Model financial statements for the year ended ... - Deloitte

International GAAP Holdings Limited Model financial statements for the year ended 31 December 2017

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International GAAP Holdings Limited | Contents

Contents

About this publication

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Roadmap to the models for Australian entities

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Model financial statements for the year ended

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31 December 2017

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International GAAP Holdings Limited | About this publication

About this publication

Purpose These International GAAP Holdings Limited model financial statements illustrate the presentation and disclosure requirements of IFRSs for the year ended 31 December 2017 by an entity that is not a first-time adopter of IFRSs. They comprise consolidated financial statements which illustrate the impact of the application of IFRSs that are mandatorily effective for the annual period beginning on 1 January 2017. The International GAAP Holdings Limited model financial statements however, do not illustrate all the presentation and disclosure requirements specific to annual reports prepared in Australia. Therefore, we have developed the Australian Financial Reporting Guide to assist users to use these model financial statements in the preparation of general purpose financial reports in Australia in accordance with: Provisions of the Corporations Act 2001 Accounting Standards and Interpretations issued by the Australian Accounting Standards Board Other requirements and guidelines current as at the date of issue, including Australian Securities Exchange (ASX)

Listing Rules, Australian Securities and Investments Commission (ASIC) Class Orders/Corporations Instruments, Regulatory Guides and Media Releases. This publication is designed to be read in conjunction with the Australian financial reporting guide, which is designed to `bring it all together' so that you can understand reporting requirements, ensure compliance and develop your own reporting in line with best practice. The Guide is available at au/models

Limitations This illustration is not designed to meet specific needs of a first-time adopter of Australian Accounting Standards, notfor-profit entities, specialised industries (e.g. life insurance companies, credit unions, etc.) or the specific information needs of any particular special purpose users. Rather, it is intended to illustrate the minimum information to be disclosed in the annual report of a company that is a reporting entity in order to satisfy the reporting requirements of the Corporations Act 2001. Basis of preparation Accounting policy choices For the purposes of presenting the statements of profit or loss and other comprehensive income and cash flows, the alternatives allowed under Australian Accounting Standards for those statements have been illustrated. Preparers should select the alternatives which are most appropriate to their circumstances. Showing `nil' amounts Note that in these model financial statements, we have frequently included line items for which a nil amount is shown, so as to illustrate items that, although not applicable to SPFS Holdings (Australia) Pty Limited, are commonly encountered in practice. This does not mean that we have illustrated all possible disclosures. Nor should it be taken to mean that, in practice, entities are required to display line items for such `nil' amounts. Assumptions As this model does not cover all situations that may be encountered in practice, knowledge of the disclosure provisions of the Corporations Act 2001, Accounting Standards and Interpretations are prerequisites for the preparation of annual reports.

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International GAAP Holdings Limited | About this publication

Source references References to the relevant requirements are provided in the left hand column of each page of this illustration. Where doubt exists as to the appropriate treatment, examination of the source of the disclosure requirement is recommended.

Understanding source references in these model financial statements The source references included in this model financial report generally refer to the international versions of pronouncements, rather than their Australian equivalents. Accordingly: References to "IFRS X" should instead be read as a reference to the Australian equivalent "AASB X" References to "IAS X" should instead be read as a reference to the Australian equivalent "AASB 10X" References to "IFRIC X" should instead be read as a reference to the Australian equivalent "Interpretation X" References to "SIC X" should instead be read as a reference to the Australian equivalent "Interpretation 10X" In addition, a number of additional references have been added which refer to specific requirements that apply to entities applying Tier 2 (RDR) reporting requirements. These references are the Australian standards which contain specific modified requirements apply to these entities.

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International GAAP Holdings Limited | Roadmap to the models for Australian entities

Roadmap to the models for Australian entities

Tier 1 and Tier 2 reports Entities preparing Tier 2 GPFS ? Reduced Disclosure Requirements (RDR) are exempt from some of the disclosure requirements set out in Accounting Standards. The Accounting Standards set out disclosure requirements from which Tier 2 entities are exempt by shading the exempted requirements and adding special `RDR' paragraphs. More information about Tier 2 (RDR) reporting can be found in section 5.3.3 of the Australian Financial Reporting Guide (the `Guide').

This International GAAP Holdings Limited model financial report includes disclosures that apply to Tier 1 general purpose financial statements.

The illustrative disclosures in this publication and the Australian Financial Reporting Guide which are not applicable to Tier 2 general purpose financial statements have been shaded in grey. If an entity applying Tier 2 (RDR) chooses to present additional disclosures, they must be prepared in accordance with the relevant Accounting Standards.

Composition of a financial report The table below outlines the composition of a Tier 1 financial report prepared under the Corporations Act 2001. The table lists the relevant information from both these model financial statements and those additional requirements included in section 10 Illustrative disclosures of the Guide (the second column).

Component

Where to find the example

Considerations

Corporations Act requirements

Directors' report

The Guide (section 10) Entities preparing financial reports under the Corporations Act must provide a directors' report. Listed entities must also include a Remuneration report as part of the directors' report.

Auditor's independence declaration

The Guide (section 10) Entities preparing financial reports under the Corporations Act must include the auditor's independence declaration (see section 6.1.4 of the Guide).

Independent auditor's report The Guide (section 10) Entities preparing financial reports under the Corporations Act must include an independent auditor's report.

Directors' declaration

The Guide (section 10) Entities preparing financial reports under the Corporations Act must include a directors' declaration.

Primary financial statements

Consolidated statement of These financial

profit or loss and other

statements

comprehensive income [Alt 1]

Consolidated statement of

profit or loss [Alt 2]

Consolidated statement of

profit or loss and other

comprehensive income [Alt 2]

Additional guidance on the compilation of the statement can be found in section 6.2.2 of the Guide.

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