2008 Illustrative annual reports
Financial years ending on or after 30 June 2008
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 add clarity on the practical application of the multitude of disclosure requirements contained within current accounting standards. Furthermore, in addition to providing illustrative disclosures we also provide commentary on the application of the pronouncements to assist you in the efficient preparation of a value added report.
This publication illustrates the amendments to s300A of the Corporations Act 2001 relating to remuneration reports, and in Section A discusses changes to the ASX corporate governance principles and recommendations as released during August 2007.
Significant changes in financial reporting that you may be facing for the first time and for which we have included illustrative disclosures include AASB 7 Financial Instruments: Disclosures and AASB 2007-4 Amendments to Australian Accounting Standards arising from ED 151 and Other Amendments.
The impact of adopting AASB 7 may be especially significant depending on an entity’s use and exposure to financial instruments and entities should not underestimate the potential impact of this disclosure standard. Find out more about AASB 7 in Accounting alert 2008/05.
In addition to these changes there are further changes afoot with revised versions of IFRS 3 Business Combinations and IAS 27 Consolidated and Separate Financial Statements released by the International Accounting Standards Board in January 2008 with their Australian equivalents approved for for-profit entities by the Australian Accounting Standards Board in March 2008. We have included commentary on these and other changes in this publication’s section A ‘What’s new in financial reporting?’.
We hope that you find this publication useful.