Model special purpose financial statements — Financial years ending on or after 30 June 2012
Deloitte (Australia) has published model financial reports for entities preparing special purpose financial reports under Australian Accounting Standards.
Under Australia's existing differential reporting framework, entities which are not considered "reporting entities" are not required to comply will the majority of Australian Accounting Standards, but can choose to do so. However, entities preparing special purpose financial statements under the Corporations Act 2001 generally apply the recognition and measurement requirements of all accounting standards, but do not generally comply with the disclosure requirements of those standards.
The model financial statements illustrate the special purpose financial statements for a large proprietary company in accordance with:
- The provisions of the Corporations Act 2001
- The accounting methodology (or accounting treatment) of all Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board (with some exceptions)
- The disclosure requirements of AASB 101 Presentation of Financial Statements (equivalent to IAS 1), AASB 107 Statement of Cash Flows (equivalent to IAS 7) and AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors (equivalent to IAS 8)
- Other requirements and guidelines current as at the date of issue, including Australian Securities and Investments Commission (‘ASIC’) Class Orders, Regulatory Guides and Media Releases.
This publication is organised into three sections:
- Section A – What’s new for financial reports at June 2012?
This section of the publication summarises key changes and topical issues for consideration in preparation of special purpose financial reports at 30 June 2012
- Section B – Model special purpose annual report
This section of the publication contains an illustrative special purpose annual report for a fictional company, SPFS Holdings (Australia) Pty Limited
- Section C – Reporting obligations
This section contains useful information on the requirements to prepare, audit and lodge financial statements, as well as reporting deadlines.