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)

• 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.

#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.