Introduction

  • List all the entities (including the parent entity) that are parties to the deed of cross guarantee

Population of descriptions

  • Apart from the subtotal descriptions which are automatically calculated from options selected in the Report options cog, the descriptions are linked to the note names, chart of accounts descriptions or edited descriptions in the primary statements, as the software is designed to edit in 'one place' to maintain consistency throughout the report
  • Descriptions should be edited in the originating place
  • If certain rows used in this note do not appear in the primary statements, use an unused note or description

Numbers substantially the same

Where the 'Closed Group' and consolidated entity are substantially the same and disclosing the statements is not desired, leave the statements blank and the following wording will automatically populate:

The statement of profit or loss and other comprehensive income and statement of financial position are substantially the same as the consolidated entity and therefore have not been separately disclosed.

No differentiation between 'continuing' and 'discontinued' operations

  • The 'Deed of cross guarantee' note complies with ASIC Corporations Instrument 2016/785 and there is no differentiation between 'continuing' and 'discontinued' operations, unlike the requirements for the primary statement of profit or loss and other comprehensive income

Population of numbers

Numbers must be input manually.

To calculate the numbers using the subconsolidation feature:

  • Click Home > Entity setup
  • Tick the box in subconsolidation column to select the divisions to include in the subconsolidation
  • Post any adjustments (such as eliminations) in Chart of accounts
  • Output the Audit Trail - Subconsolidation (Excel) in Outputs
  • Use the file to manually input the numbers in the Deed of cross guarantee note