) an explanation of the method used in preparing such a sensitivity analysis, and of the main IFRS 7.41(a)
parameters and assumptions underlying the data provided; and
b) an explanation of the objective of the method used and of limitations that may result in the IFRS 7.41(b)
information not fully reflecting the fair value of the assets and liabilities involved. been
made?
12.6.40 When the sensitivity analyses disclosed in accordance with paragraphs 40 or 41 of IFRS 7 IFRS 7.42
(see above) are unrepresentative of a risk inherent in a financial instrument (for example,
because the year-end exposure does not reflect the exposure during the year), has
disclosure of that fact and the reason it believes the sensitivity analyses are
unrepresentative been made?
12.7 Financial Instruments- Presentation
1. Liabilities and equity
Has the issuer of a financial instrument classified the instrument, or its component parts, on initial IAS 32.15
recognition as a financial liability, a financial asset or an equity instrument in accordance with the
substance of the contractual arrangement and the definitions of a financial liability, a financial asset
and an equity instrument?
2. Settlement options
When a derivative financial instrument gives one party a choice over how it is settled (e.g. the issuer IAS 32. 26
or the holder can choose settlement net in cash or by exchanging shares for cash), it is a financial
asset or a financial liability unless all of the settlement alternatives would result in it being an equity
instrument.
3. Compound financial instruments
Has the issuer of a non-derivative financial instrument evaluated the terms of the financial IAS 32.28
instrument to determine whether it contains both a liability and an equity component and classified
such components separately as financial liabilities, financial assets or equity instruments in
accordance with paragraph 15?
4. Treasury shares (see also paragraph AG36)
If an entity reacquires its own equity instruments, have those instruments (‘treasury shares’) been IAS 32.33
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YES NO N/A
deducted from equity?
No gain or loss shall be recognised in profit or loss on the purchase, sale, issue or cancellation of
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an entity’s own equity instruments. Such treasury shares may be acquired and held by the entity
or by other members of the consolidated group. Consideration paid or received shall be recognised
directly in equity.
5. Interest, dividends, losses and gains
Has interest, dividends, losses and gains relating to a financial instrument or a component that is a
financial liability been recognised as income or expense in profit or loss? IAS 32.35
Have distributions to holders of an equity instrument been debited by the entity directly to equity,
net of any related income tax benefit? Have transaction costs of an equity transaction been
accounted for as a deduction from equity, net of any related income tax benefit?
6. Offsetting a financial asset and a financial liability
Has a financial asset and a financial liability been offset and the net amount presented in the IAS 32.42
balance sheet when, and only when, an entity:
a) currently has a legally enforceable right to set off the recognised amounts?
and
b) intends either to settle on a net basis, or to realise the asset and settle the
liability simultaneously?
In accounting for a transfer of a financial asset that does not qualify for
derecognition, the entity shall not offset the transferred asset and the associated
liability (see IAS 39, paragraph 36).
Has the Company disclosed for each class of financial assets whether regular way IFRS 7.B5©
purchases and sales of financial assets are accounted for at trade date or at
settlement date
13.0 LONG TERM LOANS AND ADVANCES
13.1 Has the Company shown separately the amounts considered good and considered bad or doubtful
for the following: Sch IV. Part II.3(A & B)
13.1.1 loans and advances to related parties; and
(i) the name of each borrower together with the amount of loans and advances, the
terms of loan and advance and the particulars of collateral security held, if any;
and
(ii) in case of loans and advances to directors, chief executive and executives, the
purposes for which loans and advances were made and reconciliation of the
carrying amount at the beginning and end of the period showing disbursement
and repayments.
(iii) the maximum aggregate amount of loans and advances outstanding at any time
since the date of incorporation or since the date of the previous balance-sheet,
whichever is later. Such maximum amounts shall be calculated by reference to
month end balance
13.1.2 For the loans and advances other than those to the suppliers of goods or services. Has the Sch IV. Part II.3(C)
Company disclosed the name of the borrower and terms of repayment if the loan or
advance is material together with the particulars of collateral security?
13.1.3 Has provision, if any, been made for bad or doubtful loans and advances shown as a Sch IV. Part II.3(E)
deduction to 13.1.1 and 13.1.2 above?
14.0 LONG-TERM DEPOSITS AND PREPAYMENTS
14.1 Whether the Company has separately disclosed all material items related to: Sch IV. Part II.4
(i) long-term deposits, and
(ii) long-term prepayments.
15.0 CURRENT ASSETS
15.1 Has the Company classified current assets under sub-heads appropriate to the Company's Sch IV. Part II.5(A)
business, including, where applicable, the following:
(i) Stores, spare parts and loose tools distinguishing, where practicable, each from the other;
(ii) stock-in-trade distinguishing between appropriate classifications;
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(iii) trade debts other than loans or advances, showing separately debts considered good and
debts considered doubtful or bad;
(iv) loans and advances, showing separately those considered good and those considered
doubtful or bad;
(v) trade deposits and short term prepayments and current account balances with statutory
authorities;
(vi) interest accrued;
(vii) other receivables specifying separately the material items;
(viii) financial assets, other than as mentioned in clauses(iii) to (vii) above, and cash and bank
balances;
(ix) tax refunds due from the Government; and
(x) cash and bank balances, distinguishing between current and deposit accounts, where
applicable.
15.2 Whether the following particulars are disclosed for (iii), (iv) and (viii) above Sch IV. Part II.5(B)
(i) The aggregate amount due by directors, chief executive and executives of the
Company and any of them severally or jointly with any other person; and
(ii) aggregate amount due by related parties, other than mentioned in 14.1(i) above,
names to be specified in each case.
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15.3 In respect of 15.1 (i) above, have the aggregate amount of the following been shown separately: Sch IV. Part II.5(C)
(i) Investment in related parties
(ii) other investments.
15.4 Whether investments are shown under the head current assets, wherever applicable, indicating Sch IV. Part II.5(D)
separately:
a) held to maturity investments;
b) available for sale investments; and
c) at fair value through profit or loss
15.5 Whether the provision is made for diminution in the value of or loss in respect of any current asset Sch IV. Part II.5(E)
shown as a deduction from the gross amount of the respective assets?
16.0 INVENTORIES
16.1 Are the following disclosed in financial statements:-
a) the accounting policies adopted in measuring inventories including the cost formula used; IAS 2.36
b) the total carrying amount of inventories and the carrying amount in classifications
appropriate to the Company; IAS 2.36(b)
for example:-
- raw material
- work-in-process
- finished goods IAS 1.75(c)
c) the carrying amount of inventories carried at FV less cost to sell; IAS 2.36
d) the amount of inventories recognised as an expense during the period; IAS 2.36
e) the amount of any write-down of inventories recognised as an expense in the period (refer IAS 2.36
IAS 2.34) ;
f) the amount of any reversal of any write-down that is recognized as a reduction in the
amount of inventories recognised as expense in the period (refer IAS 2.34); IAS 2.36
g) the circumstances or events that led to the reversal of a write down of inventories (refer IAS
2.34); and IAS 2.36
h) the carrying amount of inventories pledged as security for liabilities. IAS 2.36
16.2 Do the financial statements disclose either:
a) the cost of inventories recognized as an expense during the period? or IAS 2.34
b) the operating costs, recognised as an expense during the period, classified by their nature, IAS 2.37together with the amount of the net change in inventories for the period.
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PART III PROFIT AND LOSS ACCOUNT
1.0 Has the profit and loss account been drawn up as to disclose separately the
manufacturing, trading and operating results. In the case of manufacturing concern, has the
cost of goods manufactured also been shown? Sch. III. 1
2.0 Whether the profit and loss account has disclosed all material items of income and
expenses including the following:- Sch. III. 2
a) The turnover and showing as deduction there from trade discount and sales tax.
b) Expenses, classified according to their function under the following sub-heads,
along with additional information on their nature, namely:-
(i) Cost of sales;
(ii) distribution cost;
(iii) administrative expenses;
(iv) other operating expenses; and
(v) finance cost
c) Other operating income, namely:-
(i) income from financial assets;
(ii) income from investments in and debts, loans, advances and receivables to
each related party; and
(iii) income from assets other than financial assets.
d) Finance cost separately show the amount of interest on borrowings from related
parties, if any.
e) Other information relating to the following, namely:-
(i) debts written off as irrevocable distinguishing between trade debts, loans,
advances and other receivables; and
(ii) provisions for doubtful or bad debts distinguishing between trade debts, loans
advances and other receivables.
f) The aggregate amount of auditors' remuneration, showing separately fees,
expenses and other remuneration for services rendered as auditors and for
services rendered in any other capacity and stating the nature of such other
services. In the case of joint auditors, the aforesaid information shall be shown
separately for each of the joint auditors.
g) In the case of donations where any director or his spouse has interest in the
donee, the names of such directors, their interest in the donee and the names
and address of all donees.
3.0 Has the Company, as a minimum, on the face of the income statement disclosed the
following line items:
a) revenue; IAS 1.81
b) finance costs; IAS 1.81
c) share of the profit or loss of associates and joint ventures accounted IAS 28.38
for using the equity method;
d) tax expense; IAS 12.77
e) a single amount comprising the total of the post-tax profit or loss of discontinued IFRS 5.33a
operations and the post-tax gain or loss recognised on the measurement
to fair value less costs to sell or on the disposal of the assets or
disposal group(s) constituting the discontinued operations;
f) profit or loss after tax.
4.0 Have, as a minimum, the following line items been included on the face of the income IAS 1.83a
statement as allocations of profit or loss for the period:
a) profit or loss attributable to minority interest; and IAS 1.83a
b) profit or loss attributable to equity holders of the parent.
5.0 Has the Company presented additional line items, headings and sub-totals on the face of
the income statement when such presentation is relevant to an understanding of the
Company's financial performance? IAS 1.85
6.0 Have all items of income and expense recognized in a period been included in net profit or IAS 1.88
loss for the period unless an IAS requires or permits otherwise?
