Deloitte Australia has released their model financial statements for financial years ending on or after 30 June 2011. For-profit entities fully complying with Australian Accounting Standards are able to make an explicit and unreserved statement of compliance with IFRSs.

The requirements of new and revised accounting pronouncements that are illustrated in this publication are:

• AASB 9 Financial Instruments (equivalent to IFRS 9)
• AASB 124 Related Party Disclosures (equivalent to IAS 24)
• AASB 1048 Interpretation of Standards (requires compliance with Interpretations)
• AASB 1053 Application of Tiers of Australian Accounting Standards (implements Australia's differential reporting regime)

The Model financial statements are released in four parts:

• Section A – What's new in financial reporting? Provides a summary of the changes to pronouncements, as well as links to where you can find further information that may be helpful. The information in this section is updated on a regular basis on the Deloitte Australia website
• Section B – Model annual report for a consolidated entity. Designed to assist users with the preparation of annual reports for a consolidated entity in accordance with the provisions of the Corporations Act 2001, Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board (with some exceptions), and other requirements and guidelines current as at the date of issue, including Australian Securities Exchange ('ASX') Listing Rules and Australian Securities and Investments Commission ('ASIC') Class Orders, Regulatory Guides and Media Releases
• Section C – Model concise report for a consolidated entity. Australian Corporations Law permits an entity to fulfil its annual reporting obligation to shareholders by providing a 'concise financial report for the year drawn up in accordance with accounting standards made for the purposes of this paragraph'. In June 2009 the Australian Accounting Standards Board issued an updated version of AASB 1039 Concise Financial Reports (available on the AASB website (PDF 61k)).
• Section D – Reporting obligations. Contains useful information on the requirements to prepare, audit, and lodge financial reports, reporting deadlines under Australian laws and regulations, and information about Australia's differential reporting regime.