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Model half-year report for Managed Investment Schemes

Half years ending on or after 31 December 2011


Author: Avi Zaacks and Neil Brown, Assurance & Advisory

Model half-year report for Managed investment schemesThe Model Half-Year Report for Managed Investment Schemes has been designed by Deloitte Touche Tohmatsu to assist clients, partners and staff with the preparation of half year financial reports for a managed investment scheme in accordance with Australian Accounting Standards.

This publication is organised into two sections:

  • Section A – What’s new in financial reporting
    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 annual report
    This section of the publication contains an illustrative half-year report for a fictional managed investment scheme that presents consolidated financial statements.

The Model Half-Year Report for Managed Investment Schemes is not designed to meet all the needs of specialised managed investment schemes, rather it is intended to meet the needs of the vast majority of schemes in complying with the half-year reporting requirements under Australian Accounting Standards and the Corporations Act 2001.

For managed investment schemes 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),
  • 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',

These standards 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.
Australia’s adoption of International Financial Reporting Standards (IFRS) has increased the complexity faced by responsible entities in preparing financial reports for schemes, and there continues to be debate around the application of IFRS and Australian Accounting Standards. Where such complexities arise, we welcome your call to provide advice and assistance.

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