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June 2013 Illustrative Special Purpose Financial Statements

Financial years ending on or after 30 June 2013


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