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FAQ

IFRS for SMEs | Body Corporate | What are the compliance changes on the new version of the Body Corporate template?

Published:  24/10/2017
CaseWare Working papers 2017 will be released soon along with a new version of our Body Corporate template. The new version of the template will include compliance updates in terms of the Sectional Titles Schemes Management Act, 2011 (Act No. 8 of October 2011), which are applicable for years beginning on or after 7 October 2016.

  Answer:

The Body Corporate template comes with a brand new statement of financial performance and tax computation specific for body corporates requiring less manual input.

In addition to the above enhancements the following compliance changes as per the requirements of Rules 21, 24 and 26 have been introduced:
  • Separate note for Reserve funds to show amounts available for maintenance, repair and replacement.
  • Alerts available that enable users to generate a report of accounts mapped incorrectly, thereby making the balancing of financial statements easier.
  • Trustee’s responsibility and approval report updated with Insurance policy details to be disclosed for policies held by the body corporate.
  • Updated Trade and other receivables and payables note to comply with the requirements to age the outstanding amounts.

Click below if you would like us to contact you to discuss any further queries you have on this template or to receive a quote.  

If I only perform Body Corporate engagements and I have already created a customised template to draft these annual financial statements, will my customisations be lost when I move over to CaseWare Working Papers 2017 and the new Body Corporate template? (Kindly note this entity type is still packaged within the IFRS for SME template)


You may choose either of the following options as the recommended practices for customised templates only when the template is released:
  1. Run a technology update, using the “Select which content to update” from the update wizard. Thereafter, use the Content and Version Management feature (CVM) (Outdated and Required view) to identify the content changes available for update and select which changes you want to apply to your file; alternatively
  2. Restrict customised sections/notes in the client file, and:
    • Run the full financial statements update. Review the release notes related to the new template for changes made to specific sections/notes and consider the impact on your customised sections. Use the function Get new version from library to compare changes in order to decide on the update to that specific section/note.
    • As per 1 above, run the technology update, using the “Select which content to update” from the update wizard. Use the CVM Outdated and Required view to identify and select content available to update that has not been restricted. Go to Restricted view to identify which of your restricted areas have updates available.  
 
Click here to view detailed guidance on using the CVM
Click here for more information on CaseWare Working Papers 2017
Click here if you have other Caseware Africa products and would like information on the FAQs for CaseWare Working Papers 2017





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