Technical Programmes

Preparation of AFS Course

February 15, 2020

Course Duration: Tailored


This will focus on the core and practical principles on how to prepare IPSAS / GRAP compliant sets of Annual Financial Statements (AFS) for public sector entities, moving from the trial balance of transactions and balances through to the preparation of the statements of performance, position, cash flow, together with the disclosure considerations. This will focus on the principles and practical application considerations:

  • Step 1: compile the Post adjustment Trial balance (Pre-adjustment trial balance / year-end adjustments / post adjustment trial balance)
  • Step 2: prepare the statement of financial performance (classify exchange & non-exchange revenue / expenses by nature for disclosure)
  • Step 3: prepare the statement of financial position (classify current and non-current assets & liabilities & equity considerations)
  • Step 4: prepare the cash flow statement (determine cash flows from operating, investing & financing activities)
  • Step 5: prepare IPSAS compliant accounting policies (draft policies, disclosure of material class of transactions & balances, use of judgements & estimations)
  • Step 6: prepare the notes to the financial statements (for each material class of transactions disclosed in the financial statements)

This will also involve consideration as to:

  • an AFS preparation plan / year-end plan to assist managing the AFS preparation process
  • audit file with supporting documentation
  • supporting information memoranda.