2009 illustrative annual report from Deloitte Australia

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01 Apr 2009

Deloitte Australia has released their Illustrative Annual Report for financial years ending on or after 30 June 2009. Australian accounting standards are identical to IFRSs.

The main changes from 2008 that are illustrated in this publication are:
  • the changes to the ASX corporate governance principles and recommendations
  • AASB 8 Operating Segments (early adoption) (identical to IFRS 8)
  • Interpretation 13 Customer Loyalty Programmes
In releasing the new illustrative report, Deloitte Australia notes:

Our objective in this publication is to encourage you to 'tighten the screws' on your disclosures in your financial report. In current market conditions users will seek more information around going concern status and liquidity positions. It may be timely to revisit current disclosures and to ensure that the current market conditions are taken into account. Impairment of assets is also of interest to users of financial reports. Directors should ensure that their review processes are robust and transparent and that the disclosure in financial reports reflects both technical compliance with the disclosure requirements and provides meaningful information to make decisions and understand the entity's business.

The Illustrative Annual Report is released in four parts:
  • Section A – What's new in Financial Reporting? (PDF 393k). Provides a summary of the changes to pronouncements, as well as links to where you can find further information that may be helpful.
  • Section B – Illustrative Annual Report (PDF 1,083k). Accounting Standard AASB 101 Presentation of Financial Statements (identical to IAS 1) requires that the entity include in the notes to the financial statements an explicit and unreserved statement of compliance with IFRSs. If the auditor is of the opinion that the financial report complies with IFRSs, the auditor's report so states.
  • Section C – Illustrative Concise Report (PDF 880k). 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 August 2008 the Australian Accounting Standards Board adopted AASB 1039 Concise Financial Reports (Available Here).
  • Section D – Reporting Obligations (PDF 250k). Contains useful information on the requirements to prepare, audit, and lodge financial reports, as well as reporting deadlines, under Australian laws and regulations.

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