3.20 What are the different Auditor’s report presentation options and how is the signing Auditor selected?
A A. The Auditor’s report presentation options and how to select the signing Auditor is explained here below:
|
Field
|
Effect on the financial statements
|
| Reference to be made to the FS pages |
Option to refer to FS pages in the 1st paragraph of the report.
|
| Titles of primary documents on 1st paragraph | Option to disclose the names of the primary statements of other comprehensive income, changes in equity and cash flows either in full or in short in the 1st paragraph of the report. |
| Enable carry forward heading | Option to include header in 2nd and subsequent pages of the report. |
| AUDITOR (select from the 3 options defined in INFO store) | Selection between the 3 auditors as defined in the information store. |
| ENGAGEMENT PARTNER details - NAME | Choose the signing partner between the 20 different names of partners entered in the information store. |
| Designation | Enter the designation of the partner signing the report and whether signing on behalf of an entity. |
2.80 What are the different cash flow statement presentation options in the “Entry table” and how do these affect the financial statements?
A. The different options and their effect on the financial statements are explained in the table here below:
|
Option
|
Effect on the financial statements
|
| Statement presentation – Either ‘Indirect’ or ‘Direct’ method |
Direct method – the statement starts from ‘Cash flows used in operations’ and is mainly completed manually by the user. Indirect method – the statement starts from ‘Profit/ (loss) before tax’ and is adjusted by profit or loss items on assets and liabilities, working capital changes before arriving at ‘Cash flows used in operations’. This statement is adjusted by the user only for non-cash items.
|
|
Interest expense - (Map numbers “6.T.8. 1” to “6.T.8. 9”)
|
Option to present either before “Net cash flows used in operating activities” or as part of “Cash flows from financing activities” |
|
Rent income – (Map number “3.R.4. 1", "3.R.4. 2", "5.T.4.29" and "5.T.4.30”)
|
“Loans to associated undertakings” may be presented either line by line for each map number on face of the Balance sheet or line by line in the note “Non-current loans receivable” which is the default presentation. When the presentation on the face of the Balance sheet is selected the short/ long term portion is entered directly in the appropriate line of the balance sheet. |
| Show Cash generated from operations | Option to show this part of the cash flow statement either as part of the main statement or in a separate note cross referenced to the 1st line in the statement. |
| Cash and cash equivalents note | Option to show this note either as the end of the cash flow statement or as part of the notes to the financial statements |
2.90 What is the effect on the financial statements of the selection that the financial statements are either interim or quarterly?
A. Effect of selecting the interim financial statements option:
Title page
Heading becomes “INTERIM FINANCIAL STATEMENTS”
Auditor's Report -
The standard audit report is either skipped or replaced by a “Review report”. The phrase “audited financial statements” becomes “unaudited financial statements” throughout the set and the letter of representations.
Statement of Changes in Equity
The footnote for deemed dividends is skipped.
Notes to the financial statements
1. Accounting policies are hidden and reference is made to IAS34 and the policies used in the prior annual financial statements.
2. Reference is made to the period covered by the financial statements and to the fact that they have not been audited by the external auditors of the entity.
3. Financial risk management note is skipped
4. Long notes and statement of changes in equity are split in two parts. One for the current period and one for the comparative period.
Effect of selecting the no comparatives option:
Wording throughout the set is changed so that no reference is made to comparative period.
Show accounting policies in detail (same as annual accounts)
Available only for interim financial statements - Accounting policies are displayed in full as per annual financial statements.
Source for prior period balance sheet and income statement
This allows the user to change the formula for prior period income statement amounts.
YR1:DISC - Prior year, same month as the current active period
YR1:PERx:DISC – Prior year, prior periods as specified in the Engagement Properties where x represents the period number.
YR1 - Prior year, year to date
For prior year balance sheet to work properly, it is important for Year End Date to be one year after the comparative balance sheet date. For example when preparing half yearly accounts for the period ended 30/6/2015, Year End Date is 31/12/2005 and prior period income statement formula is YR1:PER1:DISC and selections in Engagement properties are the following:
Add extra columns in P&L - entity publishes QUARTERLY ACCOUNTS:
Two extra blank columns are available in the "Income statement" for the user to enter manually the comparative period(s) dates and amounts.
2.91 What is the effect on the financial statements of the selection that this is the FIRST YEAR / comparatives are NOT required?
