Accountants Enterprise in Australia only
Changes in statutory and legislative requirements may arise throughout the year. 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.
This section provides an overview of the financial reports included in the MYOB Masters for a small proprietary company. 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.
The Masters take the view of the implementation standard of AASB 101: Presentation of Financial Statements. This presentation has been applied consistently to small reporting and all non-compliance reports, thus allowing the opportunity for the preparation of the financial reports in a format that suits you.
Two sets of financial reports have been provided for small proprietary companies:
#Company Small (reporting or non-reporting)
#Company Non-Compliance all Balance Sheet Notes.
Included in the report #Company Small are:
Cover page and contents page (where the cover page is optional)
Auditor’s independence declaration (optional)
Statement of changes in equity (optional)
Statement of cash flows (optional)
First time adoption of AIFRS (optional)
Management reports (optional)
#Company Non Compliance all Balance Sheet Notes is based on small non-reporting requirements with the production of a separate note for each balance sheet category.
All reports will provide different text for reporting and non-reporting entities where appropriate, with word changes for plural and singular where applicable. Disclosure requirements for Notes to Financial Statements vary slightly and have been catered for by the Masters reports.