This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.

Bookmark Email Print page

December 2012 Model half-year report

Half-years ending on or after 31 December 2012


DOWNLOAD  

Author: Maybelle Chia and Darryn Rundell, Accounting Technical Group

December 2012 Model half-year report 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. Another key risk is the rate of growth in China, as close trade linkages and excessive sensitivity to commodity prices suggest that the Australian economy may see some discomfort as a result of economic slowdown in China.

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 half-year 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 and, leases, including extensive disclosure requirements.

However, there will still be some new and amended reporting requirements that must be applied for the first time this December 2012 half-year, including:

  • 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; and
  • Amendment to AASB 101 ‘Presentation of Financial Statements’, that may affect the presentation and disclosure of the statement of profit or loss and other comprehensive income (previously the ‘statement of comprehensive income’) and statement of profit or loss (previously the ‘income statement’), as the amendments introduce new terminology for the above named statements and grouping of items in other comprehensive income and associated tax on the basis of whether the items are potentially reclassifiable to profit or loss subsequently.

This publication is organised into two sections:

  • Section A – What’s new for financial reports at December 2012?
    This section of the publication summarises key changes and topical issues for consideration in preparation of half-year reports at 31 December 2012. The information in this section is updated throughout the reporting season in our ‘What’s new’ summary, available at WhatsNew website. This online summary includes additional information on financial reporting considerations, including the impact of carbon pricing.

  • 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.

Related links

Share

 
Follow us



 

Talk to us