Incorporated associations

Accountants Enterprise in Australia only

Changes in statutory and legislative requirements may arise throughout the year. Although these sample accounts are correct at the time of printing, it is important to review and add to or alter accounts to meet any change in requirements.

Associations are set up as a company entity. DB.#EntityDetails.ClientDetails contains different selections applicable for Association i.e., entity, type, state of incorporation.

This section provides an overview of the financial reports included in the MYOB Masters for an incorporated association. It is recommended that you review Producing financial reports on page 12 for general information that applies to producing financial reports for all entity types.

Financial reports must be thoroughly checked after printing to ensure that correct and full disclosure has been made and that the wording in all reports is appropriate for the client's circumstances.

A set of financial reports #Associations has been provided for both reporting and non-reporting associations.

Included in the report #Association are:

• Cover page and contents page (where the cover page is optional)

• Committee’sreport

• Income statement or Statement of comprehensive income

• Balance sheet 

• Statement of changes in equity (optional)

• Statement of cash flows (optional)

• Statement of significant accounting policies Note 1

• First time adoption of AIFRS (optional)

• Notes to the financial statements

• Statement by members of the committee

• Audit report or compilation report

• Certificatebymembersofthecommittee

• Income statement 

• Detailed profit and loss statement (optional).

With the selection of the Detailed Profit and Loss Statement i.e., DB.#EntityDetails.ReportingExtraDetails.DetailedProfitAndLossOptions = “Yes“, the standard Detailed Profit and Loss Statement – Compliance Standard will print for incorporated associations regardless of the value entered for DB.#EntityDetails.ReportingExtraDetails.AdditionalProfitAndLossStatement.

#Association - reporting

#Association Reporting differs from #Association Non Reporting in that Association Income and Expenditure Statement will print after the Certificate of Members of the Committee.

Committee’s report

Details must be entered in DB.Association.OtherReports.CommitteesReport.

If the association has net profit / loss after income tax, i.e., CM.ProfitandLoss.Profit.NPAT<>0, it will be printed as the operating result for the association.

Details of all committee members must be entered in DB.Association.OtherReports.CommitteeMembers.

Every member of the committee will need to sign this report.

Statement by members of the committee

The Statement by Members of the Committee Report will need to be signed by the president and treasurer, whose details can be entered in DB.Association.OtherReports.StateByCommittee. The date the report is to be signed comes from DB.Association.OtherReports.CertificateByCommittee.

Certificate by members of the committee

A maximum of two committee members can be nominated to sign the Certificate by Members of the Committee Report. Details of the committee members and the date the certificate is to be signed must be entered in DB.Association.OtherReports.CertificateByCommittee.