Australia

Details

  • Service: Audit, Financial Statement Audit, Financial Reporting & Accounting Standards
  • Type: Regulatory update
  • Date: 27/03/2014

Example Financial Statements

KPMG's series of illustrative statements to assist with financial statements preparation in accordance with Australian Accounting Standards (AASBs).

Example Public Company Limited: Illustrative Disclosures 2013-2014 

The 2013/2014 reporting period will see a number of new and revised Australian Accounting Standards come into effect, some of which contain significant new disclosures. This is a great opportunity to re-think how you are telling your story. 

This publication has been designed to assist with the current disclosure and presentation of IFRS-based Australian Accounting Standards for the financial years ending 31 December 2013 and 30 June 2014. The What’s new? page and Appendix I will help to determine which requirements are applicable to a period end based on the annual reporting date.

 

It illustrates one possible format for annual financial statements based on a fictitious multinational corporation involved in general business, which is not a first-time adopter of AASBs. With Australia’s close alignment to IFRS, a substantial portion of Example Public Company Limited has been drawn from the illustrative disclosures publication prepared by our international colleagues based on ‘pure’ IFRS.

 

Additional Australian-GAAP specific disclosures and alternative presentation methods that are commonly used in Australia have been illustrated in a separate section just before the main financial statements. A clear cross reference to the Australian section is included on affected international pages. 

Around the corner

This companion publication provides a quick summary of financial reporting and regulatory developments since Example Public Company Limited was last issued.
Around the corner: March 2014 [PDF 117KB]

 

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