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 1 August 2020, relevant to entities with a 31 December reporting year end.
New in the 2020 December Update
Financial Statement preparers have entered a period where most of the new major Accounting Standards, such as Leases (AASB 16), Income of Not-for-Profit Entities (AASB 1058) and Revenue from Contracts with Customer (AASB 15), have already been applied and they are now applicable for both the current and previous year’s. There is an increasing interest from regulators and others as to the likely impacts of new Standards on entities, particularly those with public accountability. Preparers of 31 December 2020 financial reports are expecting regulators to review the adequacy of disclosures on how these Standards are likely to affect the entity, particularly those entities operating in industries that are expected to be significantly impacted by the new Standards.
The 2020 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 2020;
- 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;
- in response to the COVID-19 pandemic, ASIC released COVID-19 implications for financial reporting and audit: Frequently asked questions (FAQs) which provides guidance for affected entities. The recent developments also covers ASIC extended deadlines in response to the COVID-19 pandemic and some accounting areas to consider that may be impacted as a result of COVID-19.
- The interpretive commentary, guidance and model financial reports contained in the 2020 December edition of XYZ Model Financial Accounts have been updated for relevant legislative and accounting pronouncements to 30 August 2020.
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