Model half-year report – Half-years ending on or after 31 December 2012

Published on: 20 Nov 2012

Deloitte (Australia) has published its model financial statements for the half-years ending 31 December 2012 to assist users with the preparation of half-year reports for a consolidated entity in accordance with:

  • provisions of the Corporations Act 2001
  • Australian Accounting Standard AASB 134 Interim Financial Reporting (equivalent to IAS 34 Interim Financial Reporting)
  • 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 and Regulatory Guides.

From the point of view of new accounting changes, the current half-year period may be viewed as a 'period of relative calm' before the big changes in 2013-15, that will see application of new standards in major areas like consolidation, joint arrangements, financial instruments, revenue and, leases, including extensive disclosure requirements.

However, there will still be some new and amended reporting requirements that must be applied for the first time at the December 2012 half-year, including:

  • amendment to AASB 112 Income Taxes (equivalent to IAS 12 Income Taxes), that may affect measurement of deferred taxes in relation to investment properties measured using the fair value model, as the amendments establish a rebuttable presumption that the carrying amount of an investment property will be recovered entirely through sale
  • amendment to AASB 101 Presentation of Financial Statements (equivalent to IAS 1 Presentation of Financial Statements), that may affect the presentation and disclosure of the statement of profit or loss and other comprehensive income (previously the ‘statement of comprehensive income’) and statement of profit or loss (previously the ‘income statement’), as the amendments introduce new terminology for the above named statements and grouping of items in other comprehensive income and associated tax on the basis of whether the items are potentially reclassifiable to profit or loss subsequently.

This publication is organised into two sections:

  • Section A – What’s new for financial reports at December 2012? This section of the publication summarises key changes and topical issues for consideration in preparation of half-year reports at 31 December 2012. This online summary includes additional information on financial reporting considerations, including the impact of carbon pricing.
  • Section B – Model half-year report This section of the publication contains an illustrative half-year report for a fictional company, GAAP Holdings (Australia) Interim Limited. This section is fully book-marked to each main financial statement, and each note to the financial statements.


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