7.0 Has the Company presented the analysis of expenses, as described above, on the face of IAS 1.99
the income statement?
8.0 Has the Company classifying expenses by function disclosed additional information on the
nature of expenses, including the following:-
a) depreciation and amortization expense
b) employee benefit scheme IAS 1.104
9.0IAS 1.32
10.0 Has the amount of dividends recognised as distributions to equity holders during the period, IAS 1.107
and related dividends per share been disclosed either on the face of the income statementor the statement of changes in equity, or in the notes?
11.0 Has the following been disclosed:- IAS 18.35
a) the accounting policies adopted for the recognition of revenue including the
methods adopted to determine the stage of completion of transactions involving
Have items of income and expense been presented separately and not offset unless a Standard or Interpretation required?
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the rendering of services
b) the amount of each significant category of revenue recognized during the period
including revenue arising from:
i) the sale of goods?
ii) the rendering of services?
iii) interest?
iv) royalties?
v) dividends?
c) the amount of revenue arising from exchange of goods or services included in
each significant category of revenue.
12.0 Has the Company stated by way of a note, the respective amounts included in Sch ll.2E(i) Sch. III 3
and (ii) for the following
(i) debts due by directors, chief executive, and executives of the Company and any
of them severally or jointly with any other person; and
(ii) debts due by related parties (other than in clause (I) above)
13.0 Has the Company stated the following by way of a note:__ Sch. III 4
(i) The aggregate amount charged in the financial statements in respect of the
directors, chief executive and executives by the Company as fees, remuneration,
allowances, commission, perquisites or benefits or in any other form or manner
and for any services and shall give full particulars of such aggregate amounts
separately for the directors, chief executive and executives together with the
number of such directors and executives, under appropriate heads, such as:
(a) fees;
(b) managerial remuneration;
(c) commission or bonus, indicating the nature thereof;
(d) reimbursable expenses which are in the nature of a perquisite or benefit;
(e) pension, gratuities, Company's contribution to provident, superannuation
and other staff funds, compensation for loss of office and in connection
with retirement from office;
(g) the amounts, if material, by which any items shown above are
affected by any change in an accounting policy.
(ii) In the case of sale of fixed assets, if the book value of the asset or assets
exceeds in aggregate fifty thousand rupees, particulars of the assets and in
aggregate:
(a) cost or valuation, as the case may be;
(b) the book value; and
(c) the sale price and the mode of disposal (e.g. by tender or
14.0IAS 1.97
15.0 Has research and development expenditure been recognized as an expense
during the period? Has the aggregate amount been disclosed? IAS 38.126
16.0 Has the Company disclosed the amount of exchange differences recognised in profit or IAS 21.52(a)
loss except for those arising on financial instruments measured at fair value through profit
or loss in accordance with IAS 39?
17.0 GAINS AND LOSSES
17.1 Has any gain or loss arising from a change in the fair value of a financial liability measured
at fair value through profit or loss that is not part of a hedging relationship been recognised
in profit or loss? IAS 39.55a
17.2 For financial liabilities measured at amortised cost , has a gain or loss been recognised in
profit or loss when the financial liability is derecognised, and through the amortisation
process? IAS 39.56
17.3 If an entity recognises financial assets using settlement date accounting has it been
ensured that any change in the fair value of the asset to be received during the period
between the trade date and the settlement date is not recognised for assets measured at
amortised cost (other than impairment losses)? IAS 39.57
For assets measured at fair value, however, the change in fair value shall be recognised in
profit or loss or in other comprehensive income, as appropriate under paragraph
IAS 39.55.
17.4 If there is objective evidence that an impairment loss on financial assets measured at
amortised cost has been incurred, has it been ensured that the amount of the loss shall be
recognised in profit or loss? IAS 39.63
(f) other perquisites and benefits in cash or in kind stating their nature and, where practicable, their approximate money values; and
negotiation) and the particulars of the purchaser.
Has the Company disclosed separately the nature and amount of items of income and expense that are material?
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17.5 If, in a subsequent period, the amount of the impairment loss decreases and the decrease
can be related objectively to an event occurring after the impairment was recognised (such
as an improvement in the debtor’s credit rating), has the previously recognised impairment
loss been reversed with the amount of reversal recognised in profit or loss? IAS 39.65
18.0 RELATED PARTY TRANSACTION
18.1 Have relationships between a parent and its subsidiaries been disclosed irrespective of whether
there have been transactions between them? An entity shall disclose Has the name of the parent
and, if different, the ultimate controlling party been disclosed? If neither the entity’s parent nor
the ultimate controlling party produces consolidated financial statements available for public use
has the name of the next most senior parent that does so been disclosed? IAS 24.12
18.2 Has key management personnel compensation been disclosed in total and for each of the following
categories: IAS 24.16
a) short-term employee benefits?
b) post-employment benefits?
c) other long-term benefits?
d) termination benefits? and
e) share-based payment.?
18.3 Has the nature of the related party relationship as well as Information about those
transactions and outstanding balances, including commitments, necessary for users to
understand the potential effect of the relationship on the financial statements been disclosed? IAS 24.17
At a minimum, have the following disclosures been included:
a) the amount of the transactions?
b) the amount of outstanding balances, including commitments? and:
(i) their terms and conditions, including whether they are secured? and
the nature of the consideration to be provided in settlement; and
(ii) details of any guarantees given or received?
c) provisions for doubtful debts related to the amount of outstanding balances? and
d) the expense recognised during the period in respect of bad or doubtful debts due
from related parties?
18.4 Have the above disclosures been made separately for each of the following categories? IAS 24.18
a) the parent;
b) entities with joint control or significant influence over the entity;
c) subsidiaries;
d) associates;
e) joint ventures in which the entity is a venturer;
f) key management personnel of the entity or its parent; and
g) other related parties.
18.5 Have items of a similar nature been disclosed in aggregate except when separate
disclosure is necessary for an understanding of the effects of related party transactions on
the financial statements of the entity? IAS 24.22
A reporting entity is exempt from the disclosure requirements of paragraph 18 in relation to related IAS 24.25
party transactions and outstanding balances, including commitments, with:
a) a government that has control, joint control or significant influence over the reporting entity;
and
b) another entity that is a related party because the same government has control,
joint control or significant influence over both the reporting entity and the other entity.
18.6 If a reporting entity applies the exemption in paragraph 19.50, has it disclose the following about
the transactions and related outstanding balances referred to 19.50? IAS 24.26
:
a) the name of the government and the nature of its relationship with the reporting
entity (i.e. control, joint control or significant influence)?
b) the following information in sufficient detail to enable users of the entity’s financial
statements to understand the effect of related party transactions on its financial
statements?
(i) the nature and amount of each individually significant transaction? And
(ii) for other transactions that are collectively, but not individually, significant, a
qualitative or quantitative indication of their extent?
19.0 INCOME TAX
19.1 Has the tax expense (income) related to profit or loss from ordinary activities been
separately presented on the face of the Profit and Loss Account? IAS 12.77
19.2 Have the major components of tax expense (income) been disclosed separately ? IAS 12.79
Note :
List of components of tax expense may be seen in IAS 12.80 (revised)
19.3 Has the Company disclosed the following separately ? IAS 12.81
a) the amount of income tax relating to each component of other comprehensive
income (see paragraph 62 and IAS 1 (as revised in 2007));
b) an explanation of the relationship between tax expense (income) and accounting
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profit in either or both of the following forms:
i) a numerical reconciliation between tax expense (income) and the product of
accounting profit multiplied by the applicable tax rate(s), disclosing also the basis
on which the applicable tax rate(s) is (are) computed; or
ii) a numerical reconciliation between the average effective tax rate and the
applicable tax rate, disclosing also the basis on which the applicable tax rate is
computed;
c) an explanation of changes in the applicable tax rate(s) compared to the previous
accounting period;
d) the amount (and expiry date, if any) of deductible temporary differences, unused
tax losses, and unused tax credits for which no deferred tax asset is recognized
in the balance sheet;
e) the aggregate amount of temporary differences associated with investments in
subsidiaries, branches and associates and interests in joint ventures, for which
deferred tax liabilities have not been recognized;
f) in respect of each type of temporary difference, and in respect of each type of
unused tax losses and unused tax credits:
ii) the amount of the deferred tax income or expense recognized in the income
statement, if this is not apparent from the changes in the amounts recognized in
the balance sheet; and
g) in respect of discontinued operations, the tax expense relating to: i) the gain or
loss on discontinuance; and ii) the profit or loss from the ordinary activities of the
discontinued operation for the period, together with the corresponding amounts for
each prior period presented.
h) the amount of income tax consequences of dividends to shareholders of the
Company that were proposed or declared before the financial statements were
authorized for issue, but are not recognized as liability in the financial statements.
i) the amount of the deferred tax assets and liabilities recognized in the balance sheet for each period presented;
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i) if a business combination in which the entity is the acquirer causes a change in
the amount recognised for its pre-acquisition deferred tax asset (see paragraph
67), the amount of that change; and**
j) if the deferred tax benefits acquired in a business combination are not recognised
at the acquisition date but are recognised after the acquisition date (see
paragraph 68), a description of the event or change in circumstances that caused
the deferred tax benefits to be recognised.
19.4 Income taxes are payable at a higher or lower rate, if part or all of the net profit or retained
earnings is paid out as a dividend to shareholders of the Company. In some other
jurisdictions, income taxes may be refundable or payable if part or all of the net profit or
retained earnings is paid out as a dividend to shareholders of the Company. In these
circumstances, has the Company disclosed: IAS 12.52A
a) the nature of the potential income tax consequences that would result from the
payment of dividends to its shareholders, including the important features of the
income tax systems and the facts that will affect the amount of the potential
income tax consequences of dividends; IAS 12.82A
b) the amounts of the potential income tax consequences determinable without
undue cost or effort; and
c) any potential income tax consequences that cannot be determined without undue
cost or effort.
