What’s New - FinancialsIFRS October 2020

What’s New - FinancialsIFRS October 2020

This document will highlight some of the changes in the Financials IFRS 17 October 2020 Release Template. 


Financials IFRS 17 (Content Update Only)


New Entities


The following two new for-profit entities have been added to the template:

  • Unlisted Public Company Limited by Shares (general purpose - SDS)

  • Large Pty Ltd (general purpose - SDS)


To assist with the transition from a Special Purpose to either of the General Purpose SDS entities, the following new note has been added to the Change in Accounting Policy Note:

  • Transition to General Purpose - Simplified Disclosure Standard (SDS) reporting

> Section A - AASB 1/AASB 1060 paragraph 206-213 option

> Section B - AASB 1 with transition relief (no restatement) option

> Section C - AASB 108 option


To assist with the transition selection process, please click on the following link: https://support.caseware.com.au/portal/en/kb/articles/transition-disclosures

The following new optional statement has been added:

  • Statement of Income and Retained Earnings


New SDS Entity specific sub-notes added, have been added to the following notes:

  • Leases: 

> Right-of-use Assets

> Finance leases - Maturity Analysis table

  • Financial Risk Management:

> Derecognition of financial assets

  • Interests in Associates:

> Details of Associates: 1 to 5

  • Interests in Joint Arrangements:

> Details of Joint Arrangements: 1 to 5

  • Fair Value Measurement:

> Fair value measurement


The following statement areas have been updated with a footnote to accommodate Section B - AASB 1 selection:

  • Statement of Profit or Loss and Other Comprehensive Income 

  • Statement of Profit or Loss

  • Statement of Financial Position

  • Statement of Changes in Equity

  • Statement of Cash Flows

  • Statement of Income and Retained Earnings


New Review Report


The ASRE 2410 ‘Review of a Financial Report Performed by the Independent Auditor of the Entity’ has been added to the template.


COVID-19


The Leases note has been updated with a new sub-note: COVID-19 Rent Concession.


Special Purpose Disclosures for NFP Financial Statements. AASB 2019-4 requirements summary relating to AASB 1054


The Basis of Preparation note has been updated with a new sub-note: AASB 2019-4 Not-For-Profit Special Purpose Financial Statements.


Updating Existing Reports / Statements


The following reports / statements have been updated:


Audit Report


The following minor terminology/wording changes have been made:

  • APES 110 to “APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code)”

  • Changed the wording from “related safeguard” to “actions taken to eliminate threats or safeguards applied”


Statement of Profit or Loss / Statement of Profit or Loss and Other Comprehensive Income


  • Added Reversal of impairment losses on receivables mapped line item

  • Lease Expenses has been removed and is captured within Other Expenses


Additional new sub-notes


New sub-notes have been added to the following notes:

  • Revenue and other income: 

> Government grants and other assistance

  • Finance income and expenses:

> Capitalised borrowing costs

  • Result for the year:

> Impairment losses recognised

  • Investment properties:

> Investment properties carried at fair value

  • Borrowings: 

> Significance of financial instruments

  • Employee benefits:

> Property occupied by, or other assets used by the entity

> Return on plan assets

  • Share based payments:

> Share-based payment arrangements

> Equity-settled share based payment arrangements

> Cash-settled share-based payment arrangements


Updating existing notes


The following existing notes have been updated:


Auditors Remuneration

  • Added the following mapped line items:

> fees for assurance services required under legislation to be performed by the auditor

> fees for assurance services and agreed-upon-procedures not required by legislation to be provided by the auditor


Result for the Year

  • Impairment of non-financial assets categories have been listed out.

  • Removed AASB 117 impairment of receivables


Finance Income and Expense

  • Added impairment of financial assets and receivables mapped line items to the note tables.


Income Tax Expense

  • Added the following mapped line item to (a) The major components of tax expense (income) comprise:

> Change in the tax status of the entity or its shareholders

  • Added the following input line item to (b) Reconciliation of income tax to accounting profit:

> income tax relating to each component of other comprehensive income


Trade and Other Receivables

  • The Reconciliation of changes in the provision for impairment of receivables sub-note has had the AASB 9 restatement of opening balances removed.


Disclosure of Impairments


The disclosure of impairments has been updated in the template.

Specifically for the following two categories:

  • Impairment of financial assets; and

  • Impairment of receivables

reported balances can either be disclosed on the Statement of Profit or Loss / Statement of Profit or Loss and Other Comprehensive Income, or within the Finance Income and Expense Note.


