December 2009 Illustrative half-year report
Half-years ending on or after 31 December 2009
For entities with June year-ends, the December 2009 half-year reporting season heralds the beginning of the 'next wave of IFRS'. While there are numerous changes that will have a substantial impact on half-year financial reports, the most immediately noticeable changes however will be to the form and content of the half-year report - the changes to the presentation of the financial statements (including a mandatory statement of changes in equity) and the more extensive segment reporting information illustrated in Section C of our publication.
This publication is organised into four sections:
- Section A - What's new for financial reports at December 2009?
This section of the publication summarises key changes and topical issues for consideration in preparation of half-year reports at 31 December 2009.
- Section B - Interim reporting guide
This section of the publication discusses the interim reporting requirements for Australian entities, and the requirements of AASB 134 Interim Financial Reporting.
- Section C - Illustrative half-year report
This section of the publication contains an illustrative half-year report for a fictional company Elucidation Interim Limited, including illustration of the new financial statements and segment disclosures required in accordance with AASB 134 Interim Financial Reporting, as amended through the consequential amendments resulting from AASB 101 Presentation of Financial Statements (2007) and AASB 8 Segment Reporting. In addition, the adoption of revised AASB 3 Business Combinations and AASB 127 Consolidated and Separate Financial Statements is illustrated.
- Section D - Presentation and disclosure checklist
For users' convenience, we have summarised the presentation and disclosure requirements of AASB 134 Interim Financial Reporting.
Please contact Deloitte for more information about any of the new or revised pronouncements.