When submitting financial statements to the CIDB, they must at least comply with the following minimum requirements.
- Revenue disclosure in terms of construction contracts must comply with IFRS15.
- The cash receipts as disclosed within the cash flow statements must not deviate from the bank statements submitted by a variance of more than 10%
- The cash & cash equivalents within the balance sheet must equal to the amounts on the bank statements for all comparable financial periods.
- The net assets value on the financial statements must qualify for the grading being applied for.
- The revenue as disclosed within the financial statements must also qualify you for the CIDB grade being applied for.
- The net assets value as reflected on the financial statements must be justifiable with the track record documents submitted.
- The financial statements submitted must be for the latest financial year regardless of when the project was completed.
- The financial statements must be signed off by either an accountant or auditor in good standing dependent on your company’s public interest score.
Please note, that these are the minimum, your financial statements must still comply fully with the other accounting standards.
If you are not confident about your financial statements, please enquire from us for assistance.