To assist with the Disclosure of Impairments, please click on the following link: https://support.caseware.com.au/portal/en/kb/articles/disclosure-of-impairments-in-financials

Initial Adoption of AASB 15 (Not-For-Profit entities) and AASB 16


The following areas in the template have been updated to accommodate removing the initial adoption of AASB 15 (Not-For-Profit entities) and AASB 16:


  • Statement of Financial Position

  • Statement of Profit or Loss and Other Comprehensive Income

  • Statement of Profit or Loss

  • Statement of Cash Flows

  • Statement of Changes in Equity

  • Notes - Change in Accounting Policy

  • Notes - Summary of Significant Accounting Policies - Revenue and other income

  • Notes - Summary of Significant Accounting Policies - Leases

  • Notes - Revenue and Other Income

  • Notes - Other Non-Financial Assets

  • Notes - Leases

  • Notes - Other Liabilities

  • Notes - Contract Balances

  • Notes - Lease Commitment

  • Notes - Lessor Commitment

  • Notes - Capital and Leasing Leasing Commitments


Main Statements (AASB 15 & AASB 16)


Removed the initial adoption configuration which includes:

  • footnotes

  • The word ‘restated’ assigned to the Prior Year date column heading

(N/A for Statement of Changes in Equity)


Notes - Change in Accounting Policy (AASB 15 & AASB 16)


Expired all related content as no longer required.


Notes - Summary of Significant Accounting Policies - Revenue and other income (AASB 15)


The following comparative year sub-notes have been expired:

  • Revenue - Introduction - AASB 111 & AASB 118

  • Sale of goods - AASB 111 & AASB 118

  • Grant revenue - AASB 111 & AASB 118

  • Donations - AASB 111 & AASB 118

  • Rendering of services - AASB 111 & AASB 118

  • Subscriptions - AASB 111 & AASB 118


The following sub-note has been updated to remove initial adoption configuration:

  • Revenue from contracts with customers


Notes - Summary of Significant Accounting Policies - Leases (AASB 16)


The following comparative year sub-notes have been expired:

  • Comparative year - AASB 117

  • Finance leases - AASB 117

  • Operating leases - expense on straight-line basis over lease life - AASB 117

  • Lease incentives - AASB 117


The following sub-note has been updated to remove initial adoption configuration:

  • Lease assessment at contract inception


Notes - Revenue and Other Income (AASB 15)


The following sub-notes have been updated to remove initial adoption configuration:

  • Disaggregation of revenue from contracts with customers

  • Unsatisfied Performance Obligations


Notes - Other Non-Financial Assets (AASB 15)


The following sub-note has been expired:

  • AASB 15 footnote - Other assets relating to contracts with customers not restating comparatives


Notes - Leases (AASB 16)


The following sub-note has been expired:

  • Introduction


The following sub-notes have been updated to remove initial adoption configuration:

  • Right-of-use assets

  • Lease liabilities


Notes - Other Liabilities (AASB 15)


The following sub-note has been expired:

  • AASB 15 footnote - Other liabilities relating to contracts with customers not restating comparatives


Notes - Contract Balances (AASB 15)


The following sub-notes have been updated to remove initial adoption configuration:

  • Contract cost assets

  • Reconciliation of contract liabilities


The following sub-note has been expired:

  • AASB 15 footnote - Contract assets and Contract liabilities not restating comparatives


Notes - Lease Commitment (AASB 16)


The note has been expired, as it is no longer required.


Notes - Lessor Commitment (AASB 16)


The note has been expired, as it is no longer required.


Notes - Capital and Leasing Leasing Commitments (AASB 16)


The note has been renamed to Contracted Commitments.


The following two sub-notes have been expired:

  • Finance Leases

  • Operating Leases


Mapping Structure Updates


Changes to the mapping structure can be viewed in the ‘What's New IFRS 17 Mapping Structure Changes (October 2020).pdf’ attached below. 


    • Related Articles

    • What's New - FinancialsIFRS October 2021

      Financials IFRS 17 (Content Update Only) New Entities The following three new not-for-profit entities have been added to the template: Unlisted Public Company Limited by Guarantee (general purpose - SDS) ACNC Entity (general purpose - SDS) ...
    • What’s New in Xtend

      We are pleased to announce the release of CaseWare Xtend’s May 2021 template update. This update is key. It is important to ensure you read all the instructions and follow the processes described. Please contact our Customer Service team (+61 3 9660 ...
    • What's New in Agile Audit?

      April 2021 We are pleased to announce the release of CaseWare Agile Audit's April 2021 template update.  This update is key. It is important to ensure you read all the instructions and follow the processes described. Please contact our Customer ...
    • What's New - Audit System

      Audit System 23  The Audit System October 2021 (version 23.00) update is mostly a functionality update and does not include any changes to the existing workpapers. However, one inclusion with the new template is the CWANZ Risk Library. CWANZ Risk ...
    • How do I use the new Documents Screen in Agile/ SMSF Audit?

      In April 2021, CWANZ have released a new Document page layout in our SE products. This includes AGILE Audit, SMSF Audit and XTEND. The new Document page presents the folders and documents down the screen vertically as opposed to horizontally. The key ...