Preparing Unlisted Public Company Limited by Guarantee SDS

Preparing Unlisted Public Company Limited by Guarantee SDS

The Unlisted Public Company Limited by Guarantee General Purpose SDS entity, will be included in the upcoming October 2021 release of the Financials Reporting Template.

In the meantime, to assist in the preparation of a set of financial statements for this entity, we recommend you refer to the following supporting material we have available:

Large RDR v Large SDS disclosure comparison document provided by Carmen Ridley, which can be used to assist in the understanding of the differences between SDS and RDR. The PDF of this is also attached to our AASB 1060 FAQ
ACNC Not For Profit SDS sample financial statements (awaiting final review by Carmen Ridley) - attached below in draft

To prepare an equivalent set of financial statements using the current release template:

  1. From the entity selector dropdown select ‘Unlisted Public Company Limited by Guarantee (general purpose - RDR).
  2. Manually update references of ‘Reduced Disclosure Requirements’ to ‘Simplified Disclosure Standards’ for the following:
    1. Basis of Preparation Note
                  
   Delete the highlighted cell, and replace it with the following data entry text: - Simplified
   Disclosure Standards
      
                   b.  Independent Audit Report
                  
         Click on the green input cell, and replace the ‘Reduced Disclosure Requirements’ text with
         ‘Simplified Disclosure Standards’.

      3. Update existing note disclosures with SDS specific note disclosures.
The current release of the financials template includes for-profit SDS note disclosures, however these also apply to the not-for-profit SDS equivalents

      To review the complete list of for-profit SDS note disclosures, click on the following link:     

      To view and insert SDS specific note disclosures for notes that have generated:
      a. Click on the + button next to the main note name
      

      b.  This will navigate to that note in the Notes Knowledge Library, and display any remaining notes that are able to be inserted into the financial statements for that note.

            All SDS specific note disclosures are clearly labelled.
            


      c. Click on the checkbox in the Choose column for each required SDS sub-note, and click OK.

      d. After inserting the required SDS not disclosures, you may notice that there are two similar looking sub-notes within the note. 
           This is because one is the non-SDS sub-note which was initially generated for RDR, and the other is the SDS equivalent.

      To review which is which:
  1. Right click on the sub-note heading, and select: Knowledge Library > Additional details.
  2. The name field will display the Knowledge Library name.



iii. Delete/Skip the non-SDS sub-note.

4.  Insert new SDS specific note disclosures that did not generate.

a. From the Insert tab click the Notes button.

b. Click the Find button in the top right hand corner of the dialog and type SDS.


c. This will navigate through the entire notes knowledge library, displaying each sub-note with SDS in the name.
The What’s New FAQ will also assist in finding the required SDS notes

d. The content will be displayed in the preview pane.

e. If required, click the checkbox in the Choose column, and click OK.




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