Compilation of Annual Financial Statements: Navigating Companies Act Requirements, PI Score Implications, and Accounting Framework Essentials 2024

Available from

17 September, 2024

CPD

Course Category:

Financial Reporting

Level:

Moderate

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

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Product Information

What you will learn

By attending this webinar you will gain the following competencies:

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

Description

This CPD session is designed to provide CIBA members with essential knowledge and practical skills for compiling Annual Financial Statements in accordance with the Companies Act, accurately calculating the Public Interest (PI) Score, and applying relevant Accounting Frameworks. Over two hours, participants will gain insights into regulatory requirements, best practices, and common challenges in financial statement preparation. The session will include practical examples and case studies to ensure delegates can confidently apply what they’ve learned in their professional roles, enhancing compliance, transparency, and the overall quality of financial reporting.

Given the increasing regulatory scrutiny and the evolving nature of financial reporting standards, it is essential for business accountants and financial professionals to stay informed and proficient in these areas. This session aims to provide practical insights and actionable knowledge that participants can apply directly in their practice. By the end of this session, attendees will be able to confidently navigate the complexities of financial statement preparation, ensuring compliance and enhancing the quality of financial reporting within their organizations or for their clients.

Information

Format: Recording of Online Live Streamed event
Recording: Loaded to your CIBA Academy profile

Price

This event is free

Content

Introduction and Overview

Welcome and introduction to the session
Objectives and key takeaways
Importance of accurate financial statement compilation

Understanding the Companies Act Requirements

Overview of relevant sections of the Companies Act
Statutory requirements for Annual Financial Statements
Roles and responsibilities of company officers and accountants
Common compliance challenges and how to address them

Calculating and Understanding the Public Interest (PI) Score

Definition and significance of the PI Score
Detailed steps to accurately calculate the PI Score
Implications of the PI Score on audit requirements and other obligations
Case study: Real-world application of PI Score calculations

Applying the Appropriate Accounting Frameworks

Overview of key Accounting Frameworks (e.g., IFRS, IFRS for SMEs)
Criteria for selecting the appropriate framework for different entities
Practical examples of framework application in various scenarios
Addressing common issues when applying frameworks

Practical Case Study and Group Discussion

Detailed walkthrough of a sample Annual Financial Statement preparation
Group discussion on potential pitfalls and best practices
Interactive Q&A session with participants to address specific concerns

Conclusion and Key Takeaways

Recap of key learning points
Final thoughts on ensuring compliance and enhancing financial reporting quality
Open floor for any remaining questions or comments
Information on additional resources and follow-up opportunities

Closing Remarks

Thank participants for their attendance
Provide information on upcoming CPD sessions and events

Certificate

The following CPD is awarded 3 Units Financial Reporting.

Requirements

There are no preconditions for this course.
Moderate level.

Presenter

Leana van der Merwe

Leana van der Merwe is a Chartered Accountant and Registered Auditor with over 18 years of experience in business accounting, auditing, and corporate governance. She has held key leadership roles throughout her career, including as an Audit Director at RSM South Africa and as a Technical and Standards Executive within the professional body space at SAIPA. At RSM, Leana played a crucial role in driving audit excellence and managing international engagements across various sectors, while at SAIPA, she was instrumental in guiding over 14,000 members through complex regulatory environments and leading significant industry initiatives.

Leana’s expertise extends to her active participation in several prestigious committees, such as the PAFA Technical Advisory Group, the IFAC Anti-Money Laundering Committee, and the IFRS Foundation’s SME Implementation Group, where she has significantly influenced legislative commentary and stakeholder engagement on both local and international stages.

Currently, Leana serves as an Independent Contractor, engaged by the Chartered Institute of Business Accountants (CIBA) in their Technical, Education, and Professional Development units. In this role, she continues to drive innovation and excellence, providing critical support and insights to professionals in the accounting sector. Leana is a sought-after speaker and thought leader, recognized for her strategic vision, transformative leadership, and commitment to advancing the profession.

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