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FAQ

IFRS for SMEs | Body Corporate | How to compile my body corporate financial statements on the latest version of the SME template

Published:  11/12/2017

Mapping


The disclosure for body corporate has been built around specific mapping applicable only to body corporates and other property companies. It is thus critical that the correct filter(s) are applied when assigning mapping.
 
Steps to follow when mapping accounts in a new file:
  1. After importing trial balance, navigate to the Assign mapping window
  2. Select the body corporate filters (refer to picture below)
  3. Assign accounts to the filtered list of map numbers
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Steps to follow when mapping after running an update on a body corporate client file or creating a new file based on an existing body corporate client file:
  1. Navigate to the financial statements and identify whether the Entity-specific mapping warning is activated (turns red).
  2. Click on the icon to generate the report. This report lists the map numbers relating to different entity types to which accounts have been assigned.
  3. Double click on each map number in the list, search for it in the assign mapping window and unmap. When searching, ensure that all filters are cleared. After unmapping all the affected accounts, set the body corporate filters and remap. This should clear Entity-specific warning icon.
     
    Alternatively, unmap all accounts and remap using the body corporate filters.
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Statement of financial performance for body corporates

A new statement of financial performance layout is available, catering specifically for the requirements of body corporates. This statement is populated from body corporate-specific map numbers. Refer to Mapping section above.
The statement can be accessed from the income statement’s Settings and format menu. This only applies if the statutory income has not been swapped with the Detailed income statement.

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See below extract of the new statement:

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A warning has been provided at the end of the statement as an additional indicator of possible incorrect mapping, relevant to the body corporate income statement. This warning compares the profit of the statutory income statement with the body corporate statement. The difference represents accounts assigned to mapped numbers which may not be applicable.
If the warning is not disabled after following the correct mapping process as depicted above, try the following:
•    In the Financial Statements select in the top right Document | Reapply entity settings
Alternatively, you can perform a Repair file and then proceed to complete an Autofill
  1. Ensure that all CaseView documents are closed
  2. In CaseWare, navigate to Tools | Repair File. Select all tick boxes and click OK. Select to back up file.
  3. Once the repair file is completed, start the Autofill process by navigating to Options | Autofill. Click Autofill now and select Yes to synchronize account properties with mapping autofill values, the click OK.

 

 


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Reserve fund note

The Reserve fund note caters for the requirements of Rule 26(1)(c)(iv) to show amounts available for maintenance, repair and replacement of each major capital item as a percentage of the accrued estimated cost and the rand value of any shortfall.

A corresponding line item has been included under Cash and cash equivalents to disclosure separately the reserve cash balance.

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Insurance policy details

It is common practice for body corporate financial statements to include information relating to insurance policies. This disclosure is available as either a separate note entitled “Insurance policy details” or a section in the Trustee’s report, with the same name.

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The additional table is commonly used for fiduciary insurance.
 

Tax computation

The following requirements are catered for in the Tax Computation for body corporates:
  • Levies and recoveries 
Exempt in terms of Section(1)(e)(i) of the Income Tax Act of South Africa;
 
  • Other income
Section(1)(e)(ii) – Exempts any receipts and accruals other than levies derived by a body corporate, to the extent that the aggregate of those receipts and accruals does not exceed R50 000.
 
  • Apportioned administrative expenses
The tax computation populates from mapping. Calculations can be overridden by typing into yellow input cells.

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  Instructions:

Applicable from version 2017.01.01 onwards

The IFRS for SMEs template contains disclosure that is specific to Body corporates, activated by selecting “Body corporate” as the legal form of entity in the Information Store.

The Management Rules for sectional titles schemes (or body corporate) as contained in the Sectional Titles Schemes Management Regulations, 2016 has introduced new and revised requirements relating to the annual financial statements. These Regulations have been issued in terms of the Sectional Titles Schemes Management Act, 2011 (Act No 8 of 2011) and are effective from 7 October 2016.
 
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