Out Of This World Model Financial Statements 2020

No account has been taken of any new developments after 30 September 2020.

Model financial statements 2020. And an overview of new and revised SFRSIs that. Pages 6 to 7 of the model financial statements highlight the main updates since they were previously published in 2017. We have audited the consolidated financial statements of Name of the Company and its subsidiaries the Group which comprise the consolidated statement of financial position as at 31 December 2020 and the consolidated statements of profit or loss and other comprehensive.

Includes commentary and appendices with illustrative financial statements relating to specific industry sectors or accounting standards. This year we have included additional commentary and considerations on Covid-19 disclosures. The reporting periods ending 31 December 2020 and 30 June 2021 represent an opportunity for most Australian entities to take stock of their financial statements after a frenzied period of significant change ensuring financial reports accurately reflect the requirements of AASB 16 Leases AASB 15 Revenue from Contracts with Customers AASB 9 Financial Instruments and Interpretation 12.

December 2019 model financial statements for June 2020 These model financial statements in conjunction with the Australian financial reporting guide contain complete illustrative disclosures for companies preparing general purpose financial statements in full compliance with Australian Accounting Standards as at 30 June 2020. The Local Government Act 1999 at section 127 requires that a Council must prepare financial statements. SOUTH AUSTRALIA MODEL FINANCIAL STATEMENTS 2020 INTRODUCTION These Model Financial Statements have been prepared for the Local Government Association of South Australia LGA under the technical guidance of the SA Local Government Financial Management Group Inc.

The Example Financial Statements have been updated to reflect changes in IFRSs that are effective for the year ending 31 December 2020. Explore our IFRS Example consolidated financial statements 2020. The financial statements are prepared in accordance with International Financial Reporting Standards.

This 2021 update is the first government department model financial statements we have published since PBE IFRS 9 Financial Instruments and PBE IPSAS 39 Employee Benefits were adopted in the financial statements of the Government in 2019 and 2020. The model financial statements illustrate the impact of the application of the amendments to IFRS Standards that were issued on or before 31 July 2020 and are mandatorily effective for the annual period beginning on 1 January 2020. Prominent accounting and auditing firms have recently published the latest versions of their 2020 illustrative financial statements along with guidance on COVID-19 related disclosures and accounting implications.

The International Accounting Standards Board has completed its project on the financial reporting impacts arising from the global interest rate benchmark reforms IBOR reform in 2020. These illustrative financial statements are prepared in accordance with IFRS issued as at 30 June 2020 and effective for annual periods beginning on 1 January 2020. Public Finance Amendment Act 2020.