Model half-year financial report — Half-years ending on or after 31 December 2013

Published on: 17 Dec 2013

Deloitte Australia has released model financial statements for half-years ending 31 December 2013.

December 2013 financial reporting will see application of new standards in some major areas like consolidation, joint arrangements, fair value measurements, and employee benefits, including extensive disclosure requirements.

Some of the new standards/interpretations with a mandatory effective date of 1 January 2013 are:

  • AASB 10 Consolidated Financial Statements
  • AASB 11 Joint Arrangements
  • AASB 12 Disclosure of Interests in Other Entities
  • AASB 13 Fair Value Measurements
  • AASB 119 (2011) Employee Benefits
  • AASB 127 (2011) Separate Financial Statements
  • AASB 128 (2011) Investments in Associates and Joint Ventures
  • Interpretation 20 Stripping Costs in the Production Phase of a Surface Mine

It is imperative that entities understand, assess and ensure that relevant policies and functionalities are in place to implement and comply with the changes.

In addition to the above list of major accounting standards, other new and amended reporting requirements that must be applied for the first time for the December 2013 half-year including:

  • Amendments to AASB 7 Financial Instruments: Disclosures regarding rights of offset and related arrangements (such as collateral posting requirements) for financial instruments under an enforceable master netting agreement or similar arrangement
  • Amendments to Australian Accounting Standards arising from Annual Improvements 2009–2011 Cycle, that includes clarification of the requirements for comparative information (AASB 101 Presentation of Financial Statements), classification of servicing equipment (AASB 116 Property Plant and Equipment), and tax effect of the distribution to holders of equity instruments (AASB 132 Financial Instruments: Presentation).

This publication is organised into two sections:

  • Section A – What’s new for financial reports at December 2013?
    This section of the publication summarises key changes and topical issues for consideration in preparation of half-year reports at 31 December 2013
  • 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.


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