Maintain a one-page impact register, run a contract/lease inventory, document key judgments in short memos, and align your close calendar with the audit PBC list and board meeting dates.
More judgments and related party matters often need clearer board papers, resolutions/minutes, and up-to-date statutory registers to support sign-off and avoid audit delays.
In 2026—ideally before year-end—so required data and documentation (contracts, lease changes, memos, registers) are captured as transactions happen.
Revenue contracts, leases, expected credit losses on receivables, provisions/impairments, and disclosures around significant judgments and estimates.
They apply if your financial statements are prepared under MFRS; eligible entities using MPERS should confirm whether any separate MPERS changes are relevant.
Start about 6 months before expiry to review payroll consistency and role scope, then finalise package changes and documentation 3–4 months ahead to leave buffer time for clarifications.
Keep contract terms, payslips, bank transfer records, tax deductions (PCB/MTD), and management/audited accounts aligned, and prepare a clear explanation for any anomalies like unpaid leave or mid-year package changes.
Allowance-heavy “top-ups,” irregular payments, variable-heavy packages (bonuses/commissions), benefits-in-kind treated like salary, and any pay that is not consistently traceable through payroll and bank credits.
No—practical minimum expectations can vary by EP category, seniority, and role type, so it’s safer to treat the minimum as a floor and build a buffer rather than aiming for a narrow [...]
It affects both, but renewals can be higher-risk because reviewers may compare what was declared previously against actual payroll, tax, and accounting records over time.
