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Financial Planning and Reporting

 

Financial Planning and Reporting is an integral part of the operational and strategic vision for any organisation.

CPAs are recognised experts in financial planning and reporting.

Financial Planning
A financial plan refers to the three primary financial statements (balance sheet, income statement, and cash flow statement) created within a business plan. Financial forecast or financial plan also refers to an annual projection of income and expenses for a company, division or department. A financial plan can also be an estimation of cash needs and a decision on how to raise the cash, such as through borrowing or issuing additional shares in a company.
A financial plan is a series of steps which are carried out, or goals that are accomplished, which relate to an individual's or a business's financial affairs. This often includes a budget which organises an individual's finances and sometimes includes a series of steps or specific goals for spending and saving future income. This plan allocates future income to various types of expenses, such as rent or utilities, and also reserves some income for short-term and long-term savings. A financial plan sometimes refers to an investment plan, which allocates savings to various assets or projects expected to produce future income, such as a new business or product line, shares in an existing business, or real estate.

ICPAU Implementation Guidelines - IFRS for SMEs

Financial Reporting
ICPAU adopted International Financial Reporting Standard (IFRS) in 1998 and  IFRS for SMEs in 2009.

Issued by the Council of the ICPAU, these Guidelines define what an SME is, for the purpose of implementation of the IFRS for SMEs. The IFRS for SMEs is effective for financial statements covering periods beginning on or after 1 January 2010.
ICPAU Implementation Guidelines - IFRS for SMEs

International Financial Reporting Standard for Small and Medium-sized Entities

In July 2009, the International Accounting Standards Board (IASB) published the long-awaited International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs).  The Standard is applicable to entities that do not have public accountability and publish general purpose financial statements.  The IFRS for SMEs contains 35 sections dealing with various areas of financial reporting by SMEs.

IFRS for SMEs.

IFRS for SMEs - Illustrative Financial Statements & Disclosure Checklist

Issued by the International Accounting Standards Board (IASB), this document provides guidance on the compliance with presentation and disclosure requirements of the IFRS for SMEs.

IFRS for SMEs - Illustrative Financial Statements

IFRS for SMEs - Basis for Conclusions

This document provides an overview of the 8-year process of development of the IFRS for SMEs and sets out the main issues addressed by the International Accounting Standards Board (IASB), the various accounting matters considered, and the Board's reasons for accepting some proposals and rejecting others.

IFRS for SMEs Basis for Conclusions

IFRS Learning Resources

IFRS provides a list of some English language IFRS resources available to accounting academicians, students and others. Most of the Internet resources are available without charge (purchased access is indicated). Click here to access the list.

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