Australia model financial statements for 2010
28 May 2010
Deloitte Australia has released their model financial statements for financial years ending on or after 30 June 2010. Australian accounting standards are identical to IFRSs.
The main changes from 2009 that are illustrated in this publication are:
- AASB 3 Business Combinations (2008)
- AASB 7 Financial Instruments
- AASB 8 Operating Segments
- AASB 101 Presentation of Financial Statements
- AASB 127 Consolidated and Separate Financial Statements (2008)
- AASB 1039 Concise Financial Reports
The Illustrative Annual Report is released in four parts plus a summary of Key Changes at your Finger Tips:
- Key Changes at your Finger Tips (PDF 335k). A summary of major changes affecting this year's disclosures.
- Section A – What's new in Financial Reporting? (PDF 271k). 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 – Model Annual Report for a Consolidated Entity (PDF 1,440k).
- Section C – Model Concise Report for a Consolidated Entity (PDF 462k). 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 Here (PDF 61k)).
- Section D – Reporting Obligations (PDF 196k). 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 proposed differential reporting regime.
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