XYZ Model Financial Accounts - December Reporting and Update

XYZ Model Financial Accounts - December Reporting and Update - Checkpoint Online

The December Reporting and Update edition of the industry leading XYZ Model Financial Accounts has been designed to assist preparers through the December year end reporting period, as well as prepare them for the following year and beyond.

The interpretive commentary, guidance and model financial reports have been updated for relevant legislative and accounting pronouncements to 31 August 2022, relevant to entities with a 31 December reporting year end.

New in the 2022 December Update

The 2022 XYZ Model Financial Accounts – December Reporting & Update provides a range of updated tools and information for preparers of financial statements, including:

• updated Australian Accounting Standard and Corporations Act 2001 disclosure checklists applicable for financial years ending 31 December 2022;
• a disclosure checklist covering disclosure requirements of the new AASB 1060: General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities;
• commentary around the ASIC document recently released in response to the COVID-19 pandemic, COVID-19 implications for financial reporting and audit: Frequently asked questions (FAQs) which provides guidance for affected entities; and
• updated interpretive commentary, guidance and model financial reports to reflect relevant legislative and accounting pronouncements to 31 August 2022.

XYZ Model Financial Accounts - December Reporting and Update Features

This solution provides a range of information and tools, including:

• detailed disclosure checklists applicable for financial years and half-years ending 31 December;
• updated, revised and simplified example note disclosures;
• detailed disclosure checklists applicable for future periods, which can be used by early adopters of recently issued Australian Accounting Standards; and
• revised model financial statements for a range of reporting and non-reporting entities, including not-for-profit entities and Australian financial services licence holders.

XYZ Model Financial Accounts - December Reporting and Update Benefits

The December edition of XYZ Model Financial Accounts:

• provides step-by-step practical assistance to help you stay on top of your financial reporting obligations
• helps you prepare for the adoption of mandatorily applicable Accounting Standards
• saves you time on researching and keeping up to date with information that regularly changes
• saves time and resources in producing professionally formatted and compliant financial reports and
• reduces the risk of non-compliance and penalties.

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

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