completion of the interim statement guide .... interim...please note that if the contact details...

COMPLETION OF THE INTERIM FINANCIAL STATEMENT TEMPLATE

Guide

For the year ended 31 March 2014

Completion of IFS Template

July 2013 2

TABLE OF CONTENTS

A. BACKGROUND ............................................................................................................................. 3

B. OBJECTIVE ................................................................................................................................... 3

C. STRUCTURE OF GUIDE................................................................................................................. 3

D. STRUCTURE OF THE IFS TEMPLATE ............................................................................................. 3

E. STEPS TO COMPLETE THE IFS TEMPLATE FOR 2013/14 .............................................................. 4

GENERAL ............................................................................................................................................. 4

STEP 1: Download files ....................................................................................................... 5

STEP 2: Start with the IFS Template and complete the “Cover” sheet ........... 5

STEP 3: Import the 2012/13 information .................................................................... 6

STEP 4: Import the trial balance for the relevant quarter .................................... 6

STEP 5: Statement of Financial Performance ............................................................. 7

STEP 6: Statement of Financial Position ...................................................................... 8

STEP 7: Statement of Changes in Net Assets ............................................................ 8

STEP 8: Cash Flow Statement .......................................................................................... 8

STEP 9: Notes to the Interim Financial Statements ................................................ 9

STEP 10: Disclosure Notes to the Interim Financial Statements .......................... 9

STEP 11: Annexures ............................................................................................................. 10

STEP 12: Exceptions ............................................................................................................. 10

F. OTHER ....................................................................................................................................... 11

G. SUPPORT ................................................................................................................................... 11


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A. BACKGROUND

The Interim Financial Statement (IFS) Template is a tool designed using Microsoft Excel to assist the

national and provincial departments to complete their interim financial statements. On an annual

basis this template is enhanced to accommodate any new developments (technical and otherwise).

B. OBJECTIVE

The objective of this document is to guide users on how to complete the 2013/14 Interim Financial

Statement (Microsoft Excel) Template.

C. STRUCTURE OF GUIDE

This document is structured in a step-by-step manner to enable departments to easily complete the

IFS template.

D. STRUCTURE OF THE IFS TEMPLATE

The IFS Template has been designed to accommodate all four quarters in one file. This means that

the department only has to complete one file for the interim financial statements for the entire

financial year.

There are columns for each quarter in the PER, POS, SOCNA and CFS. The period is indicated per

quarter in the column heading.

There are four current year TBs (named for each quarter, i.e. Q1 TB, Q2 TB, etc.), four Notes sheets

(I.e. Q1 Notes, Q2 Notes, etc.), four Disclosure Notes sheets (i.e. Q1 Disclosure Notes, Q2 Disclosure

Notes, etc.), and four Exceptions sheets (Q1 Exceptions, Q2 Exceptions, etc.).

The Disclosure Notes for the Transfers of functions and Grants is a separate file (“Disclosure Notes

45 to 50 of the IFS 2013-14”) and can be found on the OAG website. The department should

complete the file for each quarter. This is a working paper and can be used for end of year purposes.

The Annexures are also located in a separate file (“Annexures to the IFS 2013-14”) and can be found

on the OAG website. The department can use this file as working papers and manually insert figures

from the relevant annexures into the relevant Note or Disclosure Note for each quarter.


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E. STEPS TO COMPLETE THE IFS TEMPLATE FOR 2013/14

GENERAL

The 2013/14 IFS template is designed in such a way that some of the information is populated

automatically upon completion of certain tasks.

In general, the following should be noted regarding the template:

Where there are “blue” cells, these should be manually completed.

The Exceptions sheets for the relevant quarters should be regularly referred to while completing

the template to identify any errors to be cleared.

Backups of the department’s template should be made on a regular basis.

Every quarter a macro will be issued to unhide the relevant quarter’s information to enable

departments to populate the quarterly information, i.e. a macro will be issued in September

2013 to open the columns and sheets for quarter 2, and so on.

It is important that the same template completed in quarter one (Q1) is used when populating

the Q2 information and so forth.

Please note that it is the preparer’s responsibility to ensure that the information is accurate,

complete and valid.


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STEP 1: Download files

1.1 Download the following files from the OAG website: https://oag.treasury.gov.za.

The 2013/14 IFS Template (Excel),

the Disclosure Notes 45 to 50 to the IFS 2013-14 and

the Annexure to the IFS 2013-14

STEP 2: Start with the IFS Template and complete the “Cover” sheet

2.1 It is very important for the 2013/14 financial year that the department starts with completing

the contact details in the cover sheet before selecting the department name.