19.5 It may sometimes require undue cost or effort to compute the total amount of the potential
income tax consequences that would result from the payment of dividends to shareholders.
In the following cases has it been possible for a Company to compute some portions of the
total, for example: IAS 12.87B
a) if in a consolidated group, a parent and some of its subsidiaries (1) have paid
income taxes at a higher rate on undistributed profits and (2) are aware of the
amount that would be refunded on the payment of future dividends to shareholders
from consolidated retained earnings, has the entity disclosed the refundable
amount;
b) if applicable, has the Company disclosed that there are additional potential
income tax consequences that cannot be determined without undue cost or effort;
and
c) do the parent’s separate financial statements, if any, disclose the potential
income tax consequences relating to the parent’s retained earnings.
20 SEGMENT REPORTING
20.1 Has information been disclosed to enable users of its financial statements to evaluate the
nature and financial effects of the business activities in which it engages and the economic
environments in which it operates? IFRS 8.20
20.2 To give effect to the principle in paragraph 20, has disclosure of the following for each period
for which a income statement is presented been made? IFRS 8.21
a) general information;
b) information about reported segment profit or loss, including specified revenues
and expenses included in reported segment profit or loss, segment assets,
segment liabilities and the basis of measurement, ; and
c) reconciliations of the totals of segment revenues, reported segment profit or loss,
segment assets, segment liabilities and other material segment items to
corresponding entity amounts as described in paragraph 28. Reconciliations of
the amounts in the balance sheet for reportable segments to the
amounts in the entity’s balance sheet are required for each date
at which a balance sheet is presented. Information for prior
periods shall be restated
General information
20.3 Has the entity disclosed the following general information: IFRS 8.22
a) factors used to identify the entity’s reportable segments, including the basis of
organisation (for example, whether management has chosen to organise the
entity around differences in products and services, geographical areas, regulatory
environments, or a combination of factors and whether operating segments have
been aggregated)? and
b) types of products and services from which each reportable segment derives its
revenue?
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Information about profit or loss, assets and liabilities
20.4 Has a measure of profit or loss for each reportable segment been reported? IFRS 8.23
such an amount is regularly provided to the chief operating decision maker?
20.5 Has the entity also disclosed the following about each reportable segment if the specified
amounts are included in the measure of segment profit or loss reviewed by the chief
operating decision maker, or are otherwise regularly provided to the chief operating
decision maker, even if not included in that measure of segment profit or loss:?
a) revenues from external customers;
b) revenues from transactions with other operating segments of the same entity;
c) interest revenue;
d) interest expense;
e) depreciation and amortisation;
f) material items of income and expense disclosed in accordance with paragraph 97
of IAS 1 Presentation of Financial Statements (as revised in 2007);
g) the entity’s interest in the profit or loss of associates and joint ventures accounted
for by the equity method;
h) income tax expense or income; and
i) material non-cash items other than depreciation and amortisation.
20.6 Has interest revenue been reported separately from interest expense for each reportable
segment unless a majority of the segment’s revenues are from interest and the chief
operating decision maker relies primarily on net interest revenue to assess the
performance of the segment and make decisions about resources to be allocated to the
segment?
In that situation, has the entity reported that segment’s interest revenue net of its interest
expense and disclosed that it has done so?
20.7 Has disclosure of the following about each reportable segment been made, if the specified IFRS 8.24
amounts are included in the measure of segment assets reviewed by the chief operating
decision maker or are otherwise regularly provided to the chief operating decision maker,
even if not included in the measure of segment asset?
a) the amount of investment in associates and joint ventures accounted for by theequity method, and
b) the amounts of additions to non-current assets* other than financial instruments,
deferred tax assets, post-employment benefit assets (see IAS 19 Employee
Benefits paragraphs 54–58) and rights arising under insurance contracts.
20.8 Has it been ensured that the amount of each segment item reported shall be the measurereported to the chief operating decision maker for the purposes of making decisions about
allocating resources to the segment and assessing its performance? Also that
adjustments and eliminations made in preparing an entity’s financial statements and
allocations of revenues, expenses, and gains or losses are included in determining
reported segment profit or loss only if they are included in the measure of the segment’s
profit or loss that is used by the chief operating decision maker? IFRS 8.25
Similarly, has it been ensured that only those assets and liabilities that are included in the
measures of the segment’s assets and segment’s liabilities that are used by the chief
operating decision maker shall be reported for that segment? If amounts are allocated to
reported segment profit or loss, assets or liabilities, those amounts have been allocated on
a reasonable basis?
20.9 If the chief operating decision maker uses only one measure of an operating segment’s
profit or loss, the segment’s assets or the segment’s liabilities in assessing segment
performance and deciding how to allocate resources, has segment profit or loss, assets
and liabilities been reported at those measures? IFRS 8.26
20.10 If the chief operating decision maker uses more than one measure of an operating
segment’s profit or loss, the segment’s assets or the segment’s liabilities, has it been
ensured that the reported measures are those that management believes are determined in
accordance with the measurement principles most consistent with those used in
measuring the corresponding amounts in the entity’s financial statement?
20.11 An entity shall provide an explanation of the measurements of segment profit or loss,
segment assets and segment liabilities for each reportable segment. At a minimum, has
the following been disclosed? IFRS 8.27
a) the basis of accounting for any transactions between reportable segments.
b) the nature of any differences between the measurements of the reportable
segments’ profits or losses and the entity’s profit or loss before income tax
expense or income and discontinued operations (if not apparent from the
reconciliations described in paragraph 28). Those differences could include
accounting policies and policies for allocation of centrally incurred costs that are
necessary for an understanding of the reported segment information.
Has a measure of total liabilities for each reportable segment been reported if
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c) the nature of any differences between the measurements of the reportable
segments’ assets and the entity’s assets (if not apparent from the reconciliations
described in paragraph 28). Those differences could include accounting policies
and policies for allocation of jointly used assets that are necessary for an
understanding of the reported segment information.
d) the nature of any differences between the measurements of the reportable
segments’ liabilities and the entity’s liabilities (if not apparent from the
reconciliations described in paragraph 28). Those differences could include
accounting policies and policies for allocation of jointly utilised liabilities that are
necessary for an understanding of the reported segment information.
e) the nature of any changes from prior periods in the measurement methods used
to determine reported segment profit or loss and the effect, if any, of those
changes on the measure of segment profit or loss.
f) the nature and effect of any asymmetrical allocations to reportable segments. For
example, an entity might allocate depreciation expense to a segment without
allocating the related depreciable assets to that segment.
Reconciliations
20.12 Have reconciliations of all of the following been provided? IFRS 8.28
a) the total of the reportable segments’ revenues to the entity’s revenue.
b) the total of the reportable segments’ measures of profit or loss to the entity’s
profit or loss before tax expense (tax income) and discontinued operations.
However, if an entity allocates to reportable segments items such as tax expense
(tax income), has the entity opted to reconcile the total of the segments’
measures of profit or loss to the entity’s profit or loss after those items.
c) the total of the reportable segments’ assets to the entity’s assets.
d) the total of the reportable segments’ liabilities to the entity’s liabilities if segment
liabilities are reported in accordance with paragraph IFRS.23.
e) the total of the reportable segments’ amounts for every other material item of
information disclosed to the corresponding amount for the entity.
Restatement of previously reported information
20.13 If an entity changes the structure of its internal organisation in a manner that causes the
composition of its reportable segments to change, has the corresponding information for
earlier periods, including interim periods, been restated unless the information is not
available and the cost to develop it would be excessive? IFRS 8.29
Has the determination of whether the information is not available and the cost to develop it
would be excessive shall be made for each individual item of disclosure?
Following a change in the composition of its reportable segments, has the entity disclosed
whether it has restated the corresponding items of segment information for earlier period?
20.14 If an entity has changed the structure of its internal organisation in a manner that causes
the composition of its reportable segments to change and if segment information for earlier
periods, including interim periods, is not restated to reflect the change, has the entity
disclosed in the year in which the change occurs segment information for the current
period on both the old basis and the new basis of segmentation, unless the necessary
information is not available and the cost to develop it would be excessive? IFRS 8.30
Entity-wide disclosures
20.15 Has the entity reported the revenues from external customers for each product and service,
or each group of similar products and services, unless the necessary information is not
available and the cost to develop it would be excessive, in which case has that fact been
disclosed? IFRS 8.32
Information about geographical areas
20.16 Has the entity reported the following geographical information, unless the necessary IFRS 8.33
information is not available and the cost to develop it would be excessive?
a) revenues from external customers (i) attributed to the entity’s country of domicile
and (ii) attributed to all foreign countries in total from which the entity derives
revenues. If revenues from external customers attributed to an individual foreign
country are material, have those revenues been disclosed separately?
20.17 Has the entity disclosed the basis for attributing revenues from external customers to IFRS 8.33
individual countries?
non-current assets* other than financial instruments, deferred tax assets,
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post-employment benefit assets, and rights arising under insurance contracts (i)
located in the entity’s country of domicile and (ii) located in all foreign countries in
total in which the entity holds assets. If assets in an individual foreign country are
material, have those assets been disclosed separately?
20.18 Have the amounts reported been based on the financial information that is used to produce
the entity’s financial statements? If the necessary information is not available and the cost
to develop it would be excessive, has that fact been disclosed?
An entity may provide, in addition to the information required by this paragraph, subtotals
of geographical information about groups of countries. Information about major customers
20.19 Has information been provided about the extent of its reliance on its major customers? IFRS 8.34
a) If revenues from transactions with a single external customer amount to 10 per cent or
more of an entity’s revenues, has the entity disclosed that fact, the total amount of
revenues from each such customer, and the identity of the segment or segments reporting
the revenues?
(b) The entity need not disclose the identity of a major customer or the amount of revenues
that each segment reports from that customer.
