Moore Stephens, in conjunction with Thomson Reuters, will shortly be releasing a December 2009 edition of XYZ Model Financial Accounts that will address financial reporting requirements that will be in place for those entities reporting at 31 December 2009.

This edition will also be useful for those June 2010 reporting entities wishing to get a ‘heads up’ on what information they should be capturing for year- end financial reports next year.

There have been some significant changes incorporated into the December 2009 model accounts as a result of recent changes in accounting standards having immediate effect, as well as other standards that have become mandatorily applicable from 1 January 2009. 

XYZ MFA December will include the following features:
  • new checklists for changes in AASB 3, AASB 7, AASB 8, and AASB 101
  • Statement of Comprehensive Income with examples illustrating both the ‘single-statement’ and ‘separate income statement’ approaches
  • inclusion of the ‘third balance sheet’ for entities that have restated or reclassified prior period information
  • new segment reporting disclosures in XYZ Listed Public to reflect application of AASB 8 which replaces AASB 114
  • new disclosures for revised AASB 3 and AASB 127 in XYZ Interim Public Ltd for entities preparing interim financial reports at 31 December 2009
  • latest AASB 7 disclosures reflecting fair value measurement using the new three tier hierarchy classifications
  • guidance on reclassification from liability to equity of certain puttable instruments and certain equity interests in limited life trusts fair view (e.g. significant related party transactions).