A. Effect of selecting the comparatives are not required option:
This cheackbox will hide all comparative columns and prior year parts of notes. In addition, all references to comparatives in the document text paragraphs are automatically hidden.
Show opening position in long notes eg PPE
"Long" notes are notes which show thew opening position two years back and movement through to prior period end and the current period end. In some cases, where the entity starts operations through the acquisition of another on-going business then the user may choose to show the opening comparative balances in these notes even though the movement in comparatives is hidden.
2.60 What are the different tax treatment options in the “Entry table” and how do these affect the tax computations?
A. The different options and their effect on the tax computations are explained in the table here below:
|
Option
|
Effect on the financial statements
|
|
Group interest - Map number “6.T.7. 2” |
With this option “Group interest income” is treated either as trading income or as interest and is subject to Defence tax contribution which is the default option |
|
Interest income for investment companies - Map numbers “3.Q.4. 2” and "3.Q.4. 2. 1” |
With this option “Interest income” for investment companies is treated either as trading income which is the default option or as interest and is subject to Defence tax contribution |
|
Stock write off - Map number "5.T.1.16" |
With this option “Stock write off” may be treated as an allowable expense which is the default option or as a non allowable expense for taxation purposes |
|
Bad debts written off - Map number "5.T.1.17" |
With this option “Bad debts written off” may be treated as an allowable expense which is the default option or as a non allowable expense for taxation purposes |
|
Social cohesion fund - Map numbers "4.R.1. 16", "4.R.3. 5", "4.R.5.17", "4.R.6.17", "4.R.7.17", "5.T.1. 4" and "5.T.2. 8" |
With this option “Social cohesion fund contribution” may be treated as an allowable expense or as a non-allowable expense for taxation purposes. For tax years up to 2011 the default option is to treat this expense as non-allowable and there after the default option is to treat it as allowable. |
|
Unrealised exchange difference - Map number "5.T.1.16" |
With this option “Unrealised exchange difference” may be treated as an allowable expense or as a non allowable expense for taxation purposes which is the default option |
| Accounting period NOT coinciding with calendar year | This checkbox is selected when the accounting period is for a year not ending 31 December and enables a special apportionment section in the tax computation schedule where the user may allocate the taxable profits/losses of the accounting period to the relevant calendar years of assessment. This automatically updates the tax reconciliation part of the “Taxation” note to the financial statements and the tax losses calculation cross referenced to the same note. |
| Accounting period exceeding 12 months | This checkbox is selected when the accounting period is in excess of 12 months ending 31 December and enables a special apportionment section in the tax computation schedule where the user may allocate the taxable profits/losses of the accounting period to the relevant calendar years of assessment. |
2.50 What are the different profit and loss presentation options and how do these affect the financial statements?
The different options and their effect on the financial statements are explained in the table here below:
|
Option
|
Map numbers |
Effect on the financial statements
|
| Profit and loss presentation as a whole |
|
Expenses by nature or by function are alternative presentation options of IAS1. Select between the two options the one which is more appropriate for the client’s financial statements |
|
Other interest income |
"6.T.7.1" to "6.T.7.9" |
Interest income may be moved between ‘Investment income ‘, ‘Other income’ or ‘Finance income’ |
|
Forex profit |
“6.T.7.15” and “6.T.7.16” |
Foreign exchange gains may be moved between ‘Investment income ‘, ‘Other income’ or ‘Finance income’ |
|
Other dividend income |
“6.T.7.10” and “6.T.7.11” |
‘Interest income’ may be moved between ‘Investment income ‘, ‘Other income’ or ‘Finance income’. In addition, there is an option to disclose ‘dividend income on the face of the statement of profit or loss after operating results |
|
Net profit from investment activities |
“5.T.4.11” to “5.T.4.17”, “5.T.4.20” to “5.T.4.23”, “5.T.4.40” to “5.T.4.41”, “5.T.6.11” to “5.T.6.17”, “5.T.6.20” to “5.T.6.29” and “5.T.6.40” to “5.T.6.41” |