2.2 Complete the “Cover” sheet with the following information:

Contact information of:

o the CFO,

o provincial treasury contact person (if provincial department), and

o relevant auditor.

Vote number

Name of Department

2.3 Once the department name is selected, the programme and sub-programme information will

be automatically populated. The lines that are not required will then be hidden. The

programme and sub-programme names are as per the ENE and provincial budget statements

(and the standardised objective segment in the SCOA).

Please contact the National or relevant Provincial Treasury with reasons if changes to these

programmes and sub-programmes are required.

Please note that from Quarter 2 onwards it is not necessary to redownload the IFS Template.

The department’s completed template containing prior quarter information must be used.

Run the relevant macro to unhide the quarter’s information on the existing completed IFS

Template for 2013/14. The department can then continue to complete the current quarter’s IFS.

https://oag.treasury.gov.za/


July 2013 6

2.4 This sheet need only be completed once for the entire year, unless there are changes to the

above information during the year.

STEP 3: Import the 2012/13 information

3.1 Select the “Prior Yr TB” sheet.

3.2 To import the 2012/13 data, click on the blue “Import Data” button (as shown below) located

at the top of the selected sheet. After clicking the button, follow the instructions to import

the information into the Prior Yr TB sheet.

3.3 It is important to note that the prior year (2012/13) final audited annual financial statements

file must be used to import the figures and not the BAS/Vulindlela trial balances.

3.4 The department need only complete this Prior Yr TB sheet once for IFS Template 2013/14 and

it must agree to the prior year audited annual financial statements.

3.5 Where adjustments to the prior year information are required, the journal column and/or

audit adjustments columns should be used.

STEP 4: Import the trial balance for the relevant quarter

4.1 Select the TB sheet for the relevant quarter. For example in quarter 1 (period ended 30 June

2013) the “Q1 TB” sheet should be selected.

4.2 For the first and second quarters the BAS V3 and V4 TBs must be combined before importing

into the IFS Template. The closing balances for assets and liabilities (including cash) will only

be converted to BAS V4 after the audit closure. By combining the V3 and V4 TBs departments

will ensure that any closing balances are also imported into the template.

Please note that if the contact details section of the Cover sheet is not completely filled in, the

preparer will not be able to continue completing the template.

Import Data


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4.3 From the third quarter onwards departments may use either the Vulindlela download OR a

report from BAS to populate this sheet.

4.4 To import the trial balance for the quarter click on the blue “Import Trial Balance” button (as

shown below) located at the top of the selected sheet.

4.5 Most accounts will be automatically mapped by the spreadsheet. The spreadsheet (columns H

and L) will indicate which accounts must be manually mapped.

4.6 Once all the accounts are mapped, proceed to ensure that the TB balances.

4.7 Perform the above steps for each quarter TB.

STEP 5: Statement of Financial Performance

5.1 Select the “PER” sheet.

5.2 This sheet is designed to incorporate all four quarters (four columns in one sheet).

5.3 The prior year column is automatically populated once the Prior Yr TB has been completed.

5.4 As the quarter TB (i.e. Q1 TB, Q2 TB, etc.) and Notes (i.e. Q1 Notes, Q2 Notes, etc.) sheets are

completed the PER is automatically completed.

5.5 Preparers are required to manually complete the “blue” cells in the Reconciliation of Net

Surplus / (Deficit) columns for the relevant quarter.

5.6 The information in each quarter’s column is cumulative (Year-To-Date). For example, Quarter

1 column figures are for the period 1 April 2013 to 30 June 2013 and Quarter 2 column figures

are for the period 1 April 2013 to 30 September 2013.

From Q3 onwards using the Vulindlela TB will assist in identifying any SCOA misallocations.

The Vulindlela TB will be available on a monthly basis (after month end closure). The figures in

this download are cumulative (year-to-date).

Import Trial Balance


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STEP 6: Statement of Financial Position

6.1 Select the “POS” sheet.

6.2 This sheet is designed to incorporate all four quarters.


6.4 As the quarter TB (i.e. Q1 TB, Q2 TB, etc.) and Notes (i.e. Q1 Notes, Q2 Notes, etc.) sheets are

completed the POS is automatically completed.

