1. Disclose all the notes to the financial statements of Comptia Ltd for the year ended 31 December 20.12 which relate to the above-mentioned information. Your answer must comply with International Financial Reporting Standards. How do you disclosure in IFRS

Answer 1

When preparing financial statements and notes that comply with International Financial Reporting Standards (IFRS), it's essential to ensure that all necessary disclosures are made comprehensively and transparently. Although I cannot see the specific information mentioned for Comptia Ltd., I can guide you on how to structure your disclosure notes in accordance with IFRS.

Here’s a general outline and examples of how to present them:

Notes to the Financial Statements of Comptia Ltd for the Year Ended 31 December 20XX

Note 1: General Information

• CompTIA Ltd (“the Company”) is a company incorporated and domiciled in [Country]. Its registered office is at [Address]. The principal activities of the Company are [describe principal activities].

Note 2: Basis of Preparation

• The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).
• The financial statements have been prepared under the historical cost convention, except for [list items measured at fair value, if any].

Note 3: Significant Accounting Policies

• Revenue Recognition: Revenue is recognized when control of goods or services is transferred to customers, at the transaction price allocated to that performance obligation.
• Property, Plant and Equipment: Property, plant, and equipment are stated at cost less accumulated depreciation and impairment losses. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets.
• Financial Instruments: The Company classifies its financial assets in the following categories:
  • At fair value through profit or loss
  • At amortized cost
• Impairment of Assets: The Company assesses at each reporting date whether there is an indicator that an asset may be impaired. If any such indication exists, the Company estimates the recoverable amount of the asset.

Note 4: Critical Accounting Estimates and Judgments

• The preparation of financial statements requires management to make judgments, estimates, and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities. Significant accounting estimates and judgments are as follows:
  • Estimation of useful lives of property, plant, and equipment.
  • Assessment of impairment of financial assets.

Note 5: Financial Risk Management

• The Company is exposed to various risks including credit risk, liquidity risk, and market risk. The Company’s risk management framework aims to mitigate these risks through various strategies and policies.

Note 6: Related Party Transactions

• Transactions with related parties during the year included: [details of transactions, amounts, and nature of relationship].

Note 7: Income Tax

• The Company is subject to income tax in numerous jurisdictions. Significant judgments are required to determine the worldwide provision for income taxes. The Company recognizes liabilities for tax contingencies based on estimates of whether additional taxes will be due.

Note 8: Subsequent Events

• There were no significant events after the reporting period, other than [mention any subsequent events if applicable], which has been disclosed further in the financial statements.

Note 9: Contingent Liabilities

• As of the reporting date, the Company has the following contingent liabilities: [details of any ongoing lawsuits or guarantees provided].

Note 10: Segments

• The Company has identified the following operating segments: [list segments and explain how they are reported].

Note 11: Auditors’ Remuneration

• The auditors of the Company are [name of auditors]. The remuneration for the audit and other services is as follows:
  • Audit services: [amount]
  • Tax services: [amount]
  • Other services: [amount]

Note 12: Other Disclosures

• [Any additional disclosures required by specific IFRS standards relevant for Comptia Ltd.]

Conclusion

It's critical to tailor each note according to the specific details and circumstances of Comptia Ltd., and ensure compliance with all applicable IFRS standards. It's also advisable to review the latest updates from the IASB and consult a professional accountant or auditor for assurance on compliance with IFRS.