MYOB AE MAS/Accounts Reporter release notes—3.5.2 (Australia)

We only provide formats for AASB 9 (Financial Instruments) and AASB 15 (Revenue Contracts with Customers) using the cumulative effect method, which means the comparative information hasn't been restated.

We've added an option to display a AASB 9 or AASB 15 footer at the end of the following reports:

• Statement of profit or loss and other comprehensive income
• Statement of financial position
• Statement of movements in equity.

To apply AASB 9 or AASB 15, go to Non-Transaction Data > Notes > AccountingStandards > AASB9_and_AASB15_Adoption, choose AASB9 or AASB15, and select Yes.

When you roll over your ledgers to the 2020 year, the non-transaction data settings you selected for AASB 9 or AASB 15 will default back to No and the footers will no longer print.

To enter the required information for the Change in accounting policy for AASB 9 (Financial Instruments) and AASB 15 (Revenue Contracts with Customers), go to Non-Transaction Data > Notes > ChangeInAccountingPolicy > ChangeGeneral.

If you haven't already done so, also go to Non-Transaction Data > Notes > AccountingStandards > AccountingStandardsAASB9_and_AASB15_Adoption, choose AASB9 or AASB15 and select Yes. 

We've separated the Revenue and other income accounting policy into two parts: For comparative year and For current year.

For large company and small company reports, the Accounting policy note 1 revenue current year format displays information you enter into the AdoptAASB15Paragraph non-transaction data field for the current year.

For comparative year displays the information from last year.

To enable this functionality:

1. Go to Non-transaction data > Notes > Accounting Standards > AASB9_and_AASB15_Adoption and select Yes.
2. Enter the information into the Non-Transaction Data > Notes > Note1 > Revenue > AdoptAASB15Paragraph.

We’ve added a Revenue from contracts with customers note in the Statement of profit or loss and other comprehensive income and Notes to the financial statements. We've added a chart map and non-transaction data field for populating the new note.

To populate the Revenue from contracts with customers note:

1. Move or add the relevant account code ranges to this chart map folder:
   Chart Map > IncomeStatement for RevenueCustomerContracts.
2. Enter the relevant fields in the following table and use the paragraph field to enter information relating to revenue from contract with customers:
   Non-Transaction Data > Notes for RevenueDisaggregation.

We've added a Contract cost assets and Contract liabilities note in the Statement of financial position. We've added chart maps and non-transaction data fields for populating the new note.

To populate the new notes:

1. Move or add the appropriate account code ranges into the folders for these chart map folders:
   
   • BalanceSheet > Assets > Current > ContractCostAssets.
   • BalanceSheet > Liabilities > Current > ContractLiabilities.
2. Update the paragraph boxes in the following fields.
   
   • Non-transaction data > Notes > ContractAssetsLiabilities > ContractCostAssets.
   • Non-transaction data > Notes > ContractAssetsLiabilities > ContractCostLiabilities.
   The paragraphs will be included in the Contract balances note along with the balances from the new chart map folders. The Statement of financial position displays the account balances with a reference to the note.

We've added a Finance income and expenses note in the Statement of profit or loss and other comprehensive income and Notes to the financial statements. The note number in this section references the Statement of profit or loss and other comprehensive income. We've added a chart map for populating the new note.

To populate the Finance income and expenses note:

To display the paragraph in the new note, the balance cannot be 0 in CM > IncomeStatement > FinanceIncome or CM > IncomeStatement > FinanceExpenses.

1. Enter the account code ranges for any future income in this chart map folder:
   IncomeStatement > Finance Income.
2. Enter finance expenses in this chart map folder:
   IncomeStatement > Finance Costs.
3. Go to Notes > AccountingStandards > AASB9_and_AASB15_Adoption > AASB9_FinancialInstrumentsCondition and select Yes.

The Financial Instruments accounting policy is now broken into two parts: For comparative year and For current year.

For Current Year displays information that you enter in Non-transaction data > Notes > Note1 > FinancialInstrumentsCurrentYear > AdoptAASB9Paragraph.

For comparative year displays the information from last year if there are certain fields with a value in Non-Transaction Data > Notes > FinancialInstruments that have a value, regardless of whether you enable this functionality.

To enable this functionality:

1. Go to Non-Transaction Data > Accounting standard > AASB9_Financial Instruments and select Yes.
2. Then enter the information into the Non-Transaction Data > Notes > Note1 > FinancialInstrumentsCurrentYear.