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Simplified Disclosures focus sessionSimplified Disclosures focus session
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)
- 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
- 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.