Priorities for 2020 and 2021 annual reports review process

SARAS has developed an important document for entities: “Priorities for 2020 and 2021 annual reports review process”. 

The document outlines issues that SARAS will focus on in the process of reviewing the compliance of the 2020-2021 reports with IFRS standards. It also describes the criteria according to which SARAS will select annual reports submitted and published by entities.

This document will help entities prepare financial statements in compliance with IFRS Standards. In turn, it will have a positive impact on the quality of submitted reports. Accordingly, it is important that entities have a thorough look at the document in order to take it into account in the process of preparing financial statement. 

Further, please note that additional attention will be paid to the standards relevant to the COVID-19 pandemic. Therefore, it is recommended to see the document developed by SARAS - “Guidance on COVID-19 - Impact on Financial Statements and Management Report (second edition)”. 

Furthermore, you can read the document on non-compliances identified as a result of reviewing financial statements of 2019-2020 (second edition).