Companies have various reporting requirements to meet subject to a range of regulations and necessities. How a set of financial accounts/reports are presented and prepared is usually determined by applying the Australian Accounting Standards, as produced by the Australian Accounting Standards Board (“AASB”). These standards are now amended to accommodate the necessity to be able to produce accounts by applying common standards from around the world and the current AASB’s have an equivalent International Financial Reporting Standard (“IFRS”). Generally there are two type of financial reports that can be produced by a business. These being:
Special Purpose Financial Statements
These reports can be prepare in virtually any format that the business requires or desires them to be in. Generally as a minimum they will be made up of a Profit and Loss Account and a Balance Sheet, however they may contain varying degrees of other reporting requirements as established by the directors/owners/members. These are the type of reports that are prepared by most SME’s.
General Purpose Financial Statements (GPFS)
These reports are prepared by applying the AASB’s and will generally follow a specified format although there still remains some ability to vary this. These reports are prepared by entities as determined under the Corporations Act and the application of the Statement of Accounting Concepts (SAC) 1 and 2.
For financial years beginning on or after 1 July 2021, certain for-profit private sector entities must prepare GPFS, this can also mean changes to your accounting so that you comply with the relevant applicable accounting standards. We prepare prepare GPFS and deal with auditors for the following companies:
ASX Listed Entities
Not For Profit
Unlisted Public Companies
We are able to prepare consolidations as well as translate and consolidate foreign subsidiaries, and prepare all of the relevant notes and workings required.
Do you need help with preparing General Purpose Financial Statements? Get in touch with Kelly.