XYZ Model Financial Accounts - Reduced Disclosure Requirements 2019

ISBN: 9780864698124
Publisher: Thomson Reuters
Publish Date: 17/04/2019

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XYZ Model Financial Accounts - Reduced Disclosure Requirements 2019

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For further information about the full XYZ MFA suite, visit http://tax.thomsonreuters.com.au/checkpoint/xyz

This product is also available by subscription online and print.

The 2019 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;
  • RDR-specific model financial accounts incorporating updated presentation and disclosures for the annual reporting period ending 30 June 2019;
  • 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 2019

Incorporating updates to legislative and accounting pronouncements to 18 January 2019, the 2019 edition includes the following financial reporting developments relevant to entities in the for-profit private sectors and not-for-profit sectors:

  • application of key new Accounting Standards, such as AASB 15: Revenue from Contracts with Customers, and AASB 9: Financial Instruments;

  • updates on incoming Accounting Standards, such as AASB 16: Leases and AASB 1058: Income for Not-for-Profit Entities, to assist preparers to start planning for transition to these Standards; 

  • an update on the IASB’s Conceptual Framework project and revision of the "reporting entity" definition;

  • an overview of recent ATO guidance in relation to the requirement for significant global entities to prepare and lodge general purpose financial statements;
  • current period disclosure checklists for reporting requirements applicable to Tier 2 entities under:
    – Australian Accounting Standards;
    – Australian Accounting Interpretations; 
    – the Corporations Act 2001; and
  • future period disclosure checklists for recently issued or reissued Standards that can be early adopted (incorporating related Amending Standards), including:
    – AASB 16: Leases;
    – AASB 17: Insurance Contracts;
    – AASB 140: Investment Property; 
    – AASB 1058: Income for Not-for-Profit Entities.

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