December 2011 Model half-year report
Half-years ending on or after 31 December 2011
Authors: Maybelle Chia and Darryn Rundell, Accounting Technical Group
For entities with June year-ends, the December 2011 half-year reporting season brings minimal changes to the applicable financial reporting requirements.
Since the June 2011 reporting period, the AASB has released a suite of six related standards: AASB 10 'Consolidated Financial Statements', AASB 11 'Joint Arrangements', AASB 12 'Disclosure of Interests in Other Entities', AASB 127 'Separate Financial Statements' (2011) and AASB 128 'Investments in Associates and Joint Ventures' (2011) and AASB 2011-7 'Amendments to Australian Accounting Standards arising from the Consolidation and Joint Arrangements Standards', that aim to improve the accounting requirements for consolidated financial statements, joint arrangements and off balance sheet activities.
However, these new standards, along with the revised AASB 9 (2010), will not have an impact for the 31 December 2011 half-year reports as they are not mandatorily applicable until annual reporting periods beginning on or after 1 January 2013. The mandatory effective date for AASB 9 (2010) has also been proposed to be pushed back from 1 January 2013 to 1 January 2015.
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.
This 'quieter' reporting period provides an opportunity to improve and strengthen your financial reporting procedures, in readiness for the significant future changes that are expected over the coming years.
This publication is organised into 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.
Please contact Deloitte for more information about any of the new or revised pronouncements.