For the purpose of this IFRS, a group of entities known by the reporting entity to be under
common control, shall be considered a single customer.Judgment is required to assess whether agovernment (including governmentagencies and similar bodies whether local,national or international) and entities known tothe reporting entity to be underthe control of that government are consider
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21.0 EXTRAORDINARY ITEMS
21.1 Has the Company ensured that it has not presented any item of income and expense as
extraordinary items either on the face of the profit or loss or in the notes? IAS 1.87
22.0 EARNINGS PER SHARE
22.1 If the Company discloses earnings per share, has the earnings per share been disclosed in
accordance with IAS 33? IAS 33.3
22.2 Has a Company that presents both consolidated financial statements and separate
financial statements prepared in accordance with IAS 27, presented the disclosures
required by IAS 33 only on the basis of the consolidated information? IAS 33.4
22.3 Where a company chooses to disclose earnings per share based on its separate financial
statements, has it presented such earnings per share information only on the face of its
separate SOCI and not in the consolidated financial statements? IAS 33.4
22.4 If the number of ordinary or potential ordinary shares outstanding increases as a result of a
capitalisation, bonus issue or share split, or decreases as a result of a reverse share split
(even if these changes occur after the balance sheet date but before the financial
statements are authorised for issue), and therefore the calculation of basic and diluted
earnings per share for all periods presented has been adjusted retrospectively, has the fact
that per share calculations reflect such changes in the number of shares been disclosed? IAS 33.64
22.5 Has the Company presented, on the face of the SOCI for each class of ordinary shares IAS 33.66
that has a different right to share in profit for the period, basic and diluted earnings per
share for the:
a) profit or loss from continuing operations;
b) profit or loss for the period;
22.6 Has the Company disclosed basic and diluted earning for each class of ordinary shares
per share with equal prominence for all periods presented on the face of the Profit and Loss
Account? IAS 33.66
22.7 If an entity presents the components of profit or loss in a separate income statement as
described in paragraph 81 of IAS 1, it presents basic and diluted earnings per share in
that separate statement or in the notes. IAS 33.67A*
22.8 If the Company reports a discontinuing operation, has the basic and diluted earnings per
share for this line item been disclosed either on the face of the income statement or in the
notes to the financial statements? IAS 33.68
22.9 If an entity presents components of profit or loss in a separate income statement as
described in paragraph 81 of IAS 1, it presents basic and diluted earnings per share for
the discontinued operation, as required in paragraph 68, in that separate statement or in
the notes. IAS 33.68A*
22.10 Has the Company presented basic and diluted earnings per share, even if the amounts are
negative (i.e. a loss per share)? IAS 33.69
22.11 Has the following been disclosed: IAS 33.70
a) the amounts used as the numerators in calculating basic and diluted earnings per
share, and a reconciliation of those amounts to the net profit or loss for the period
(including the individual effect of each class of instruments that affects earnings
per share);
b) the weighted average number of ordinary shares used as the denominator in
calculating basic and diluted earnings per share, and a reconciliation of these
denominators to each other (including the individual effect of each class of
instruments that affects earnings per share);
c) instruments (including contingently issuable shares) that could potentially dilute
basic earnings per share in the future, but were not included in the calculation of
diluted earnings per share because they are anti-dilutive for the period(s)
presented; and
d) a description of ordinary share transactions or potential ordinary share
transactions, other than as a result of capitalisation, bonus issues or share
splits or decreases as a result of a reverse share splits, that occur after the
balance sheet date but before the financial statements are authorised for issue
that would have changed significantly the number of ordinary shares or potential
ordinary shares outstanding at the end of the period if those transactions had
occurred before the end of the reporting period.
22.12 Has the Company disclosed the terms and conditions of financial instruments and other
contracts generating potential ordinary shares that affect the measurement of basic and
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diluted earnings per share, if this disclosure is not already otherwise required (see IAS 32
and, if applicable, IFRS 7). IAS 33.72
22.13 If the Company disclosed, in addition to basic and diluted earnings per share, amounts per
share using a reported component of the income statement other than one required by IAS
33: IAS 33.73
a) have basic and diluted amounts per share relating to such a component been
disclosed with equal prominence and presented in the notes to the financial
statements; and
b) has the basis been indicated on which the numerator(s) is (are) determined,
including whether amounts per share are before tax or after tax.
22.14 If the Company discloses, in addition to basic and diluted earnings per share, amounts per
share using a component that is not reported as a line item in the income statement, has
a reconciliation been provided between the component used and a line item that is reported
in the income statement? IAS 33.73
22.15 Have the disclosures covered in 24.11 and 24.12 been made by a company that discloses,
in addition to basic and diluted earnings per share, amounts per share using a reported
component of the separate income statement (IAS1, Para 81) other than one required by
this standard? IAS 33.73A
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PART IV CASH FLOW STATEMENT
1.0 Does the cash flow statement report cash flows during the period classified by operating, investing
and financing activities? IAS 7.10
2.0 Does the Company report cash flows from operating activities using either: IAS 7.18
a) the direct method, whereby major classes of gross cash receipts and gross cash
payments are disclosed? or
b) the indirect method, whereby net profit or loss is adjusted for the effects of transactions of
non-cash nature, any deferrals or accruals of past or future operating cash receipts or
payments, and items of income or expense associated with investing or financing cash
flows
3.0 Has the Company reported separately major classes of gross cash receipts and gross cash
payments arising from investing and financing activities, except to the extent that cash flows are
reported on a net basis in accordance with IAS 7.22 and 7.24? IAS 7.21
4.0 Has the Company decided to report cash flows from the following operating, investing or financing
activities on a net basis: IAS 7.22
a) cash receipts and payments on behalf of customers when the cash flows reflect the
activities of the customers rather than those of the Company; and
b) cash receipts and payments for items in which the turnover is quick, the amounts are
large, and the maturities are short?
5.0 Has the cash flows arising from each of the following activities reported on a net basis:IAS 7.24
a)
b)
c)
6.0
IAS 7.25
7.0 IAS 7.26
7A
IAS 7.28
7B. Have the following been categorized as operating activities?
IAS 7.14
8.0 Are cash flows from interest and dividends received and paid disclosed separately. Are they
classified in a consistent manner from period to period as either operating, investing or financing
activities? IAS 7.31
9.0 Are cash flows arising from taxes on income separately disclosed and classified as cash flows
from operating activities unless they can be specifically identified with financing and investing
activities? IAS 7.35
10.0 When tax cash flows are allocated over more than one class of activity, has the total amount of IAS 7.36
taxes paid been disclosed?
11.0 Has it been ensured that only those expenditures that result in a recognised asset in the IAS 7.16
statement of financial position are eligible for classification as investing activities? ****
12.0 Are aggregate cash flows arising from obtaining and losing control of subsidiaries or other
businesses presented separately and classified as investing activities?** IAS 7.39
13.0 Are the following details disclosed in aggregate, in respect of both acquisitions and disposal of
subsidiaries or other business units during the period, each of the following: IAS 7.40
i) the total purchase or disposal consideration net of cash and cash equivalents acquired or
disposed of as part of such transactions, events or changes in circumstances?** IAS 7.42
(ii) the amount of cash and cash equivalents in the subsidiary or businesses over which
control is obtained or lost?**
(iii) the amount of the assets and liabilities other than cash or cash equivalents in the
subsidiary or businesses over which control is obtained or lost, summarized by each major
category?**
cash receipts and payments for the acceptance and repayment of deposits with a fixed maturity date;
the placement of deposits with and withdrawal of deposits from other financial institutions; and
cash advances and loans made to customers and the repayment of those advances and loans.
Has the cash flows arising from transactions in a foreign currency recorded in an Company’s functional currency by applying to the foreign currency amount the exchange rate between the functional currency and the foreign currency at the date of the cash flow?
Has the cash flows of a foreign subsidiary translated at the exchange rates between the functional currency and the foreign currency at the dates of the cash flows?
Has the cash flow statement disclosed separately, cash flows from operating, investing and financing activities, the effect of exchange rate changes on cash and cash equivalents held or due in foreign currency. This amount includes the difference, if any, had those cash flows been reported at the end of period exchange rates?
cash payments to manufacture or acquire assets held for rental to others and subsequently held for sale as described in paragraph 68A of IAS 16 Property, Plant and Equipment. Also, The cash receipts from rents and subsequent sales of such assets*
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13A Are the cash flows arising from changes in ownership interests in a subsidiary that do not
result in a loss of control be classified as cash flows from financing activities?** IAS 7.42A
14.0 Are investing and financing transactions that do not require the use of cash or cash equivalents
excluded from a cash flow statement? Are such transactions disclosed elsewhere in the financial
statements in a way that provides all the relevant information about these investing and financing
activities? IAS 7.43
15.0 Is disclosure made of the components of cash and cash equivalents and reconciliation presented
the amounts in cash flow statement with the equivalent items reported in the balance sheet?
IAS 7.45
16.0 Has the Company disclosed the policy adopted in determining the composition of cash and cash
equivalents? IAS 7.46
17.0
IAS 7.48
18.0 Has the Company disclosed the following information: IAS 7.50
a) the amount of indrawn borrowing facilities that may be available for future operating
activities and to settle capital commitments, indicating any restrictions on the use of these
facilities.
b) the aggregate amounts of the cash flows from each of operating, investing and financing
activities related to interests in joint ventures reported using proportionate consolidation;
c) the aggregate amount of cash flows that represent increases in operating capacity
separately from those cash flows that are required to maintain operating capacity;
d) cash flows of each reported industry and geographical segment arising from:
– operating activities;
– investing activities; and
– financing activities.
19.0 Has the Company presented information that enables users of the financial statements to evaluate
the financial effects of discontinued operations and disposals of non-current assets (or disposal
groups) by disclosing the net cash flows attributable to the operating, investing and financing
activities of discontinued operations either in the notes or on the face of the financial statements?
(These disclosures are not required for disposal groups that are newly acquired subsidiaries
classified as held for sale on acquisition) IFRS 5.33c
Is disclosure made, together with a commentary by management, of the amount of significant cash
and cash equivalent balances held by the Company that are not available for use by the Group?
