Deloitte (Australia) has published model financial statements for entities preparing special purpose financial reports under Australian Accounting Standards, for financial years ending on or after 30 June 2013.

Under Australia's existing differential reporting framework, entities which are not considered "reporting entities" are not required to comply will the majority of Australian Accounting Standards, but can choose to do so.  However, entities preparing special purpose financial statements under the Corporations Act 2001 generally apply the recognition and measurement requirements of all accounting standards, but do not generally comply with the disclosure requirements of those standards.

This publication is organised into three 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, SPFS Holdings (Australia) Pty Limited
• Section C – 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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