Our team of XBRL and financial statement automation experts provide a managed solution committed to making a difference and adding value. With the rise in CFO and stakeholder expectations of financial reporting, financial statements are now required quicker and more efficiently, to provide good financial insight for decision making and meeting external reporting requirements. Adding to this is the need for XBRL compliance.
We tap into the AFA team’s knowledge and experience to assist in not only preparing compliant and timely financial statements, but also in improving the quality of financial reporting. Our team of XBRL and financial statement automation experts have an excess of 10 years’ experience. Our clients benefit from our managed solutions, strong finance knowledge, a discipline of execution, a cost-conscious approach and a commitment to making a meaningful difference and adding value.
We supplement our automated AFS solution with an IFRS or GRAP technical review to assist in your readiness to submit to the auditors.
Our aim is to provide you with a competitive edge in today’s demanding environment.
AFS PREPARATION & AUTOMATION
- International Financial Reporting Standards (IFRS)
- Generally Recognised Accounting Practice (South Africa) (GRAP)
- Public Finance Management Act (PFMA)
BENEFITS OF AUTOMATION
- Prompt software update to ensure compliance with IFRS standards
- Updates in-line with CIPC taxonomy and annual return requirements
- Time and cost efficiency preparation
- Automated complete set of latest IFRS financial statements and automated lead schedules
- CaseWare’s built-in financial reporting engine means there is no manual drafting, retyping or casting of AFS
- Adjustments will be automatically updated from working papers through the financial statements and schedules
- Adjusting journal entries can also easily be exported back to the company’s accounting system
- Ensure consistent quality and accuracy. The increased reliability of content and results eases the burden on reviewers
- Eliminates the risk of errors and inconsistencies associated with using massive spreadsheets
- Built-in validation of the notes to the face of the AFS, immediately identifies any discrepancies
- A complete audit trail is kept to keep track of any changes made to the original trail balance
ADVANTAGES OF OUTSOURCING
- Client does not have to incur software cost as AFA purchases licenses required for the project
- AFA invests in their staff remaining up to date with any new requirements
- AFA has a dedicated team to compile the AFS and no additional training is required for the client
- The AFA team have the necessary set of accounting and technical skills to completely own the solution and the deliverable
- The AFA team resolve issues encountered with the file
Time involved to compile AFS:
- The AFS are prepared concurrently with the audit and year end close off process without impacting the clients’ day-to-day commitments
- AFA will be able to align various formats of the AFS across different entities to ensure consistency
- AFA performs an IFRS and quality review prior to the final deliverable is handed over
AFA’s XBRL solutions assist businesses with annual submissions to CIPC, which includes the new compulsory compliance checklist, improving compliance and reducing the burden of financial reporting.
Digital financial reporting processes are a best practice to achieve Standard Business Reporting (SBR). It is transforming the business world globally and innovative technology standards have gained traction in South Africa. Our XBRL solutions reduce the administrative load when submitting financial statements and improve transparency.