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Australian presentation and disclosure checklists

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22 Nov 2005

Deloitte (Australia) has published two new presentation and disclosure checklists – one for 2005 annual reports and the other for 2005 interim reports.

These checklists summarise the presentation and disclosure requirements in Australian Accounting Standards and Urgent Issues Group (UIG) Interpretations for a general purpose financial report. They do not address recognition and measurement. Click to download the Presentation and Disclosure Checklist 2005 for:

Matters to bear in mind when using the checklists:

  • The checklists should be used to assist in considering compliance with the presentation and disclosure requirements of those pronouncements. They are not a substitute for your understanding of the pronouncements, and exercise of judgement is still required.
  • These checklists cover the presentation and disclosure requirements at 31 October 2005, other than AASB 7 Financial Instruments: Disclosures and AASB 2005-10 Amendments to Australian Accounting Standards.
  • The checklists are suitable for use in assessing presentation and disclosure in financial reports prepared in accordance with Australian Accounting Standards and UIG Interpretations, including Australian equivalents to IFRSs ('A-IFRSs'), for periods ending on or after 31 December 2005.
  • Certain Standards and Interpretations on issue at 31 October 2005 are not effective for periods ending 31 December 2005. They are indicated in the checklist by grey shaded text. Earlier application of these requirements is generally encouraged, and when that is done disclosure is generally required (see specific Standards/Interpretations for details).
  • The AASB and the UIG continue to issue Standards and Interpretations. Where those Standards and Interpretations are released prior to the issue of the financial statements, and they have not been adopted because they are not yet effective, AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors requires entities to disclose that fact and, if estimable, the expected impact in the period of initial application (see detailed requirements in the AASB 108 section of the checklist).

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.