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Newsletter And Financial Statements

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Discuss about The regulatory environment and financial reportin and Analysis of financial statement.


The regulatory environment and financial reporting

We are pleased to present the newsletter to you, which bring forth the current development in financial sector and other associated updates.  The outsourcing function is a trending phenomenon that has been currently catching pace with different business function like accounting HR, finance, IT roles, customer-oriented services and a lot more. As a consequence the presentation of major key function is also assigned by companies to a third party service administrator. Discussing and drawing lights on the above subject and other essential associated topic have been elaborated below:

Current Jurisdictive Instruments

Wholly Owned Companies (ASIC Instrument 2016/785)

As per the Corporation Act 2001 part 2M.3, it is mandatory for companies (other than small proprietary entities) to reveal the information regarding entities and listed investment schemes and the same shall be organized and stated in the Auditor’s report, Director’s report, Income & Expenditure statements, Balance sheet and all other financial statement. The wholly owned companies are relieved from signing of contract with holding entity or any other contract delivering cross guarantees and also this act satisfies any other prescribed clauses as well. For any other subsequent information acknowledging details regarding wholly owned entities the Australian Financial Reporting Manual can be studied.

Proprietary Entities Audit (ASIC Instrument 2016/784)

According to ASIC Instrument 2016/784 CO 98/1417 has been amended but with minor alterations.

Wherein the management of large proprietary entity or any undersized proprietary entity is done by an overseas corporation it is obligatory for them to lodge and get it in order with ASIC in Director’s Report, Auditors Report and other financial statements within four months period. As per the Corporation Act 2001, section S319 (3), the four-month period shall begin from the closure of accounting year of the entity.

AASB 112 (Australia Accounting Standard Board)

The Assessment of Unrealistic losses for computation of Deferred Tax Assets has been altered to AASB 112 of Income Tax Act (July 2004) and AASB 112 Income Taxes (August 2015) for stating the assessment of unrealized losses in deferred tax assets on the debt instruments which is being computed at the fair value. Inclusion has been made in paragraph 27A, 29A and 98H and alteration to paragraph 29. This standard is significant for that computation relevant to FY on or after 1st Jan 2017. The further details of the same can be seen on

Amendment to the AASB 9 in relation to financial instruments and AASB 15 gains from contracts with customers

As per the Standardized authority-executing assistance for NPO (not-for-profit organization) into AASB 15 and AASB 9 is mandate. The guidance served shall assist NPO in applying standards towards the specified transactions or any other events. The amendment in AASB 9 shall signify the foremost measurement and delivering of non-contractual receivables occurring as a result of statutory requirement. It includes rates, taxation and overall charges. Moreover the amendment to AASB 15 is indicative of the accounting in association with the customers a) recognizing the contract with customer b) recognizing performance obligation c) allocation of transacting amount to performance obligation. The standard is applicable on or after 1 January 2019 but maybe applicable on any previous date as well.


AASB 101

In accordance with the provisions of AASB 101, companies are required to prepare their financial statements by considering guidelines of general purpose financial statements. By complying this standard, thecompany will be in aposition to ensure that financial statements are inter and intra comparable (Cameron, 2014). Provision of this standard specifies standards and format for the preparations of financial statements. Further, it covers description linked to acknowledgement, therevelation of accounting information and calculations of accounting transactions and related aspects.

 Analysis of financial statement of KoolKlothes Ltd as at 30th June 2016

By considering the asset side of balance sheet, it can be noticed that all assets are in accordance with the provisions of AASB 101 except recording of investment in listed shares, intangible assets and Plant, Property and Equipment. It is because; Para 68A of AASB 101 states that plant and property are required to be shown at net carried value on assets side and notes to account should be provided for detailed description but same has not been followed by thecompany. Trainee accountant has made themistake that accumulated depreciation is shown in liabilities side which is not as per AASB 101. Para 68C of AASB 101 shows that intangible assets are required to be shown separately and not to be clubbed with other assets (Henderson, S., Peirson, G., &Howieson). Advertisement costs shown on thebalance sheet is part of theincome statement as it is an expense instead of capital expenditure. The Same provision has been cited in Para 88 of AASB 101.

The liability side of balance sheet shows that disclosure of provisions has been provided on anindividual basis which is not correct as it is to be shown under asingle head. Expenses covered under AASB 137 can be adjusted in against of related compensation (Carey, Potter&Tanewski, 2014). An example of such expenses is amount reimbursed undersupplier’s warranty contract. In addition to this, provisions related to warranty should be reduced from account balance, and net value should be disclosed, but the same has not been followed. It shows clear contradiction of Para 68(k) of AASB 101. Another problem is an incorrect presentation of retained earnings. As per Para 68 (p), retained earnings should be shown under the column of equity, but in the presentcase, it is shown under liabilities side.

Provisions of doubtful debt are shown by reducing the amount from account receivables, but in the presentcase, it is shown in liabilities which shows incorrect representation. Another mistake is in the presentation of Current and Deferred Tax liabilities as it is not presented on the basis of nature of the account.

By considering the above analysis, it can be noticed that prepared financial statements by trainee accountant are not as per provisions of AASB 101. Thus, trainee accountant is required to improve their understanding of accounting provisions and make above-described changes to provide financial reports as per the guidelines of the general purpose of financial statements.



Alam, Z., & Rashid, K. (2014). Corporate financial reporting on the internet: A survey of websites of listed companies in Pakistan. IUP Journal of Corporate Governance, 13(3), 17.

Birt, J., Rankin, M., & Song, C. L. (2013). Derivatives use and financial instrument disclosure in the extractives industry. Accounting & Finance, 53(1), 55-83.

Cameron, R. A. (2014). Applying the Materiality Concept: The Case of Abnormal Items.Cengage learning.

Carey, P., Potter, B., &Tanewski, G. (2014). Application of the reporting entity concept in Australia. Abacus, 50(4), 460-489.

English, D. M., & Schooley, D. K. (2014). The Evolution of Sustainablty Reporting. The CPA Journal, 84(3), 26.

Henderson, S., Peirson, G., &Howieson, B. (2015). Issues in financial accounting. Pearson Higher Education AU.


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