CP-XYZ MFA - Special & General Purpose Financial Reporting

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

The industry standard for preparing compliant financial reports

Be confident that you and your business have the resources to guide you through the preparation, review and presentation of financial reports for the financial year ended 30 June.

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.

Volumes are also available for separate sale: Volume 1  Volume 2

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

New in the June 2019 edition

Incorporating updates to legisative 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 AASB 7: Financial Instruments: Disclosures, AASB 132: Financial Instruments: Presentation, AASB 7 and AASB 101: Presentation of Financial Statements.
• 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 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 reporting & non-reporting 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 as outlined in the specific Standard (incorporating related Amending Standards), including:  
  • AASB 16: Leases;
  • AASB 17: Insurance Contracts;
  • AASB 140: Investment Property; 
  • AASB 1058: Income for Not-for-Profit Entities.

Both volumes are available late June 2019.

Online Access via Thomson Reuters Checkpoint

Select the volumes most relevant to your circumstances, and stay on top of the latest changes.

Subscribers to our online formats (via Checkpoint) will have the added benefit of accessing (and introducing as part of their engagement work flow) interactive checklists and, most crucially, compliant model financial account templates for preparing and / or reviewing financial reports for entities (depending on the volume purchased).

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