Model half-year report – Half-years ending on or after 31 December 2011
Deloitte (Australia) has published its model financial statements for the half-years ending 31 December 2011.
Among the mandatory financial reporting requirements for the December 2011 half-year end, the amendments made to AASB 134 Interim Financial Reporting as a result of AASB 2010-4 Amendments to Australian Accounting Standards arising from the Annual Improvements Project is the noteworthy amendment that may result in disclosure changes in the 31 December 2011 half-year reports. These amendments emphases the disclosure principles in AASB 134 that disclosure is required of significant events and transactions and adds additional examples of events that would require disclosure.
The publication is organised in two sections:
- Section A – What’s new for financial reports at December 2011? This section of the publication summarises key changes and topical issues for consideration in preparation of half-year reports at 31 December 2011
- 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.