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PART V INTERIM FINANCIAL STATEMENTS (IFS)
1.0 Has the Company presented, as a minimum, the following in respect of interim financial
statements: IAS 34.8
a) condensed balance sheet
b) condensed profit and loss account
c) condensed statement of changes in equity
d) condensed cash flow statements
e) selected explanatory notes
1.1 If an entity presents the components of profit and loss in a separate income statement as
described in paragraph 81 of IAS 1, has it presented interim condensed information from that
separate statement? IAS 34.8A*
2.0 Has the Company presented basic and diluted earnings per share on the face of the income
statement, complete or condensed, for an interim period? IAS 34.11
2.1 If an entity presents the components of profit and loss in a separate income statement as
described in paragraph 81 of IAS 1, has it presented basic and diluted earnings per share in that
separate statement? IAS 34.11A*
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3.0 If the Company publishes condensed financial statements, have they included:
a) each of the headings and subtotals that were included in its most recent annual financial
statements; IAS 34.10
b) selected explanatory notes as required by IAS 34; and
c) additional line items or notes whose omission would make the condensed interim financial
statements misleading.
4.0 Are the accounting policies used for the preparation of interim financial statements consistent with IAS 34.16
most recent financial statement and the Company has included a statement to that effect in the
financial statements? IAS 34.16(a)
5.0 If the answer to (4) is "NO" has the description of the nature and effect of change been disclosed? IAS 34.16(a)
6.0 Has the explanation about the seasonality or cyclicality of interim operation been disclosed? IAS 34.16(b)
7.0 Has the disclosure of any unusual transaction been made due to their size, nature or incidence? IAS 34.16(c)
8.0 Is there any change in estimate for current or prior year having a material impact on financial
statements? IAS 34.16(d)
9.0 Has the disclosure of the following been made:
a) Issuance, repurchases, and repayments of debt and equity securities? IAS 34.16(e)
b) Dividends paid (aggregate or per share) separately for ordinary shares and other shares? IAS 34.16(f)
c) Segment revenue and segment result for business segments or geographical segments,
whichever is the Company's primary basis of segment reporting? IAS 34.16(g)
d) Material events subsequent to the end of the interim period that have not been reflected in
the financial statements for the interim period? IAS 34.16(h)
e) The effect of changes in the composition of the Company during the interim period,
including business combinations, obtaining or losing control of subsidiaries** and long-term
investments restructuring and discontinuing operations? IAS 34.16(i)
f) Changes in contingent liabilities or contingent assets since the last annual balance sheet
date? IAS 34.16(j)
10.0 In addition to the information required above on a financial year-to-date basis, IAS 34.16
has the Company also disclosed any events or transactions that are material to an IAS 34.17
understanding of the current interim period such as:
a) the write-down of inventories to net realisable value and the reversal of such a write-down;
b) recognition of a loss from the impairment of property, plant, and equipment, intangible
assets, or other assets, and the reversal of such an impairment loss;
c) the reversal of any provisions for the costs of restructuring;
d) acquisitions and disposals of items of property, plant, and equipment;
e) commitments for the purchase of property, plant, and equipment;
f) litigation settlements;
g) corrections of prior period errors;
h) any loan default or breach of a loan agreement that has not been remedied on or before the
balance sheet date; and
i) related party transactions.
11.0
IAS 34.19
12.0 Has the Company included in its interim financial reports (condensed or complete) the following
statements: IAS 34.20
a) Balance sheet
– as of the end of the current interim period; and
– a comparative balance sheet as of the end of the immediately preceding financial
year;
b) Profit and Loss account
– for the current interim period;
Has disclosure of compliance with IAS 34 been made. Has the Company also ensured that it has not disclosed compliance with Standards unless it complies with all of the requirements of "IFRS's"?
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– a comparative income statement for the same current interim period of the
immediately preceding financial year;
– cumulatively for the current financial year to date; and
– a comparative income statement for the same year to date current interim
period of the immediately preceding financial year;
c) statement of changes in equity:
– cumulatively for the current financial year to date; and
– a comparative statement for the comparable year-to-date period of the
immediately preceding financial year; and
d) cash flow statement
– cumulatively for the current financial year to date; and
– a comparative statement for the comparable year-to-date period of the
immediately preceding financial year.
13.0 If the Company’s business is highly seasonal, does it disclose: IAS 34.21
– financial information for the twelve months ending on the interim reporting date
– comparative information for the prior twelve-month period.
14.0 If an estimate of an amount reported in an interim period is changed significantly during the final ### ###
interim period of the financial year but a separate financial report is not published for that final
interim period, has the nature and amount of that change in estimate been disclosed in a note to
the annual financial statements for that financial year? IAS 34.26
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PART VI NON-CURRENT ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS
1.0 Has the Company present information that enables users of the financial statements to evaluate IFRS 5.30
the financial effects of discontinued operations and disposals of non-current assets (or disposal
groups) by disclosing the following information: other than that in Part III, 3 e above:
a) an analysis of the single amount in (a) into: IFRS 5.33b
– the revenue, expenses and pre-tax profit or loss of discontinued operations;
– the related income tax expense;
– the gain or loss recognised on the measurement to fair value less costs to sell
or on the disposal of the assets or disposal group(s) constituting
the discontinued operation; and
– the related income tax expense; and
b) the amount of income from continuing operations and from discontinued operations
attributable to owners of the parent. These disclosures may be presented either in the
notes or in the income statement. IFRS 5.33d
2.0 Has the Company re-presented the disclosures in IFRS 5.33 above for prior periods presented in
the financial statements so that the disclosures relate to all operations that have been
discontinued by the balance sheet date for the latest period presented? IFRS 5.34
3.0 Has the Company classified separately in discontinued operations and disclosed the nature of
amount of adjustments that are made in the current period to IFRS 5.33 previously presented in
discontinued operations that are directly related to the previously discontinued operation in a prior
period? IFRS 5.35
4.0 Has the Company disclosed the following information in the notes in the period in which a
non-current asset (or disposal group) has been either classified as held for sale or sold: IFRS 5.41
a) a description of the non-current asset (or disposal group);
b) a description of the facts and circumstances of the sale, or leading to the expected
disposal, and the expected manner and timing of that disposal;
c) the gain or loss recognised in accordance with 5.20 - 5.22 and, if not separately presented
on the face of the income statement, the caption in the income statement that includes
that gain or loss; and
d) if applicable, the segment in which the non-current asset (or disposal group) is presented
5.0 Where a Company ceases to classify the asset (or disposal group) as held for sale (refer to IFRS
5.26 & 29) has the Company disclosed the following information in the period of the decision to
change the plan to sell the non-current asset (or disposal group): IFRS 5.42
a) a description of the facts and circumstances leading to the decision; and
b) the effect of the decision on the results of operations for the period and any prior periods
presented.
6.0 If an entity presents the components of profit or loss in a separate income statement as described
in paragraph 81 of IAS 1 (as revised in 2007), has a section identified as relating to discontinued
operations been presented in that separate statement? IFRS 5.33A*
7.0 Has an entity that is committed to a sale plan involving loss of control of a subsidiary disclosed the
information required in paragraphs 33–36 when the subsidiary is a disposal group that meets the
definition of a discontinued operation in accordance with paragraph 32? IFRS 5.36A**
7A Has a non-current asset classified as held for sale and the assets of a disposal group classified as
held for sale been presented separately from other assets in the balance sheet? IFRS 5.38*
7B Have the liabilities of a disposal group classified as held for sale been presented separately from IFRS 5.38*
other liabilities in the balance sheet?
7C has it been ensured that those assets and liabilities shall not be offset and presented as a single IFRS 5.38*
amount?
8.0 Has it been ensured that disclosures in other IFRSs are not applied to non current assets IFRS 5.5B
(or disposal groups) unless those IFRSs require:
a) specific disclosures in respect of non-current assets (or disposal groups) classified
as held for sale or discontinued operations? or
b) disclosures about measurement of assets and liabilities within a disposal group that
are not within the scope of the measurement requirement of IFRS 5 and such
disclosures are not already provided in the other notes to the financial statements?
This analysis is not required for disposal groups that are newly acquired subsidiaries that meet the criteria to be classified as held for sale on acquisition (refer IFRS 5.11)
in accordance with. IFRS 8.
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Has it been ensured that where necessary, additional disclosures about non-current assets (or
disposal groups) classified as held for sale or discontinued operations to comply with the
general requirements of IAS 1, in particular paragraphs 15 and 125 of that Standard?
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PART VII SHARE-BASED PAYMENT
1.0 Has the Company disclosed information that enables users of the financial statements to
understand the nature and extent of share-based payment arrangement in existence during the IFRS 2.44
period by disclosing at least the following items: IFRS 2.45
a) a description of each type of share-based payment arrangement including the general
terms and conditions of each arrangement such as:
– vesting requirements;
– the maximum term of options granted; and
– the method of settlement (e.g. whether in cash or equity);
b) the number and weighted average exercise prices of share options for each of the following
groups of options:
– outstanding at the beginning of the period;
– granted during the period;
– forfeited during the period;
– exercised during the period;
– expired during the period;
– outstanding at the end of the period; and
– exercisable at the end of the period.
c) for share options exercised during the period, the weighted average share price or where
options were exercised on a regular basis throughout the period, the Company may
instead disclose the weighted average share price during the period; and
d) for share options outstanding at the end of the period:
– the range of exercise prices; and
– the weighted average remaining contractual life.
