XYZ Model Financial Accounts - Volume 1 Special Purpose and Volume 2 General Purpose 2021

ISBN: 9780864697479
Publisher: Thomson Reuters
AvailableFrom: 15/05/2021

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XYZ Model Financial Accounts - Volume 1 Special Purpose and Volume 2 General Purpose 2021

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XYZ Model Financial Accounts – Volume 1 Special Purpose and Volume 2 General Purpose Financial Reporting – 2021

Designed to complement each other, XYZ Model Financial Accounts Volume 1 – Special Purpose Financial Reporting and Volume 2 – General Purpose Financial Reporting provide users with the most comprehensive resource for the preparation and presentation of financial reports for non-reporting and reporting entities with a 30 June financial year-end.

Volume 1 – Special Purpose Financial Reporting

Designed specifically for non-reporting entities, Volume 1 – Special Purpose Financial Reporting contains:

  • Guidance on determining an entity’s reporting status
  • Financial reporting requirements of the Corporations Act 2001
  • Requirements of other Acts and Regulations
  • Disclosure checklists for mandatory Australian Accounting Standards applicable to non-reporting entities
  • Relevant ASIC releases such as Class Orders and Regulatory Guides

Volume 1 contains model special purpose financial statements for:

  • Trusts and trustees, Self-managed superannuation funds
  • Small and large proprietary companies, Incorporated associations
  • Not-for-profit companies limited by guarantee, Sole proprietorships, Partnerships

Volume 2 – General Purpose Financial Reporting

Designed specifically for reporting entities and entities that produce general purpose financial statements, Volume 2 – General Purpose Financial Reporting contains:

  • Full Australian Accounting Standards (including Australian Accounting Interpretations) disclosure checklists
  • Financial reporting requirements of the Corporations Act 2001
  • Requirements of other Acts and Regulations
  • ASX Listing Rules

Volume 2 contains model general purpose financial statements for:

  • Listed public companies (full-year and half-year), Unlisted public companies
  • Small and large proprietary companies, Not-for-profit companies limited by guarantee
  • Trusts, Incorporated associations, APRA-regulated superannuation funds
  • Managed investment schemes

Both volumes are available May 2020.

What's new in the 2021 updates

As 30 June 2021 approaches, major new Accounting Standards will come into play. The 2021 updates incorporate pronouncement up to 20 December 2020 and include the following financial reporting developments relevant to entities in the for-profit and not-for-profit sectors:

  • Updates to the Corporate Governance Framework applicable by ASX listed entities;
  • Updates to the model financial accounts for the completion of transition to 3 prominent standards; Leases (AASB 16), Income of Not-for-Profit Entities (AASB 1058) and Revenue from Contracts with Customer (AASB 15), as applicable to not-for-profit entities;
  • Extension of coverage of ATO requirements on general-purpose financial statements for significant global entities to achieve compliance;
  • Preparers of 30 June 2021 financial reports are expecting regulators to review the adequacy of disclosures on how these Standards are to affect the entity when adopted, particularly those entities operating in industries that are expected to be significantly impacted by the new Standards;
  • Specific and expanded discussion and commentary related to the forthcoming removal of Special Purpose Financial Statements as an acceptable reporting framework for a variety of for-profit entities, particularly those governed by the Corporations Act 2001.

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

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