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June 2012 Illustrative Special Purpose Financial Statements

Financial years ending on or after 30 June 2012


June 2012 Illustrative annual reports

This publication is a key tool to assist you in meeting your financial reporting obligations, particularly the preparation of the special purpose annual financial statements. Our objective in this publication is to assist you as you respond to changes to financial reporting requirements for the June 2012 reporting season.

The Australian economy in general is growing at a moderate pace, although the conditions vary significantly across different sectors.  
The global economy is still on uncertain grounds and Europe’s financial markets bear close watching. In today’s world, it is unlikely that the Australian economy will be fully immune to the volatility arising from the impacts of sovereign debt and the banking problems in Europe. A wide range of impacts for financial reporting might need to be considered – including impairment (as well as the possibility of reversals of previous impairment losses in some cases), fair value determination (for tangible, intangible and financial assets as appropriate), provisions and contingencies. On top of the recognition and measurement requirements, there is an ever growing list of disclosure requirements to consider.

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.

This publication is organised into three 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 special purpose financial reports at 30 June 2012.


  • Section B – Model special purpose annual report
    This section of the publication contains an illustrative special purpose 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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