2.0 If the Company has measured the fair value of goods or services received as consideration for IFRS 2.46
equity instruments of the Company indirectly, by reference to the fair value of the equity IFRS 2.47
instruments granted, has the Company disclosed information that enables users of the financial
statements to understand how the fair value of the equity instruments granted during the period
was determined by disclosing at least the following items:
a) for share options granted during the period, the weighted average fair value of those options
at the measurement date and information on how that fair value was measured , including:
– the option pricing model used;
– the inputs to that model, including the weighted average share price, exercise
price, expected volatility, option life, expected dividends, the risk free interest
rate and any other inputs to the model, including the method used and assumptions
made to incorporate the effects of expected early exercise; and
– how expected volatility was determined, including an explanation of
the extent to which expected volatility was based on historical volatility; and
– whether and, how any other features of the option grant were incorporated
into the measurement of fair value, such as market condition;
b) for other equity instruments granted during the period (i.e. other than share options):
– the number of those equity instruments at the measurement date;
– the weighted average fair value of those equity instruments at the measurement
date; and
– information on how the fair value was measured including how the fair value
was determined where it was not measured on the basis of an observable market
price, whether and how expected dividends were incorporated and whether
and how any other features of the equity instruments granted were incorporated;
c) for share-based payment arrangements that were modified during the period:
– an explanation of those modifications;
– the incremental fair value granted (as a result of those modifications); and
– information on how the incremental fair value granted was measured,
consistently with the requirements set out in a. and b. above, where applicable.
3.0 If the Company has measured directly the fair value of goods or services received during the period,
has the Company disclosed information that enables users of the financial statements to
understand how the fair value of the goods and services received during the period was determined IFRS 2.48
(e.g. whether fair value was measured at a market price for those goods or services)?
4.0 In circumstances where the equity-settled share-based payment transactions involves parties other
than employees, where the Company determines that the fair value of the goods and services IFRS 2.49
received cannot be estimated reliably, has the Company:
a) disclosed that fact; and
b) given an explanation of why the presumption was rebutted.
5.0 Has the Company disclosed information that enables users of the financial statements to
understand the effect of share-based payment transactions on the Company’s profit or loss for the IFRS 2.50
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period and on its financial position, by disclosing the following:
a) the total expense recognised for the period (relating to share-based payment transactions
in which the goods or services received did not qualify for recognition as assets and hence
were recognised immediately as an expense) , including separate disclosure of that portion
of the total expense that arises from transactions accounted for as equity-settled share
based payment transactions; and IFRS 2.51
b) for liabilities arising from share-based payment transactions:
– the total carrying amount at the end of the period; and
– the total intrinsic value at the end of the period of liabilities for which the
counterparty’s right to cash or other assets had vested by the end of the period
(e.g. vested share appreciation rights).
6.0 Has the Company disclosed such additional information as necessary in order to satisfy the IFRS
2.44, 2.46 and 2.50 IFRS 2.52
7.0 For share-based payment transactions among group entities, in its separate or individual
financial statements, has the entity receiving the goods or services measured the goods
or services received as either an equity-settled or a cash-settled share-based payment transaction
by assessing: IFRS 2.43A****
a) the nature of the awards granted? and
b) its own rights and obligations?
The amount recognised by the entity receiving the goods or services may differ from the amount
recognised by the consolidated group or by another group entity settling the share-based
payment transaction.
8.0 Have the goods or services been measured by the recipient entity as having been received
received as an equity-settled share-based payment transaction when: IFRS 2.43B****
a) the awards granted are its own equity instruments, or
b) the entity has no obligation to settle the share-based payment transaction.
In all other circumstances, have the goods or services received been measured by the recipient
as a cash-settled share-based payment transaction?
9.0 Has the entity settling a share-based payment transaction, when another entity in the group
receives the goods or services, recognised the transaction as an equity-settled share-based
payment transaction only if it is settled in the entity’s own equity instruments? IFRS 2.43C****
Otherwise, has the transaction been recognised as a cash-settled share-based payment
transaction?
10.0 Some group transactions involve repayment arrangements that require one group entity to
pay another group entity for the provision of the share-based payments to the suppliers of
goods or services. In such cases, has the recipient entity of goods or services accounted
for the share-based payment transaction in accordance with 8.0 regardless of intra-group
repayment arrangements? IFRS 2.43D****
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PART VIII AGRICULTURE
1.0 Has the Company disclosed the aggregate gain or loss arising during the current period on initial
recognition of biological assets and agricultural produce and from the change in fair value less
estimated point-of-sale costs of biological assets? IAS 41.40
2.0 Is a description of each group of biological assets disclosed by the Company? IAS 41.41
3.0 Has the Company provided a quantified description of each group of biological assets,
distinguishing between consumable and bearer biological assets or between mature and immature
biological assets? IAS 41.43
4.0 If not disclosed elsewhere in information published with the financial statements, do the financial IAS 41.46
statements include:
a) the nature of its activities involving each group of biological assets; and
b) non-financial measures or estimates of the physical quantities of:
– each group of the Company’s biological assets at the end of the period;
– output of agricultural produce during the period.
5.0 Has the Company disclosed the following information in its financial statements:
a) the methods and significant assumptions applied in determining the fair value of each
group of agricultural produce at the point of harvest and each group of biological assets; IAS 41.47
b) the fair value less estimated point-of-sale costs of agricultural produce harvested during the
period, determined at the point of harvest; IAS 41.48
c) the existence and carrying amounts of biological assets whose title is restricted; IAS 41.49a
d) the carrying amounts of biological assets pledged as security for liabilities; IAS 41.49(a)
e) the amount of commitments for the development or acquisition of biological IAS 41.49(b)
assets;
f) financial risk management strategies related to agricultural activity; and IAS 41.49(c)
g) a reconciliation of changes in the carrying amount of biological assets between the
beginning and the end of the current period that includes at least: IAS 41.50
– the gain or loss arising from changes in fair value less estimated point of-
sale costs;
– increases due to purchases;
– decreases due to sales and biological assets classified as held for sale in
accordance with IFRS 5;
– decreases due to harvest;
– increases resulting from business combinations;
– net exchange differences arising on the translation of financial
statements into a different presentation currency, and on translation of
a foreign entity into the presentation currency of the reporting entity;
– other changes.
6.0 Has the Company disclosed, by group or otherwise, the amount of change in fair value less
estimated point-of-sale costs included in net profit or loss due to physical changes and due to
price changes? IAS 41.51
7.0 Disclosure when fair value cannot be measured reliably
If the Company measures biological assets at their cost less any accumulated depreciation and
any accumulated impairment losses at the end of the period (because fair value cannot be
measured reliably, see IAS 41.30 for additional guidance), has the following information been
disclosed for such biological assets: IAS 41.54
a) a description of the biological assets;
b) an explanation of why fair value cannot be measured reliably;
c) if possible, the range of estimates within which fair value is highly likely to lie;
d) the depreciation method used;
e) the useful lives or the depreciation rates used; and
f) the gross carrying amount and the accumulated depreciation (aggregated with
accumulated impairment losses) at the beginning and end of the period.
8.0 If, during the current period, the Company measures biological assets at their cost less any IAS 41.55
accumulated depreciation and any accumulated impairment losses, has the Company disclosed:
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a) any gain or loss recognised on disposal of such biological assets; IAS 41.50
b) a separate reconciliation of changes in the carrying amount of such biological assets
between the beginning and the end of the current period that includes at least (comparative
information is not required):
– increases due to purchases;
– decreases due to sales and biological assets classified as held for sale in
accordance with IFRS 5;
– decreases due to harvest;
– increases resulting from business combinations;
– net exchange differences arising on the translation of financial statements
into a different presentation currency, and on translation of a foreign
Company into the presentation currency of the reporting Company ;
– impairment losses included in net profit or loss;
– reversals of impairment losses included in net profit or loss;
– depreciation included in net profit or loss; and
– other changes.
9.0 If the fair value of biological assets previously measured at their cost less any accumulated
depreciation and any accumulated impairment losses becomes reliably measurable during the
current period, has the Company disclosed: IAS 41.56
a) a description of the biological assets;
b) an explanation of why fair value has become reliably measurable; and
c) the effect of the change.
10.0 Has the Company disclosed the following information related to agricultural activity covered by IAS IAS 41.57
41:
a) the nature and extent of government grants recognised in the financial statements;
b) any unfulfilled conditions and other contingencies attaching to government grants;
c) significant decreases expected in the level of government grants.
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PART IX BANKS AND SIMILAR FINANCIAL INSTITUTIONS
PART X CONSTRUCTION CONTRACTORS
1.0 Has the Company disclosed: IAS 11.39
a) the amount of contract revenue recognised as revenue in the period;
b) the methods used to determine the contract revenue recognised in the period;
c) the methods used to determine the stage of completion of contracts in progress.
2.0 Has the Company disclosed the following for contracts in progress at the balance sheet date: IAS 11.40
a) the aggregate amount of costs incurred and recognised profits (less recognised losses) to
date;
b) the amount of advances received; and
c) the amount of retentions.
3.0 Has the Company presented the following amounts in respect of construction contracts separately
in the balance sheet (unless clearly immaterial): IAS 11.42
a) the gross amount due from customers for contract work as an asset; and
b) the gross amount due to customers for contract work as a liability.
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PART XI EXTRACTIVE INDUSTRIES
1.0 Has the Company classified exploration and evaluation assets as tangible or intangible according
to the nature of the assets acquired and apply the classification consistency? IFRS 6.15
2.0 Has the Company stopped classifying exploration and evaluation assets as such when the
technical feasibility and commercial viability of extracting a mineral resource are demonstrable? IFRS 6.17
3.0 Has the Company presented and disclosed any impairment loss relating to exploration and
evaluation assets in accordance with IAS 36? IFRS 6.18
4.0 Has the Company determined an accounting policy for allocating exploration and evaluation assets
to cash-generating units or groups of cash-generating units for the purpose of assessing such
assets for impairment. Each cash-generating unit not larger than an operating segment is
determined in accordance with IFRS 8 Operating Segments? IFRS 6.21
5.0 Has the Company disclosed the following information that identifies and explains the amounts
recognised in its financial statements arising from the exploration for and evaluation of mineral IFRS 6.23
resources: IFRS 6.24
a) its accounting policies for exploration and evaluation expenditures including the recognition
of exploration and evaluation assets;
b) the amounts of assets, liabilities, income and expense and operating and investing;
c) cash flows arising from the exploration for and evaluation of mineral resources.
