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Model financial statements — Financial years ending on or after 30 June 2013

Published on: 05 Apr 2013

These model financial statements from Deloitte (Australia) are designed to assist Australian entities in meeting financial reporting obligations, particularly the preparation of the annual financial statements for the June 2013 reporting season.

2013 is a crucial year from the point of view of new accounting changes that 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
  • INT 20 Stripping Costs in the Production Phase of a Surface Mine

For most Australian companies with June year-ends, it would mean that the first time application of the above listed standards/interpretations will be for the year ending 30 June 2014 with comparatives required for 30 June 2013. For companies with December year-ends, the new changes have to be accounted for in their interim June 2013 reporting. It is imperative that entities understand, assess and ensure that relevant policies and functionalities are in place to implement and comply with the changes.

New and amended reporting requirements that must be applied for the first time for the June 2013 year-end include:

  • Amendment to AASB 112 Income taxes, that may affect measurement of deferred taxes in relation to investment properties (fair value model), as the amendments establish a rebuttable presumption that the carrying amount of an investment property will be recovered entirely through sale
  • Amendments regarding the presentation of items of other comprehensive income (OCI) with the requirement to split items of OCI (and tax thereon) between those that will or will not be recycled to profit or loss

This publication is organised into four sections:

  • Section A – What’s new for financial reports at June 2013?
    This section of the publication summarises key changes and topical issues for consideration in preparation of annual reports at 30 June 2013
  • 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.

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