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(219)-PRINCIPAL DISCLOSURES FOR SINGLE COMPANY ACCOUNTS

Thursday, November 11, 2010

Principal Disclosures for Single Company Accounts

The principle disclosures are classified as follows’
  • Purpose of the checklist
  • Accounting policies
  • Profit and loss items requiring disclosure
  • Balance sheet disclosures
  • Cash flow statements
  • Directors’ report – Summary of matters to be disclosure


Purpose of the checklist


The aim of the following checklist is to provide a guide to disclosure requirements for the more common reporting arias. All principle companies act requirements for single companies are referred to. The basic requirements are listed below,

  1. Long term contracts
  2. Goodwill
  3. Pension costs
  4. Group accounts
  5. Earnings per share
  6. Cash flow statements
  7. Segmental reporting


Accounting policies

  1. General policies (Disclosure of significant accounting policies, this would cover all areas)
  2. Depreciation (For major class of depreciable assets method of used and useful lives or depreciation rates
  3. Developing expenditure
  4. Goodwill (explanation of accounting policy and where goodwill is capitalized and amortized, write off period for each major acquisition)
  5. Stocks and long term contracts (statement of accounting policies and particular reference to method of ascertaining turnover and attributable profit.
  6. Deferred taxation (description of method of calculation)
  7. Foreign currency translation
  8. Leasing – Lessees (policies for accounting for operating leases and financial leases)
  9. Leasing – Lessors (policies for operating leases)

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