6.0 Has the Company treated exploration and evaluation assets as a separate class of assets and IFRS 6.25
made the disclosures required by either IAS 16 or IAS 38 consistent with how the assets are
classified?
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PART XII LEASE DISCLOSURES BY LESSORS
1.0 Has the Company presented assets held under a finance lease in the balance sheet as a IAS 17.36
receivable at an amount equal to the net investment in the lease?
Finance leases
2.0 Has the following information been disclosed by the Company for finance leases (in addition to IAS 17.47
meeting the requirements of IFRS 7):
a) a reconciliation between the gross investment in the lease at the balance sheet date, and
the present value of minimum lease payments receivable at the balance sheet date;
b) the gross investment in the lease and the present value of minimum lease payments
receivable at the balance sheet date, for each of the following periods:
– not later than one year;
– later than one year and not later than five years;
– later than five years;
c) unearned finance income;
d) the un-guaranteed residual values accruing to the benefit of the lessor;
e) the accumulated allowance for uncollectible minimum lease payments receivable;
f) contingent rents recognised as income in the period; and
g) a general description of the lessor’s material leasing arrangements.
3.0 Has the Company disclosed the gross investment less unearned income in new business added IAS 17.48
during the period, after deducting the relevant amounts for cancelled leases? (not mandatory)
Operating leases
4.0 Has the Company presented assets subject to operating leases in the balance sheet according to
the nature of the asset? IAS 17.49
5.0 Has the following information been disclosed by the Company for operating leases (in addition to
meeting the requirements of IFRS 7) : IAS 17.56
a) the future minimum lease payments under non-cancelable operating leases in the
aggregate and for each of the following periods:
– not later than one year;
– later than one year and not later than five years;
– later than five years;
b) total contingent rents recognised as income in the period; and
c) a general description of the lessor’s leasing arrangements.
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PART XIII REPORTING BY RETIREMENT BENEFIT PLANS
1.0 IAS 26.34
a) a statement of changes in net assets available for benefits;
b) a summary of significant accounting policies; and
c) a description of the plan and the effect of any changes in the plan during the period.
2.0 Has the following been included in the financial statements provided by the retirement benefit plans:
a) a statement of net assets available for benefits disclosing: IAS 26.35
– assets at the end of the period suitably classified; IAS 26.13
– the basis of valuation of assets;
– details of any single investment exceeding either 5% of the net assets
available for benefits or 5% of any class or type of security;
– details of any investment in the employer; and
– liabilities other than the actuarial present value of promised retirement
benefits;
b) a statement of changes in net assets available for benefits showing the following: IAS 26.35
– employer contributions;
– employee contributions;
– investment income such as interest and dividends;
– other income;
– benefits paid or payable (analysed, for example, as retirement, death and
disability benefits, and lump sum payments);
– administrative expenses;
– other expenses;
– taxes on income;
– profits and losses on disposal of investments and changes in value of
investments; and
– transfers from and to other plans;
c) a description of the funding policy; IAS 26.35
d) the actuarial present value of promised retirement benefits (which may distinguish IAS 26.35
between vested benefits and non-vested benefits) based on the benefits promised under
the terms of the plan, on service rendered to date, and which uses either current salary
levels or projected salary levels;
e) a description of significant actuarial assumptions made; IAS 26.35
f) the method used to calculate the actuarial present value of promised retirement benefits; IAS 26.35
g)IAS 26.36
i) the names of the employers and the employee groups covered;
ii) the number of participants receiving benefits;
iii) the number of other participants;
iv) the type of plan – defined contribution or defined benefit;
v) a note as to whether participants contribute to the plan;
vi) a description of the retirement benefits promised to participants;
vii) a description of any plan termination terms; and
viii) changes in items i. to vii. during the period covered by the report.
3.0 When plan investments are held for which an estimate of fair value is not possible, has the reason
that fair value is not used, been disclosed? IAS 26.32
4.0 Has the following additional information been included in the report of the defined contribution plan: IAS 26.16
a) a description of significant activities for the period and the effect of any changes relating to
the plan, and its membership and terms and conditions;
b) statements reporting on the transactions and investment performance for the period and
the financial position of the plan at the end of the period;
c) a description of the investment policies.
5.0 Has the fund disclosed the basis used – using either current salary levels or projected salary levels IAS 26.18
– to calculate the actuarial present value of promised retirement benefits? Have the effects of any
change in actuarial assumptions that have had a significant effect on the actuarial present value of
promised retirement benefits been disclosed?
6.0 Has either of the following been disclosed in the financial statements of a defined benefit plan: IAS 26.17
a) a statement that shows:
Has the Company disclosed the following information in the financial statements relating to a retirement benefit plan, whether defined benefit or defined contribution:
a description of the plan and either as part of the financial statements or in a separate report, and has the following also been included:
(Suggestive not mandatory)
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i) the net assets available for benefits;
ii) the actuarial present value of promised retirement benefits, distinguishing between
vested benefits and non-vested benefits; and
iii) the resulting excess or deficit; or
b) a statement of net assets available for benefits including either:
i) a note disclosing the actuarial present value of promised retirement benefits,
distinguishing between vested benefits and non-vested benefits; or
ii) a reference to this information in an accompanying actuarial report.
If an actuarial valuation has not been prepared at the date of the report, has the date of the
valuation used been disclosed? IAS 26.17
7.0 Has account explained the relationship between the actuarial present value of promised IAS 26.19
8.0 Has the following additional information been included in the report of the defined benefit plan: IAS 26.22
(Suggestive not mandatory)
a) a description of significant activities for the period and the effect of any changes relating to
the plan, and its membership and terms and conditions;
b) statements reporting on the transactions and investment performance for the period and
the financial position of the plan at the end of the period;
c) actuarial information either as part of the statements or by way of a separate report; and
d) a description of the investment policies.
retirement benefits and the net assets available for benefits, and the policy for the funding of promised benefits.
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PART XIV BUSINESS COMBINATIONS
Acquisitions
1.0 Has the acquirer disclosed information refer, IFRS 3.67 – 71 below that enables users of its
financial statements to evaluate the nature and financial combinations that were effected: IFRS 3.59
a) during the current reporting period; and
b) after the balance sheet date but before the financial statements were authorised for issue.
2.0 Has the Company disclosed the following information for each business combination that occurs IFRS 3.60 and
during the reporting period: IFRS 3.B64
a) the name and a description of the acquiree.
b) the acquisition date.
c) the percentage of voting equity interests acquired.
d) the primary reasons for the business combination and a description of how the acquirerobtained control of the acquiree.
e) a qualitative description of the factors that make up the goodwill recognised, such asexpected synergies from combining operations of the acquiree and the acquirer, intangible
assets that do not qualify for separate recognition or other factors.
f) the acquisition-date fair value of the total consideration transferred and the acquisition-date
fair value of each major class of consideration, such as:
i) cash;
ii) other tangible or intangible assets, including a business or subsidiary of the
acquirer;
iii) liabilities incurred, for example, a liability for contingent consideration; and
iv) equity interests of the acquirer, including the number of instruments or interests
issued or issuable and the method of determining the fair value of those
instruments or interests.
g) for contingent consideration arrangements and indemnification assets:
i) the amount recognised as of the acquisition date;
ii) a description of the arrangement and the basis for determining the amount of the
payment; and
iii) an estimate of the range of outcomes (undiscounted) or, if a range cannot be
estimated, that fact and the reasons why a range cannot be estimated. If the
maximum amount of the payment is unlimited, the acquirer shall disclose that
fact.
h) for acquired receivables:
i) the fair value of the receivables;
ii) the gross contractual amounts receivable; and
iii) the best estimate at the acquisition date of the contractual cash flows not
expected to be collected. The disclosures shall be provided by major class of
receivable, such as loans, direct finance leases and any other class of
receivables.
i) the amounts recognised as of the acquisition date for each major class of assets acquired
and liabilities assumed.
j) for each contingent liability recognised in accordance with paragraph 23, the information
required in paragraph 85 of IAS 37 Provisions, Contingent Liabilities and Contingent
Assets. If a contingent liability is not recognised because its fair value cannot be measured
reliably, the acquirer shall disclose:
i) the information required by paragraph 86 of IAS 37; and
ii) the reasons why the liability cannot be measured reliably.
k) the total amount of goodwill that is expected to be deductible for tax purposes.
l) for transactions that are recognised separately from the acquisition of assets and
assumption of liabilities in the business combination in accordance with paragraph 51:
i) a description of each transaction;
ii) how the acquirer accounted for each transaction;
iii) the amounts recognised for each transaction and the line item in the financial
statements in which each amount is recognised; and
iv) if the transaction is the effective settlement of a pre-existing relationship, the
method used to determine the settlement amount.
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m) the disclosure of separately recognised transactions required by (l) shall include the
amount of acquisition-related costs and, separately, the amount of those costs recognised
as an expense and the line item or items in the income statement in
which those expenses are recognised. The amount of any issue costs not recognised as
an expense and how they were recognised shall also be disclosed.
n) in a bargain purchase (see paragraphs 34–36):
i) the amount of any gain recognised in accordance with paragraph 34 and the line
item in the income statement in which the gain is recognised;
and
ii) a description of the reasons why the transaction resulted in a gain.
o) for each business combination in which the acquirer holds less than 100 per cent of the
equity interests in the acquiree at the acquisition date:
i) the amount of the non-controlling interest in the acquiree recognised at the
acquisition date and the measurement basis for that amount; and
ii) for each non-controlling interest in an acquiree measured at fair value, the
valuation techniques and key model inputs used for determining that value.
p) in a business combination achieved in stages:
i) the acquisition-date fair value of the equity interest in the acquiree held by the
acquirer immediately before the acquisition date; and
ii) the amount of any gain or loss recognised as a result of re-measuring to fair value
the equity interest in the acquiree held by the acquirer before the business
combination (see paragraph 42) and the line item in the statement of
comprehensive income in which that gain or loss is recognised.
q) the following information:
i) the amounts of revenue and profit or loss of the acquiree since the acquisition
date included in the consolidated income statement for the
reporting period; and
ii) the revenue and profit or loss of the combined entity for the current reporting
period as though the acquisition date for all business combinations that occurred
during the year had been as of the beginning of the annual reporting period. If
disclosure of any of the information required by this subparagraph is
impracticable, the acquirer shall disclose that fact and explain why the disclosure
is impracticable. This IFRS uses the term ‘impracticable’ with the same meaning
as in IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors.
