Accounting Policy Sample

[mponjoli]

I hope you are all fine.

I am newly employed by a manufacturing company in Africa reporting under IFRS. Can anyone assist me with a sample of Accounting Policies Manual so that I can have a starting point to prepare ours?

 

[kirby]

Accounting Policy Manual will have a Policy Statement for each key area of the accounting for the company. You can organize the manual either by topic (for example "cost of sales" or by account group (the G/L accounts with the largest dollar activity)

Each policy statement has separate sections as follows;

1) Background information on the topic

2) The accounting policy the company uses now

3) The IFRS statements that are applicable to this topic and a summary of their requirements.

4) The accounting procedures - here you show the debits and credits of an example transaction

5) A section for references used in your Policy Statement

 

[Counterofbeans]

The first place I'd start is by looking up competitors in your industry and consider what accounting policies they follow. A helpful place to look here might be public companies via sec.gov or 10kwizard.com, etc. This should get you started