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NATIONAL PUBLIC ENTITIES FINANCIAL STATEMENTS TEMPLATE TRAINING. NATIONAL TREASURY. Presenter: Mr. John Watson, Director AS&R | 7 MARCH 2014. P rogram. 2014 PE Consolidation Process 2014 AFS Template Submission Deadlines GRAP update Year End Procedures 2013/14

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national public entities financial statements template training

NATIONAL PUBLIC ENTITIESFINANCIAL STATEMENTS TEMPLATE TRAINING

NATIONAL TREASURY

Presenter: Mr. John Watson, Director AS&R | 7 MARCH 2014

p rogram
Program
  • 2014 PE Consolidation Process
  • 2014 AFS Template
  • Submission Deadlines
  • GRAP update
  • Year End Procedures 2013/14
  • Accounting Support during 2013/14 audit process
2014 pe consolidation process
2014 PE Consolidation Process

If we understand the WHY it will help us with the WHO, WHAT, HOW, WHEN and WHERE.

  • PFMA Section 8
  • GRAP 6, 7 & 8
  • Auditor-General of South Africa
  • Transparency
2014 public entity consolidation process
2014 Public Entity Consolidation Process
  • NT responsible for identifying entities to be included
  • PFMA listed entities and unlisted entities
  • Only institutions applying the accrual basis of accounting
  • Consolidated Financial Statements in terms of GRAP
  • Financial statements of each entity within the group
    • combined on a line by line basis
    • adding like items of assets, liabilities, net assets, revenue and expenses
2014 public entity consolidation process1
2014 Public Entity Consolidation Process

BIG changes for 2014

  • AFS Template is based on 2013 but updated and enhanced
  • Inter-entity for current year and prior year
  • New conversion journals for current year and prior year
  • New Management sign-off template
  • New External Audit sign-off template
  • New requirements for entities with 30 June year end
2014 public entity consolidation process2
2014 Public Entity Consolidation Process
  • AFS Template is based on 2013 but updated and enhanced
    • Aligned to published consol annual report for 2013
    • Must enable macros or it will not work
    • Improved verification (red cells)
    • Includes new worksheets on
      • Inter-entity
      • Conversion
      • Uncorrected misstatements
2014 public entity consolidation process3
2014 Public Entity Consolidation Process

2. Inter-entity for current year and prior year

  • Why? GRAP requirement (GRAP 6.46)
  • Not the same as related parties
  • Includes prior period to have accurate comparatives
  • Entities should implement system to track transactions
  • Make use of supplier database / customer database
  • Share your information with other entities
  • Tested by external auditors
  • Different entities list for provinces (arranged with PAGs)
2014 public entity consolidation process4
2014 Public Entity Consolidation Process

3. New conversion journals for current year and prior year

  • Why? GRAP requirement (GRAP 6.51)
  • Aligns entity’s normal AFS to Group Accounting Policies
  • Identify difference in accounting policy > journal entries
  • Journal per line items in the SCOA
  • If final AFS figures change > update your journal entries
  • NT will pass journals on final consolidation
  • Tested by external auditors
2014 public entity consolidation process5
2014 Public Entity Consolidation Process

4. New Management sign-off template

  • Why? PFMA requirement – 40(1)(b) / 55(1)(b)
  • Confirmation of compliance with NT instructions
  • Inter-entity complete, valid and accurate
  • Conversion journals complete, valid and accurate
  • Unadjusted audit misstatements recorded
  • External audit has tested the AFS template
2014 public entity consolidation process6
2014 Public Entity Consolidation Process

5. New External Audit sign-off template

  • Why? Do not need full audit opinion for consol purposes
  • Document discussed with AG and big 4 firms
  • Testing whether AFS template agrees to normal AFS
  • Testing inter-entity and testing conversion journals
  • Confirming unadjusted audit differences (misstatements)
  • Sign-off submitted to management of entity
2014 public entity consolidation process7
2014 Public Entity Consolidation Process

6. New requirements for entities with 30 June year end

  • Why? GRAP requirement (GRAP 6.48)
  • TB for 31 March 2014 (3 months + 9 months)
  • Management accounts OR financial statements for 12 months ended 31 March 2014 based on above trial balance
  • Material entities will be requested to obtain additional audit assurance on the management accounts / financial statements for 12 months. A separate communication to this effect will be sent out to these entities.
2014 afs template
2014 AFS Template

Before you start working on your template know the following:

  • Template is 32bit
  • Must read the instructions and do things in right order
  • Workbook and worksheets are locked
  • Do not delete rows or columns or highlight cells
  • Fill in as much information as possible in the yellow cells
  • Remember to save your work
2014 afs template1
2014 AFS Template

Initial Questionnaire and Instructions

2014 afs template2
2014 AFS Template

Income & Expenditure Mapping

2014 afs template3
2014 AFS Template

Assets Mapping

2014 afs template4
2014 AFS Template

Liabilities Mapping

2014 afs template5
2014 AFS Template

Net Assets Mapping

2014 afs template7
2014 AFS Template

Calculation Sheets

2014 afs template8
2014 AFS Template

Notes to the financial statements

  • Populated by SCOA and Calculation sheet amounts
  • Some note numbers have changed after alignment process
  • Complete all relevant yellow highlight areas
  • Check if note agrees to POS, PER, CFS or NA
  • Blue help button is there if need assistance
2014 afs template9
2014 AFS Template

Statement of Financial Position

2014 afs template10
2014 AFS Template

Statement of Financial Performance

2014 afs template11
2014 AFS Template

Statement of Changes in Net Assets

2014 afs template12
2014 AFS Template

Cash Flow Statement

2014 afs template13
2014 AFS Template

Inter-Entity

2014 afs template14
2014 AFS Template

Conversion Journals

2014 afs template15
2014 AFS Template

Uncorrected Misstatements

year end procedure 2013 14
Year End Procedure 2013/14
  • To be issued before 31 March 2014
  • Purpose is to remind:
    • Accounting Officers (AO) and Accounting Authorities (AA) of important financial year end procedures and closure/submission dates relating to the preparation and auditing of AFS and preparation of Annual Reports (AR).
    • AA of entities with a financial year end other than 31 March of important financial year end procedures and submission dates relating to preparation and auditing of AFS and preparation of AR.
year end procedure 2013 141
Year End Procedure 2013/14

Annual Report Submission Dates

year end procedure 2013 143
Year End Procedure 2013/14

Confirmation Letters:

  • Submission of AFS
    • Accounting Authority (AA) / Accounting Officer (AO) accepts responsibility for the accuracy & fair presentation of the AFS submitted to AG & relevant treasury
  • Submission of Annual Report incl. Performance Information
    • AA/AO accepts responsibility for the accuracy & fair presentation of the AFS & PI submitted to AG & relevant treasury
    • AGSA will review the contents of the AFS for consistency
year end procedure 2013 144
Year End Procedure 2013/14

Performance Information to Auditors:

  • The performance information in the annual report
    • Needs to be submitted for audit purposes on 30 May 2014
    • External Auditor’s PFMA deadline is 31 July 2014.
grap update1
GRAP Update

Employee Benefits previously accounted for in terms of IAS 19 however since 1 April 2013 required to account for in terms of GRAP 25, unless early adopted.