Disclosure Checklist: Refresher Quiz

Usually the last Note of the financial statements

• Financial Instruments

• Supplementary information required by the BIR

• Summary of significant accounting policies

• Financial risk and capital management

Where in FS do you usually check whether the entity falls under PFRS, SME or SE?

• Supplementary schedules

• Face of the FS

• Basis of preparation

• None

What are the accounts that pertains to a PAYABLE account?

• Due to & Advances to

• Due from & Advances from

• Due to & Advances from

• Due from & Advances to

Items requiring judgment will be tagged as _______ for core engagement team (counterpart) to address

• Pending

• Not applicable

• Follow up

• None

Disclosure of the FS is reviewed for the item and it complies with the requirement

• Not applicable

• Follow up

• No

• Yes

Appropriate remarks for items identified as "A" or not applicable

• The Company does not have ____ asset

• Either "The Company does not have ____ asset" or "No such instance noted"

• No such instance noted

• Leave it blank

Disclosure of the FS is reviewed for this item and it does not comply with the requirement

• Not applicable

• Follow up

• No

• Yes

Note where you can find below disclosure

• Equity

• General Information

• Opinions Page

• Related party transaction

Note where you can find below disclosure

• Related party transaction

• Revenue recognition

• Employee Benefits

• Expense recognition

Note where you can find below disclosure

• Critical accounting estimates, assumptions and judgement

• Financial Instruments

• General Information

• Basis of Preparation