In HandiLedger, to comply with the AIFRS requirements, some reports and Notes to the Financial Statements for affected reporting entities have been added or updated.
The following note was added:
Note 2: First-time Adoption of Australian Equivalents to International Financial Reporting Standards.
This note provides the following:
A reconciliation of equity at the date of transition to AIFRS.
A reconciliation of equity at the end date of the last presented financial report.
A reconciliation of profit and loss reported on the last presented financial report.
For more information on Note 2, refer to Chapter 20, International Financial Reporting Standards in the HandiLedger User Guide.
Updated to comply with the IFRS
Note 1: Statement of Significant Accounting Policies. This note includes a section, 'First time Adoption of Australian Equivalents to International Financial Reporting Standards.
Note 6: Reserves: This note now includes the sub-heading, ‘Nature and purpose of each class of reserve'.
Note 11: Other Financial Assets: The note includes the subheading 'Available for sale financial assets'.
Note 14: Property, Plant and Equipment: Details relating to Impairment losses have been included.
Note 19: Provisions: Disclosure requirements for each class of provision have been included.
Note 22: Remuneration & Retirement Benefits: This note has been updated to disclose the breakdown of the total compensation to key management personnel.
Note 24: Auditors' Remuneration: The note has been updated to disclose a breakdown of the Auditors' Remuneration.
Note 33: Effects of Accounting Policy Changes: This note now includes the text, 'The entity has adopted the following Accounting Standards...'.
Changes to reports
Partners Declaration and Proprietors Declaration have been added for partnerships and sole trader entities.
The first names you enter on the Partners details and Principals' details windows are included on the declaration.
In response to AASB 101: Presentation of financial statements, a fourth primary financial statement, Statement of Changes in Equity has been added.
The Statement of Financial Performance - by Nature and Statement of Financial Performance - by Function reports have been renamed Income Statement - by Nature and Income Statement - by Function.
The reconciliations of Equity and Retained profits have been removed from the Income statements, as this is now disclosed in the Statement of Changes in Equity as per AASB 101.
The Statement of Financial Position is now named Balance Sheet.
A separate line item for Investment Properties has been added to the Balance Sheet.
Updated Accounting Policies for non-reporting entities
Accounting Policies have been updated in line with the latest industry examples. Most of these will now only appear based on postings, so you will no longer have redundant accounting policies in the financial statements.
Updated Auditor’s Reports
Auditor’s Reports have been updated in line with the latest legislation. Self-managed Superfund auditor’s reports have multiple output options for the opinion section based on APRA-recommended wording.
Log in to HandiLedger, then go to Reports, click Flexible Report Writer.
In the Report Writer window, go to File, Open.
In the Select a report window, highlight the required variation and click Select.
Click Close to exit out of Flexible Report Writer.
Updated Revenue and Other Income note in line with IFRS
The Revenue note has been updated to reflect the IFRS format presented in the Statement of Comprehensive Income.