In preparation for the upcoming financial reporting season, knowing how to apply accounting standards before year end is increasingly important and essential to ensure a smooth year end and audit process.
The 2011 XYZ Model Financial Accounts Workbook provides practical guidance in applying the requirements of Australian Accounting Standards. This Workbook can be used in conjunction with the XYZ Model Financial Accounts 2011 product suite as a reference guide in understanding how to apply the measurement and recognition requirements for common accounting scenarios.
The Workbook identifies key issues arising from Australian Accounting Standards in a simplified and easy-to-use manner. It covers the issues and background to specific topics and provides practical examples with journal entries, calculations and extract disclosure.
New topics covered in 2011
- Operating segments – identification of operating segments
- Grant income – accounting treatment of government grant income
- Statement of cash flows – practical guidance on how to prepare a statement of cash flows
- Related parties – how to identify related parties under the new related party accounting standard.
The Workbook also considers recent developments in financial reporting and amendments to Australian Accounting Standards that are not yet effective such as AASB 9: Financial Instruments.
Some of the topics covered in the Workbook include the following:
- Deferred Revenues (Including Customer Loyalty Programs)
- Amortised Cost – Effective Interest Rate Methodology
- Finance Leases and Tax-effect Accounting
- Tax Consolidation Accounting
- Impairment of Assets: Goodwill, Revaluations and Cash-generating Units
- Foreign Currency Consolidation
- Capitalised Interest Calculations
- Earnings per Share
- AASB 3: Business Combinations (March 2008)
- Group Restructuring – Interposing a New Head Entity
- Reverse Acquisitions
- Joint Venture Consolidation
- Distributions of Non-cash Assets to Owners – AASB Interpretation 17
- Straight-lining of Operating Lease Expenditure and Income
- Lease Incentives
- Share-based Payments
- Group and Treasury Share Transactions
- Events after the Reporting Period
- Puttable Financial Instruments and Obligations Arising on Liquidation
For more information go to the Thomson Reuters website by clicking on the following link: http://www.thomsonreuters.com.au/catalogue/ProductDetails.asp?ID=563.