In a bid to execute the role of promoting standards of professional competence and practice amongst members of the Institute as per the Accountant Acts 2008, the Institute has today issued theGeneral Purpose Illustrative Financial statement (Kenya Limited 2013 – PSC/TR001/2014) and the Illustrative Financial Statements for Banks (XYZ Bank Limited 2013 – PSC/TR002/2014) for the annual reports and financial statements for the year ending 31st December 2013.
The specimen General Purpose financial statements have been prepared by the Professional Standard Committee (PSC), whose membership is drawn from audit practitioners, corporate sector and regulators with an interest in the accounting professional standards.
The illustrative financial statements are in tandem with the changes in International Financial Reporting Standards IFRSs that came into force on 1st January 2013, (Summarized in the appendix to the Illustrative Financial Statements 2013).
The illustrative financial statements provides a general guide by outlining the minimum expectations and therefore we encourage the preparers of financial statement to provide additional information relevant to understanding by the user of financial statements and ensure compliance with all applicable International Financial Reporting Standards and other reporting requirements.
Areas that are deemed specialized have not been addressed in these documents (Highlighted in Note 2 and the introduction) and therefore preparers of financial statements should make reference to respective standards in the format applicable for period beginning 1st January 2013.
Disclaimer: While developing these Illustrative Financial Statements, reasonable care has been taken in the interpretation of the International Financial Reporting Standards (IFRSs) and reporting requirements as stipulatedin by the Companies Act. However, the ultimate responsibility on the form and content rests with the preparers of financial statements.
The Institute will not accept responsibility for any loss caused to any person who acts or refrains from acting on reliance on the information provided in this document.