XYZ Model Financial Accounts - Reduced Disclosure Requirements 2018

ISBN: 9780864698704
Publisher: Thomson Reuters
Publish Date: 24/04/2018

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XYZ Model Financial Accounts - Reduced Disclosure Requirements 2018

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XYZ Model Financial Accounts - Reduced Disclosure Requirements 2018 - CD

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Application of reduced disclosure requirements (RDR) in Australia has continued to grow in popularity, particularly among not-for-profit entities, and is set to potentially increase, particularly with regard to the introduction of s 3CA of the Tax Administration Act 1953. This legislation requires a significant global entity, that is a corporate tax entity, with a financial reporting year end beginning on or after 1 July 2016, to lodge General Purpose Financial Statements (GPFS) with the ATO in certain circumstances.

The 2018 update of XYZ Model Financial Accounts – Reduced Disclosure Requirements keeps users up to date with the latest disclosure requirements and other critical information for preparing financial statements under RDR. This publication provides a range of information and tools, including:

  • discussion on RDR and recent developments affecting Tier 2 entities;
  • flowcharts to determine how RDR are applied;
  • financial reporting requirements discussion, assisting preparers to determine reporting requirements of Tier 1 and Tier 2 entities;
  • discussion on financial reporting requirements to assist financial statement preparers moving into Tier 1 or Tier 2, where previously being classified as a non-reporting entity, in order to allow those affected by the changes outlined in s 3CA of the Tax Administration Act 1953 to clearly understand the transition requirements, and specifically the application of AASB 1: First-time Adoption of Australian Accounting Standards;
  • disclosure checklists of all RDR and other financial reporting requirements typically applicable to Tier 2 entities; and
  • model financial accounts for a range of entities, including unlisted public companies, private companies and incorporated associations, prepared using RDR.

New in 2018

  • Updates on key new Accounting Standards, such as AASB 15: Revenue from Contracts with Customers, AASB 16: Leases and AASB 9: Financial Instruments, to assist preparers to start planning for transition to these standards.
For further information about the full XYZ MFA suite, visit http://tax.thomsonreuters.com.au/checkpoint/xyz

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