Grant Thornton produces example financial statements to illustrate the application of the requirements in Australian Accounting Standards (AASBs) and International Financial Reporting Standards (IFRSs).
The reporting period ending 30 June 2019 represents a major change for many Australian entities due to the first time application of a number of new major accounting standards. AASB 15 Revenue from Contracts with Customers and AASB 9 Financial Instruments apply for the first time to annual reporting period ending 30 June 2019 for (for-profit) entities with a June financial year end. In addition, AASB 16 Leases applies for the first time to interim periods ending on 30 June 2019. These new requirements introduce significant complexities and challenges for Australian entities.
To assist Australian entities navigate through these challenges, we have produced a set of interim financial statements for the period ending 30 June 2019, illustrating the application of AASB 16 (which is identical to its international equivalent, IFRS 16 Leases). While this set of example financial statements is IFRS-based, it equally applies in the Australian context as the Australian requirements for interim financial reporting (AASB 134 Interim Financial Reporting) are identical to the IFRS requirements (IAS 34 Interim Financial Reporting).
If you would like to access our example financial statements illustrating the first time application of AASB 15 and AASB 9 to a full year period, please refer to our 31 December 2018 edition of example financial statements in the section below. Note that AASB 15 only applies to not-for-profit entities from 1 January 2019. Accordingly, our 31 December 2018 not-for-profit example financial statements have not illustrated the first time adoption of AASB 15.
Example Financial Statements for half-year 30 June 2019 and financial year end 31 December 2019:
