2017 XYZ MFA - Special Purpose Fin Reporting: Volume 1
Publication Date 23 May 2017
OverviewFor further information about the full XYZ MFA suite, please visit http://tax.thomsonreuters.com.au/checkpoint/xyz Be prepared for the adoption of the new Accounting Standards on revenue recognition, leases and financial instruments - impacting not only financial reporting, but requiring review of contract terms, financing arrangements and business systems. Be confident that you and your business have the resources to guide you through the preparation and presentation of financial reports for the financial year ending 30 June 2017. 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 New in 2017: A new model for a not-for-profit entity preparing special purpose financial statements under the Australian Charities and Not-for-profits Commission Act 2012. An update on the key projects in the AASB work program, especially the new "reporting entity" concept as part of the Conceptual Framework project. Updated in 2017: Australian Accounting Standard and Corporations Act 2001 disclosure checklists applicable for financial years ending 30 June 2017. All model audit reports to reflect the changes to Australian Auditing Standards as part of the new enhanced auditor reporting requirements. A summary of the impact of a number of minor changes to Accounting Standards. 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 2017: A new "alternative presentation" listed entity model which complies with the amendments to AASB 101: Presentation of Financial Statements as part of the AASB's disclosure initiative to present financial statements in a format which users will find easier to read and understand. The chapter for superannuation funds, updated to reflect the requirements of AASB 1056: Superannuation Entities, which becomes mandatory at 30 June 2017 and replaces AAS 25: Financial Reporting by Superannuation Plans. An update on the key projects in the AASB work program. Updated in 2017: Australian Accounting Standard and Corporations Act 2001 disclosure checklists applicable for financial years and half-years ending 30 June 2017. All model audit reports to reflect the changes to Australian Auditing Standards as part of the new enhanced auditor reporting requirements. Note disclosures to reflect changes to new Standards issued, but not yet effective. Designed to be purchased together, both volumes are available in June 2017.