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Simplified Disclosures focus sessionSimplified Disclosures focus session

 

 


Simplified Disclosures

Please follow the below steps to convert to Simplified Disclosures:

  • Roll forward the prior year report
  • Click Report options > Setup
  • Change the Basis of preparation from either RDR or Special Purpose to Simplified Disclosures, for instance to 'Proprietary Company - Annual Simplified Disclosures'
  • In Accounting policies note, under New or amended Accounting Standards and Interpretations adopted, turn on the text blocks for Conceptual Framework and AASB 1060
  • Update for the new disclosures, as required (see below)

From Special Purpose (download the conversion booklet):

  • Disaggregation of revenue
  • Short-term and low-value assets lease payments
  • Income tax breakdowns (income tax expense, deferred tax asset and deferred tax liability)
  • Investment properties - reconciliation, valuations and lessor commitments
  • Land and buildings - valuations
  • Reconciliations (such as plant and equipment, intangibles and provisions; for the current period only)
  • Right-of-use assets - additions during the period and details of agreements
  • Descriptions of hedges and nature of risks being hedged
  • Borrowings information (total secured liabilities, assets pledged as security, financing arrangements and terms and conditions of long term debt)
  • Lease liabilities - future lease payments
  • Provisions - descriptions
  • Key management personnel disclosures (aggregate compensation)
  • Contingent assets
  • Contingent liabilities
  • Capital commitments
  • Related party transactions
  • Business combinations
  • Interests in subsidiaries
  • Interests in associates

From RDR (download the conversion booklet):

  • General information (registered office and principal place of business)
  • Short-term and low-value assets lease payments
  • Descriptions of hedges and nature of risks being hedged
  • Borrowings - terms and conditions of long-term debt
  • Lease liabilities - future lease payments
  • Franking credits
  • Remuneration of auditors
  • Business combinations - qualitative description for goodwill
  • Interests in subsidiaries - significant restrictions
  • Share-based payments

There are two other booklets available:

  • General Purpose to Simplified Disclosures financial statements (download the conversion booklet)
  • Simplified Disclosures to General Purpose financial statements (download the conversion booklet)

Simplified Disclosures examples are available under Examples.