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Junior Member
Group: Forum Members
Last Login: 6/06/2007 7:56:24 PM
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Please look into reclassifying your P&L and BS into the format recommended by AAS25 and its recent Exposure Draft.This should entail only recalssifying and renaming the P/L as Statement of Changes in Net Assets and the BS as Statement on Net Assets. All the necesary info is there.
It would also be great if you could introduce an Income Tax reconciliation between Primas Facie @ 15% and the IT expense in the P/L ( Statement of Changes in Net Assets.
The reports will then comply and not have to be restated.
Thank you
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MySF Administrator
Group: Administrators
Last Login: Yesterday @ 11:32:15 PM
Posts: 133,
Visits: 636
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We will look into the changes you suggest.
The new exposure draft does include the statement
4.3.1 A number of superannuation funds may not meet the definition of a reporting entity and therefore may choose to prepare special purpose financial reports. Such funds would typically include Self Managed Superannuation Funds which are supervised by the Australian Taxation Office and small superannuation funds regulated by APRA.
Also we expect that in many cases SMSFs are operating on a cash basis rather than a full accrual basis as is required under the following section
4.2.3 This Standard requires that general purpose financial reports of superannuation funds are prepared in accordance with the accrual basis of accounting and establishes financial reporting requirements which must be dealt with in those reports which will enhance the relevance and reliability, and therefore usefulness, of those reports.
Regards
MySF
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Junior Member
Group: Forum Members
Last Login: 6/06/2007 7:56:24 PM
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I agree that SMSF's would probably want to minimise reporting and account on a cash basis. However at the back of EDAAS25 you will also see a Special Purpose report which is mostly in line with the layout in the Net AssetMovement/Position reports. I don't see any problem if they are also on a cash basis.
Perhaps you can look into a report called AAS25 Reporting and just reclassify the accounts and balances to their format.
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MySF Administrator
Group: Administrators
Last Login: Yesterday @ 11:32:15 PM
Posts: 133,
Visits: 636
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We will take your thoughts on board and see if we can satisfy the requirement.
Thanks for the suggestion
Regards
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