to the PRIMA Forms of Financial Statements for 2017-18
Audience This Summary of Significant Changes is intended to assist all users of the PRIMA Forms of Financial Statements (PRIMA Forms).
The purpose of this document is to provide entities with an overview of the significant changes to the PRIMA Forms arising from changes to legislation, accounting standards or policy decisions. The changes apply for 2017-18 financial statements.
Overview
Tiered reporting under the Australian Accounting Standards (AAS) from 2016-17 will continue be applied for general-purpose financial statements for reporting entities in 2017-18. The Financial Reporting Rule (FRR) has been amended by a minor change to the description of additional disclosure required for some “Tier 2 plus” entities. However, the disclosures are unlikely to change.
The PRIMA model demonstrates the most common disclosures and presentation affecting entities. There are two separate sets of PRIMA forms to demonstrate tiered reporting requirements (Tier 1, full disclosure; or Tier 2, Reduced Disclosure Requirements).
The key principle of PRIMA is to include disclosures in PRIMA that are required by most AAS or the FRR. PRIMA continues to be guidance only – so entities have the opportunity to customise disclosures (provided they still comply with AAS and FRR) – this includes the sequence of notes.
Changes applying to both Tier 1 reporting entities and Tier 2 reporting entities
Statement/Note
PRIMA reference
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Change for 2017-18
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Overview
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Breach of Section 83 of the Constitution – disclosure would only be required if it was considered that there was high risk of/ or actual breach for the reporting period.
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Statement of Comprehensive Income
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Total comprehensive income/ (loss) is to be disclosed as required by AASB 101.81A(C).
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Note 6.3 Related Party Disclosures
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Comparatives of related party transactions are required for 2017-18 by ASSB 124 as 2016-17 was the first year of application.
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