‘Net profit from investment activities’ may be presented either as a separate note or as part of other income or other expenses |
|
Impairment of financial assets |
"5.T.4.54" to "5.T.4.57", "5.T.4.60", "5.T.4.63", "5.T.4.70. 5", "5.T.4.80. 5" to "5.T.4.80. 7", "5.T.6.24" to "5.T.6.26", "5.T.6.29", "5.T.6.45", "5.T.6.63", "5.T.6.70. 5" and "5.T.6.80. 5" to "5.T.6.80. 7" |
Option to disclose impairment of financial assets on the face of the statement of profit or loss before operating results instead of the notes to the financial statements |
|
Statement of changes in net assets available for benefits (Provident funds only) |
|
Show Statement of changes in net assets available for benefits separate from Statement of changes in net assets |
|
Interest income (Provident funds only) |
“3.Q.5. 1” to “3.Q.5. 3” |
‘Interest income’ may be presented either line by line for each map number on face of the Income statement or as a total on the Income statement and line by line in the notes to the financial statements |
|
Members contributions (Provident funds) |
|
At the beginning or at the end of the Statement of changes in net assets |
|
Income for investment companies (investment companies) |
“3.Q.4. 1” to “3.Q.4. 6” |
This option is for investment companies that may want to present ‘Income’ either line by line for each map number on face of the Income statement or as part of the ‘Revenue note’ in the notes to the financial statements |
|
Profit or loss from sale of financial assets (investment companies) |
“5.T.4.11” to “5.T.4.16” and “5.T.6.11” to “5.T.6.16” |
This option is for investment companies that may want to show ‘Profit from sale of financial assets’ either as revenue or as other income and loss from sale of financial assets either as direct expense just after revenue or as other expense |
|
Profit or loss items on financial assets |
"5.T.4.11" to "5.T.4.16", "5.T.4.21" to "5.T.4.23", "5.T.4.54" to "5.T.4.57", "5.T.4.60", "5.T.4.62", "5.T.4.63", "5.T.4.70. 1", "5.T.4.70. 5", "5.T.4.80. 1", "5.T.4.80. 5" to "5.T.4.80. 8", "5.T.6.11" to "5.T.6.16", "5.T.6.21" to "5.T.6.23", "5.T.6.54" to "5.T.6.57", "5.T.6.60", "5.T.6.62", "5.T.6.63", "5.T.6.70. 1", "5.T.6.70. 5", "5.T.6.80. 1", "5.T.6.80. 5" to "5.T.6.80. 8" |
With this option profit or loss on financial assets may be presented either on face of the Income statement or as part of the ‘Other income’ note |
|
Profit or loss items on investment properties |
"5.T.4.17", "5.T.4.20", "5.T.4.62", "5.T.6.17", "5.T.6.20", "5.T.6.46" |
With this option profit or loss on investment properties may be presented either on face of the Income statement or as part of the ‘Other income’ note |
|
Impairment of non-financial assets |
"5.T.4.58", "5.T.4.59", "5.T.4.61", "5.T.4.64", "5.T.6.27", "5.T.6.28", "5.T.6.64" |
With this option impairment of non-financial assets may be presented either on face of the Income statement or as part of the ‘Other income’ note |
|
Interest expense (investment companies) |
“6.T.8. 1” to “6.T.8. 9” |
This option is for investment companies that may show ‘Interest expense’ either as direct expense just after revenue or as other expense |
|
Dividend to holders of redeemable shares (investment funds) |
“6.T.8. 3” |
With this option ‘Dividend to holders of redeemable shares’ may be presented either on face of the Income statement or as part of the ‘Other income’ note |
|
Income from biological assets |
"3.Q.3. 1" to "3.Q.3. 5" |
With this option ‘biological assets’ may be presented either on face of the Income statement or as part of the ‘Revenue’ note |
|
Selling expenses to be combined in one note with administration expenses |
All map numbers beginning with "5.T.1" and "5.T.2" |
Selling expenses note is hidden and all selling expenses are combined in one note together with administration expenses |
|
Profit/loss on disposals of PPE |
“5.T.6. 7” and “5.T.6. 5” |
With this option ‘Profit/loss on disposals of PPE’ may be presented either on face of the Income statement or as part of the ‘Finance costs’ note |
|
Profit/loss from foreign exchange transactions |
“6.T.3. 4”, “6.T.3. 5”, “6.T.7.15” and “6.T.7.16” |
With this option ‘Profit/loss from foreign exchange transactions’ may be presented either on face of the Income statement or as part of the note ‘Net profit from foreign exchange transactions’ |
|
Depreciation |
All map numbers ending in “.95” to “.99” |
With this option ‘Depreciation and amortisation expense’ may be presented either on face of the Income statement as a total or as part cost of sales or expenses as appropriate for the particular map number.
