Large proprietary companies

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.

This section provides an overview of the financial reports included in the MYOB Masters for a large proprietary company. It is recommended that you review Producing financial reports 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 #Company Large has been provided for both reporting and non-reporting large proprietary companies.

Included in the report #Company Large are:

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

• Directors' report

• Auditor's independence declaration (optional)

• 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

• Directors' declaration

• Audit report or compilation report

• Management reports (optional)

• Detailed profit and loss statement

• Detailed rental statement

• Detailed livestock and farm income statement

• Statement of financial ratio or 5 year trend

• Departmental trading statement.

A large company generally requires an audited set of financial reports. All reports will provide different wording for reporting and non-reporting entities where appropriate. Requirements for disclosure for Notes to Financial Statements also vary slightly and have been catered for by the Masters reports.