What is the ETIC?
What are the components of the ETIC?
What is the ETIC?
The ETIC supplements and comments on the information given by the four other summary statements from which it is inseparable (the balance sheet; the income and expense account (CPC); the cash flow statement). Nevertheless, the ETIC must not present data that duplicates the information provided in these statements.
The ETIC presents qualitative and quantitative information. The use of tables to present this information is retained in most cases, to simplify the establishment's task. Other information which does not lend itself to presentation in tabular form may be given in the form of comments.
The ETIC must include all the additions and details necessary to obtain a faithful image of the assets, the financial situation of the establishment, the risks it assumes and its results through the summary statements.
The ETIC comprises, by its very nature, qualitative information and quantitative information. It is important to seek precision and conciseness with regard to qualitative information.
The ETIC provides information relating to the financial year and the previous financial year.
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What are the components of the ETIC?
There are two models of the components of the ETIC according to the turnover of the company:
I. ETIC simplified model:
It applies to companies whose annual turnover is greater than 10 million dirhams
- Table of fixed assets.
- Amortization table.
- Table of capital gains or losses on disposals or withdrawals of fixed assets.
- Table of provisions.
- Table of collateral given or received.
- Details of value added tax.
- State of distribution of share capital.
II. ETIC standard model:
It applies to companies whose annual turnover is less than 10 million dirhams
The normal model ETIC is composed of 3 parts:
A. Accounting Principles and Methods.
- Main company-specific valuation methods.
- Status of exemptions.
- Status of method changes.
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B. Additional information to the balance sheet and to the income and expense account
- Detail of non-values
- Table of fixed assets
- Amortization table
- Table of capital gains or losses on disposals or withdrawals of fixed assets
- Table of Equity Securities
- Table of provisions
- Table of receivables
- Table of debts
- Table of collateral given or received
- Financial commitments received or given
- Table of assets under financial lease
- Details of CPC positions
- Transition from accounting net income to taxable net income
- Calculation of current result after tax
- Detail of value added tax
- Contingent liabilities
C. Other Information.
- State of distribution of share capital.
- Allocation of results table during the financial year.
- Results and other characteristic elements of the company over the last three financial years.
- Table of currency transactions recorded during the year.
- Dating and subsequent events.
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