Statements under the framework the entity reports in
Choose the template for the entity — a company under IFRS for SMEs or full IFRS, a close corporation, a trust, a non-profit, a public entity under GRAP — and the statements, policies and notes follow it. An automated review then checks the set, and a person decides every finding.
Getting the presentation and the disclosures right is most of the work in a set of statements. Achekam builds the primary statements and notes from the mapped trial balance under the entity's framework, carries an accounting policy library, and runs an automated statements review whose findings a person accepts or corrects.
What it covers
- Templates for each kind of entity — Companies under IFRS for SMEs or full IFRS, close corporations, non-profit companies and organisations, trusts, body corporates, trade unions, public entities and municipalities under GRAP, and sole proprietors or partnerships under a special-purpose framework.
- The statement of cash flows, derived — Cash flows are derived by the indirect method from the movement between this year's and last year's balances. Disposals, non-cash transactions and accrued interest are not visible in balances, and the statements say so for review before issue.
- Policies and notes — An accounting policy library worded for each framework, notes with their own tables, and comparatives rolled forward from last year's issued statements or read from the trial balance.
- An automated statements review — About fifty checks: the face agrees to the trial balance, the statements cast, comparatives match last year's signed set, cross-references hold, and required disclosures — related parties, the tax reconciliation, the PPE reconciliation, going concern — are present. Each finding is decided by a person.
What it does not do
- The automated review is advisory: it is never a signing gate, and a check that cannot run says "not checked", never "passed".
- Disclosures that need judgement — going concern indicators, commitments — are raised for a person, not concluded.
The standard behind it
IFRS for SMEs, IFRS Accounting Standards and GRAP, IAS 1, IAS 7, IAS 12, IAS 16, IFRS 15, IFRS 16; IFRS for SMEs sections 3 to 35. The frameworks South African entities report under, and the presentation and disclosure requirements the templates and the review follow.
Questions
- Can we change the policy wording?
- Yes. Policies and notes are edited in the studio; a change after the manager reviewed the statements is flagged for someone with review authority to acknowledge before the statements are issued.