STEP 7: Statement of Changes in Net Assets

7.1 Select the “Stat Chg in NA” sheet.



7.4 Complete the relevant quarter column with the correct quarter information.

7.5 The information in each quarter’s column is cumulative (Year-To-Date). For example, Quarter

1 column figures are for the period 1 April 2013 to 30 June 2013 and Quarter 2 column figures

are for the period 1 April 2013 to 30 September 2013.

STEP 8: Cash Flow Statement

8.1 Select the “CFS” sheet.


8.3 The 2012/13 column should already be populated with the correct prior year data from the

Prior Yr TB sheet.

8.4 Each quarter column will be populated as the other corresponding quarter sheets in the

template are completed.

There is a check at the bottom of Pos sheet for each quarter that indicates whether or not the

statement of financial position for that quarter balances.

Refer to the Exceptions sheet for the relevant quarter for further explanations of all the

exception checks included in the template.


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STEP 9: Notes to the Interim Financial Statements

9.1 Select the relevant “Notes” sheet for the quarter. For example, in quarter 1 for the period

ended 30 June 2013, the Q1 Notes sheet should be selected.

9.2 The 2012/13 column should already be populated with the correct prior year data from the

Prior Year TB sheet. Where there are changes to a note the preparer, where relevant, must

manually insert the prior year figure in the 2012/13 column in the “blue cell” provided.

9.3 The programme names in Note 1 will be automatically populated from the Cover sheet.

9.4 Complete the 2013/14 column in the relevant quarter’s sheet with the correct period end

information.

STEP 10: Disclosure Notes to the Interim Financial Statements

10.1 The Disclosure Notes comprise of the following:

4 Disclosure Notes sheets (one per quarter)

Transfer of functions

Cond Grants Received

Uncond Grants Received

Cond Grants Paid to Prov

Uncond Grants Paid to Prov

Grants Paid to Munics

In certain notes there are automatic exception checks on the sheet to alert the preparer that

there is a difference between corresponding figures. The preparer should then check the

figures and correct where necessary. Once the correction is made and the figures correspond,

the exception indication will disappear.

Refer to the Exceptions sheet for the quarter for further explanations of all the exception

checks included in the template.

These disclosure notes

sheets have been moved

to a separate document

(so that the department

is able to create a file

and update each

quarter’s information

and use them as working

papers for year-end).


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10.2 The immovable assets notes have been relocated to the “Disclosure Notes” sheet.

10.3 The preparer should start by selecting the relevant quarter’s “Disclosure Notes” sheet:

a. The 2012/13 column should already be populated with the correct prior year data from

the Prior Year TB sheet. Where there are changes to a disclosure note the preparer,

where relevant, must manually insert the prior year figure in the 2012/13 column in the

“blue cell” provided.

b. Complete the 2013/14 column in the relevant quarter’s sheet with the correct period end

information.

10.4 Disclosure notes 45 to 50 are located in a separate file.

a. The name of the department should be typed in and the relevant period should be

selected in Disclosure Note 45 and then the other sheets will be automatically populated

with this information.

b. Departments should create a separate file per quarter and use as working papers for year

end.

c. Departments are able to add and delete rows where necessary.

STEP 11: Annexures

11.1 Annexures 1 to 8 are located in a separate file.

11.2 A file of annexures may be completed for each quarter by the department and used as

working papers for year end.

11.3 The department should indicate the department name and select the relevant period in Anx

1A. The name and period will then be populated automatically in the other annexures.

11.4 Departments are able to add and delete rows where necessary.

STEP 12: Exceptions

12.1 Where checks for accuracy of information have been inserted, there are four Exceptions

sheets (one per quarter, i.e. Q1 Exceptions, Q2 Exceptions, etc.)) which indicate the number of

exceptions in the current and prior year information. It also indicates the nature of the check


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and whether or not there is an exception in the trial balances, statements, notes or disclosure

notes.

F. OTHER

A macro will be issued at the end of each quarter to unhide the relevant quarter’s columns and

sheets for completion of that quarter’s interim financial statements.

A separate guide will also be issued on how to effect some of the 2013/14 changes on the IFS

Template, for example, how to reallocate the item “learnerships” from “Other operating

expenditure” to “Salaries and wages”.

G. SUPPORT

Please contact your National Treasury or Provincial Treasury representative where you have any queries.

completion of the interim statement guide .... interim...please note that if the contact details...

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