Be prepared for the adoption of the new Accounting Standards on revenue recognition, leases and financial instruments – impacting not only financial reporting, but requiring review of contract terms, financing arrangements and business systems.
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The December 2017 edition of the industry leading XYZ Model Financial Accounts has been designed to assist preparers through the December 2017 reporting period, as well as prepare them for 2018 and beyond.
XYZ Model Financial Accounts – December 2017 Reporting and Update includes the following features:
- detailed disclosure checklists applicable for financial years and half-years ending 31 December 2017;
- updated, revised and simplified example note disclosures;
- detailed disclosure checklists applicable for future periods, which can be used by early adopters of recently issued Australian Accounting Standards; and
- revised model financial statements for a range of reporting and non-reporting entities, including not-for-profit entities and Australian financial services licence holders.
The December 2017 update of XYZ Model Financial Accounts also:
- provides step-by-step practical assistance to help you stay on top of your financial reporting obligations;
- helps you prepare for the adoption of mandatorily applicable Accounting Standards;
- saves you time on researching and keeping up to date with information that regularly changes;
- saves time and resources in producing professionally formatted and compliant financial reports; and
- reduces the risk of non-compliance and penalties.
The commentary, guidance and model financial accounts in XYZ Model Financial Accounts – December 2017 Reporting and Update have been updated for relevant legislative and accounting pronouncements and include:
- updated disclosure checklists applicable for financial years ending 31 December 2017;
- new note disclosures dealing with first-time adoption of new Standards or amendments to existing Standards as applicable;
- new note disclosures regarding new Accounting Standards not yet effective;
- updated, revised and simplified example note disclosures; and
- updated detailed disclosure checklists applicable for future periods, which can be used by early adopters of recently issued Australian Accounting Standards.
In particular, we have provided representative models for adoption of AASB 9: Financial Instruments and AASB 15: Revenue from Contracts with Customers to assist preparers in meeting their requirements. These Standards will become mandatory for financial years beginning on or after 1 January 2018.
The Recent Developments section of this update also provides information on:
- the expected impact of recently issued Accounting Standards AASB 17: Insurance Contracts and AASB 1059: Service Concession Arrangements: Grantors;
- the IASB’s Conceptual Framework project, which has introduced a new “reporting entity” definition;
- the ATO’s recent guidance regarding the requirement for significant global entities to prepare and lodge general purpose financial statements; and
- the financial reporting developments concerning Tasmanian and South Australian incorporated associations.