How to prepare an 18 Month period Financial Statement

How to prepare an 18 Month period Financial Statement

Prior year: 12 months ending 30 June XXXX
Current year: 18 months ending 31 December XXXX 

If there is a change in the entity's reporting date like shown above, there are three primary areas to set: 
a. CaseWare file Setup
b. Leadsheets / Automatic Documents
c. Financial Statements reporting setup and modification

1. CaseWare file Setup
The Engagement Properties year-end date needs to be set to the current period end date (in this example it is for the 18 months ended 31st December). This will ensure that all the page headings in the Financial Statements display the correct date.

2. Leadsheets / Automatic Documents
The leadsheets will not have correct prior year headings. Add the following heading within the leadsheet.
Right click on the leadsheets, and select Properties. 
Go to the Headings tab, and add additional header text (e.g. Current year balance are for an 18 month period).

3. Financial Statements reporting setup and modification
Update the headers
From the ribbon select the context sensitive Statement setup tab | in the Headers and Footers group > Text.
The Header/Footer Text dialogue will open, in ‘Text before date’ type “ For the 18 months ended”.

Update the table header
To make the column headings read as the full date (e.g. 30 June 20XX) instead of just the year (e.g. 20XX), right-select the column heading and select Edit Column Heading, and type in the date.

Note: The Financial Statements settings need to be applied to all statements' headers and tables in the notes throughout the financial statements.
Process for next year
  • Roll forward the engagement file for the new financial year.
  • Remove the extra header line on the lead sheets / automatic documents.
  • Go through the Financial Statements and update the statements' headers and tables in the notes:
  • Change the header wording to "For the year ended".
  • Remove the override from the table header.
  • Disable the Edit Column Heading option.

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