XYZ Model Financial Accounts - Volumes 1 & 2 - 2020 - Book

ISBN: 9780864697738
Publisher: Thomson Reuters
Publish Date: 15/05/2020

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XYZ Model Financial Accounts - Volumes 1 & 2 - 2020 - Book

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XYZ Model Financial Accounts – Volume 1 Special Purpose and Volume 2 General Purpose Financial Reporting – 2020

This product is also available by online subscription.

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 2020 updates

As 30 June 2020 approaches, major new Accounting Standards will come into play. The 2020 updates incorporate pronouncement up to 20 December 2019 and include the following financial reporting developments relevant to entities in the for-profit and not-for-profit sectors:

  • Application of 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, to manage the impact and comply with regulators, particularly those with public accountability.
  • Application of AASB1058: Income of Not-for-Profit Entities and AASB 15: Revenue from Contracts with Customers which are now mandatory for all not-for-profit entities.
  • Updates on AASB 16: Leases, now mandatory for both for-profit and not-for-profit entities, impacting financial reporting and in many instances changes to contract terms and renegotiation of lease agreements.
  • Coverage of ATO requirements on general-purpose financial statements for significant global entities to achieve compliance.
  • Preparers of 30 June 2020 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.

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

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