Business combinations after balance sheet date
3.0 For business combinations effected after the balance sheet date, but before the financial IFRS 3.B66
statements are authorised for issue [refer IFRS 3.59(b)], has the following been disclosed:
a) information required by IFRS 3.B64 noted above.; and
b) if it is impracticable to disclose any of this information, has this fact been disclosed
together with an explanation as to why this is the case.
Business combinations – adjustments
4.0 Has the Company disclosed the following information for each material business combination or in IFRS 3.61
the aggregate for individually immaterial business combinations that are material collectively: IFRS 3.62
IFRS 3.B67
a) if the initial accounting for a business combination is incomplete (see paragraph 45) for
particular assets, liabilities, non-controlling interests or items of consideration and the
amounts recognised in the financial statements for the business combination thus have
been determined only provisionally:
i) the reasons why the initial accounting for the business combination is
incomplete;
ii) the assets, liabilities, equity interests or items of consideration for which the
initial accounting is incomplete; and
iii) the nature and amount of any measurement period adjustments recognised during
the reporting period in accordance with paragraph 49.
b) for each reporting period after the acquisition date until the entity collects, sells or
otherwise loses the right to a contingent consideration asset, or until the entity settles a
contingent consideration liability or the liability is cancelled or expires:
i) any changes in the recognised amounts, including any differences arising upon
settlement;
ii) any changes in the range of outcomes (undiscounted) and the reasons for those
changes; and
iii) the valuation techniques and key model inputs used to measure contingent
consideration.
c) for contingent liabilities recognised in a business combination, the acquirer shall disclose
the information required by paragraphs 84 and 85 of IAS 37 for each class of provision.
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d) a reconciliation of the carrying amount of goodwill at the beginning and end of the reporting
period showing separately:
i) the gross amount and accumulated impairment losses at the beginning of the
reporting period.
ii) additional goodwill recognised during the reporting period, except goodwill
included in a disposal group that, on acquisition, meets the criteria to be
classified as held for sale in accordance with IFRS 5 Non-current Assets Held for
Sale and Discontinued Operations.
iii) adjustments resulting from the subsequent recognition of deferred tax assets
during the reporting period in accordance with paragraph 67.
iv) goodwill included in a disposal group classified as held for sale in accordance
with IFRS 5 and goodwill derecognised during the reporting period without having
previously been included in a disposal group classified as held for sale.
v) impairment losses recognised during the reporting period in accordance with IAS
36. (IAS 36 requires disclosure of information about the recoverable amount and
impairment of goodwill in addition to this requirement.) (vi) net exchange rate
differences arising during the reporting period in accordance with IAS 21 The
Effects of Changes in Foreign Exchange Rates.
vii) any other changes in the carrying amount during the reporting period.
viii) the gross amount and accumulated impairment losses at the end of the reporting
period.
e) the amount and an explanation of any gain or loss recognised in the current reporting
period that both:
i) relates to the identifiable assets acquired or liabilities assumed in a business
combination that was effected in the current or previous reporting period; and
ii) is of such a size, nature or incidence that disclosure is relevant to understanding
the combined entity’s financial statements.
5.0 Have additional information necessary to meet the objectives in Para 59 and 60 been disclosed IFRS 3.63
where specific disclosures required by this and other IFRSs do not meet those objectives?
Acquisitions: classification of financial instruments
6.0 In some situations, IFRSs provide for different accounting depending on how an entity classifies IFRS 3.16
or designates a particular asset or liability. Has the acquirer made classifications or
designations on the basis of the pertinent conditions as they exist at the acquisition date, for:
a) classification of particular financial assets and liabilities as measured at fair value
or as at amortised cost, in accordance with IAS 39 Financial Instruments:
Recognition and Measurement?
b) designation of a derivative instrument as a hedging instrument in accordance
with IAS 39? and
c) assessment of whether an embedded derivative should be separated from a host contract
outside the scope of IFRS 9 in accordance with IAS 39 (which is a matter of ‘classification’
as this IFRS uses that term)?
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PART XV INSURANCE CONTRACTS
1 Has information that identifies and explains the amounts in an insurers financial statements IFRS 4.36
arising from insurance contracts been disclosed?
2 To comply with IFRS 4.36 above, has the insurer disclosed: IFRS 4.37
a) its accounting policies for insurance contracts and related assets, liabilities, income and
expense?
b) the recognised assets, liabilities, income and expense (and, if it presents its statement of
cash flows using the direct method, cash flows) arising from insurance contracts?
Furthermore, if the insurer is a cadent, has it disclosed:
(i) gains and losses recognised in profit or loss on buying reinsurance?; and
(ii) if the cadent defers and amortises gains and losses arising on buying
reinsurance, the amortisation for the period and the amounts
remaining unamortised at the beginning and end of the period?
c) the process used to determine the assumptions that have the greatest effect on the
measurement of the recognised amounts described in (b)? When practicable, has the
insurer also given quantified disclosure of those assumptions?
d) the effect of changes in assumptions used to measure insurance assets and insurance
liabilities, showing separately the effect of each change that has a material effect on the
financial statements?
e) reconciliations of changes in insurance liabilities, reinsurance assets and, if any, related
deferred acquisition costs?
3 Nature and extent of risks arising from insurance contracts
3.1 An insurer shall disclose information that enables users of its financial statements to
evaluate the nature and extent of risks arising from insurance contracts? IFRS 4.38
3.2 To comply with IFRS 4.38, has the insurer disclosed: IFRS 4.39
a) its objectives, policies and processes for managing risks arising from insurance
contracts and the methods used to manage those risks?
b) information about insurance risk (both before and after risk mitigation by
reinsurance), including information about:
(i) sensitivity to insurance risk (see paragraph 39A)?
(ii) concentrations of insurance risk, including a description of how
management determines concentrations and a description of the
shared characteristic that identifies each concentration (e.g. type of
insured event, geographical area, or currency?
(iii) actual claims compared with previous estimates (i.e. claims
development). The disclosure about claims development shall go back
to the period when the earliest material claim arose for which there is
still uncertainty about the amount and timing of the claims
payments, but need not go back more than ten years.
An insurer need not disclose this information for claims for which uncertainty
about the amount and timing of claims payments is typically resolved
within one year
c) information about credit risk, liquidity risk and market risk that paragraphs 31–42
of IFRS 7 would require if the insurance contracts were within the scope of IFRS
7?
However the following disclosures are not necessary,
(i) an insurer need not provide the maturity analysis required by
paragraph 39(a) of IFRS 7 if it discloses information about the
estimated timing of the net cash outflows resulting from recognised
insurance liabilities instead. This may take the form of an analysis, by
estimated timing, of the amounts recognised in the statement of
financial position.
(ii) if an insurer uses an alternative method to manage sensitivity to
market conditions, such as an embedded value analysis, it may use
that sensitivity analysis to meet the requirement in paragraph 40(a) of
IFRS 7. Such an insurer shall also provide the disclosures required
by paragraph 41 of IFRS 7.
d) information about exposures to market risk arising from embedded derivatives
contained in a host insurance contract if the insurer is not required to, and does
not, measure the embedded derivatives at fair value?
3.3 Has the insurer disclose either: IFRS 4.39A
a) a sensitivity analysis that shows how profit or loss and equity would have been
affected if changes in the relevant risk variable that were reasonably possible at
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the end of the reporting period had occurred; the methods and assumptions used
in preparing the sensitivity analysis; and any changes from the previous period in
the methods and assumptions used.? ,
However if an insurer uses an alternative method to manage sensitivity to market
conditions, such as an embedded value analysis, it may meet this requirement by
disclosing that alternative sensitivity analysis and the disclosures required by
paragraph 41 of IFRS 7.
b) qualitative information about sensitivity, and information about those terms and
conditions of insurance contracts that have a material effect on the amount,
timing and uncertainty of the insurer’s future cash flows?
4 Effective date and transition
4.1 Has the entity applied the disclosure requirements in this IFRS to comparative information
that relates to annual periods beginning after 1 January 2005, except for the disclosures
required by paragraph 37(a) and (b) about accounting policies, and recognised assets,
liabilities, income and expense (and cash flows if the direct method is used)? IFRS 4.42
4.2 If it is impracticable to apply a particular requirement of paragraphs 10–35 to comparative
information that relates to annual periods beginning before 1 January 2005, has the entity
disclosed that fact? IFRS 4.43
4.3 Has the entity disclosed information about claims development that occurred for up to five IFRS 4.44
years before the end of the first financial year in which it applies this IFRS? Furthermore, if
it is impracticable, when an entity first applies this IFRS, to prepare information about
claims development that occurred before the beginning of the earliest period for which an
entity presents full comparative information that complies with this IFRS, has the entity
disclosed that fact?
Effective dates:
* For periods beginning on or after January 1, 2009
** For periods beginning on or after July 1, 2009***
**** For periods beginning on or after January 1, 2010
IFRS 9 has an effective date of January 1, 2013: its disclosure requirements have not been included in the disclosure checklist
IFRS 7 that has been adopted but held in abeyance for Banks & DFIs by SECP till the implementation of IAS 39.(Refer SRO 411 (I) /2008 dated April 28, 2008).