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Model financial statements — Financial years ending on or after 30 June 2012

Published on: 23 Apr 2012

This publication from Deloitte (Australia) illustrates disclosures required in annual financial statements under Australian Accounting Standards and related Australian reporting requirements, for financial years ending on or after 30 June 2012.

From the point of view of new accounting changes, the current 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, leases, including extensive disclosure requirements.

However, there will still be some new and amended reporting requirements that must be applied for the first time this year, including those in relation to:

  • Related party disclosures
  • Significant events and transactions disclosures in interim financial reports
  • Clarification on financial instruments’ disclosures related to credit risk
  • Additional disclosures on transfer of financial assets
  • Clarification on customer loyalty program ‘award credits’
  • Some disclosure relief as a consequence of Trans-Tasman convergence project

This publication is organised into four sections:

  • Section A – What’s new for financial reports at June 2012?
    This section of the publication summarises key changes and topical issues for consideration in preparation of annual reports at 30 June 2012
  • Section B – Model annual report
    This section of the publication contains an illustrative annual report for a fictional company, GAAP Holdings (Australia) Limited
  • Section C – Model concise report
    This section of the publication contains an illustrative concise report for a fictional company, GAAP Holdings (Australia) Limited
  • Section D – Reporting obligations
    This section contains useful information on the requirements to prepare, audit and lodge financial statements, as well as reporting deadlines.

The four sections can be downloaded as a zip file below.  This publication is also available on the Deloitte (Australia) website.

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