As a second option the user may select to show Depreciation and amortisation in one line. |
|
Formation and Capital issue expenses |
“5.T.6. 3”, “5.T.6. 3. 1” and “5.T.6. 4” |
With this option ‘Formation and Capital issue expenses’ may be presented either within ‘Administration expenses’ within ‘Other expenses’ which is the default presentation |
|
Bank and other finance charges |
“6.T.3. 1” to “6.T.3. 3” |
With this option ‘Bank and other finance charges’ may be presented either within ‘Administration expenses’ within ‘Finance costs’ which is the default presentation |
|
Staff costs |
“4.R.1.11” to “4.R.1.17” “4.R.3. 2” to “4.R.3. 6” “5.T.1. 1” to “5.T.1. 5” “5.T.2. 1” to “5.T.2.12” and “5.T.3. 1” to “5.T.3.11” |
Combine each map grouping into one line as staff costs in additional information part of the FS document. |
|
Description of 'Operating profit' in Greek |
|
Choice between ‘Κέρδος από εργασίες’ and ‘Λειτουργικά αποτελέσματα’ |
|
Description of 'Finance income (costs)' in Greek |
|
Choice between ‘Έξοδα χρηματοδότησης’ and ‘Χρηματοοικονομικά έξοδα’ |
What is the procedure for updating the IR4 Company Tax Return?
Below you can find the procedure for updating the IR4 Company Tax Returns
FAQ Files
Recommended Procedure for updating prepared IR4 2016 tax return
How to obtain the TAXISnet error message?
- Login in to TAXISnet, and select XML File
- Select View > XML File
- In the shown list of submitted XML files, click on the File Number
- Then click on the Status (Rejected)
- The result screen will display all the errors due to which the submission was rejected. (The following message is just a sample)
- Take a print of the above screen.
What should I do when I get an error whilst submitting IR4 to TAXISnet?
Your feedback regarding TAXISnet has been invaluable so far, so please continue to provide it. Our aim is to ensure the transition to electronic submission is as easy as possible.
If you get any errors whilst submitting your tax returns via TAXISnet, please contact our support desk who can assist you in resolving the error.
To allow proper troubleshoot of errors we would need an email to support@cms-ss.com the following 4 documents :
- Document 1: The complete Tax Return in PDF format. (This can be created from CaseView-> File/Save as PDF).
- Document 2: IR4 Text backup file
- If you prepare IR4 in TaxForms: The backup file of the saved tax return. This is a txt file located in the local “TextFileBackup”folder in the format “EPRxx_2010_12345678A_TAX PAYER NAME.txt”
- If you prepare IR4 in Financial Statements: The file is created on save for import into Tax Forms in the format “IR4_2010_12345678A_TAX PAYER NAME.txt”. This txt file is automatically created when the IR4 is closed in the CaseWare file and the option is enabled in the Information Store under the Tax Forms Options.
- Document 3: The actual XML file being submited to TAXISnet
- Document 4: A screen shot of the TAXISnet error. (The following screen is just a sample)
For more information on how to get this error please see How to obtain the TAXISnet error message?
4.10 What are the different sorting options in the FS document?
- Sorting rows within tables
Right click on any cell within a table and select Sort Table Rows to move individual rows up or down within the table
- Sorting sections
Entire sections in the financial statements may be sorted manually by selecting from the command menu 'Tools/sort'.
Then selecting the relevant sort group and the sort order.
This sorting option applies to subsections within the following sections of the financial statements:
Area
Sort Group
Board of directors and other officers
Officers
Management report
BOD
Primary statements
Primary statements
Statement of shanges in equity - prior year
SOCIE yr1
Statement of changes in equity - current year
SOCIE yr0
Notes to the financial statements
Notes
Accounting policies
Policies
Critical accounting estimates, judgments and assumptions note
- Critical accounting estimates and assumptionsEstimates
Critical accounting estimates, judgments and assumptions note
- Critical judgements in applying the Company's accounting policiesEstimates_1
Related party transactions note
Related
Additional inforamation - Capital allowances and computations sections
Sections1
Minutes of the AGM
Minutes
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