There are two types of checklists regarding the General U.S. GAAP Financial Statement Disclosures Checklist:
- Tailoring checklists contain questions that help determine which disclosure checklists are needed for your audit. As you submit answers to the tailoring questions, additional tailoring questions and disclosure checklists are added dynamically as needed based on your responses.
- Disclosure checklists are listed beneath the tailoring checklists. They list the specific requirements, information, or items that are needed for the financial statement, as determined by your answers to the tailoring questions and other disclosure checklists. Some items in a disclosure checklist might contain links to further information. For most industry-specific financial statements, a U.S. GAAP checklist must be added before you can add industry-specific checklists. The disclosure checklists are not accessible until all the tailoring questions have been answered.
The basic workflow for using Checklists:
- Each new checklist can correspond with a user's financial statement.
- Add checklists. The Create New button on the home page will create a new group to contain the selected checklists.
- While a user works through their financial statement, the following tasks can be done within Checklists:
a. Answer the tailoring questions in each checklist. While submitting answers, more tailoring questions and disclosure checklist sections will be added as needed.
b. Update the disclosure checklists while you compile the financial statement.
c. Resolve any questions in the "To Provide" and "In Review" status before completing an audit to ensure requirements are met.
d. Sign off on the checklists when all the necessary requirements outlined in the checklist have been met and the "In Review" questions have been resolved. - Once all checklist questions have been moved to "Completed", the checklist group status will automatically advance from "In Progress" to "Completed".
- Roll forward checklists when it is time to complete future financial statements.