What's New in Cloud Financials

What's New in Cloud Financials

Release Notes - March 2022

Welcome to CaseWare Cloud Financials March 2022 release, content version 2.1138. Any changes of the template will only be applicable for new engagements created after the release date of 17 March 2022.

Summary of the changes are as follows:

  • Fixes to note input tables to ensure data presents correctly in the carry forward file.

The detailed changes are as follows:

The following notes contain input tables that have had fixes applied to carry forward settings:


  • Transition to simplified disclosures

    • All tables

  • Impairment of assets

  • Business combinations

  • Trade and other receivables

    • Impairment of receivables

  • Biological assets

  • Employee benefits

    • Plan assets

  • Financial risk management

    • Credit risk > Reconciliation of changes in the provision of receivables

    • Market risk > Foreign exchange risk

  • Dividends

    • Dividends declared or paid

    • Proposed dividends

  • Share capital

    • Share capital movements

  • Interests in subsidiaries

    • Subsidiaries with material non-controlling interests

    • Disposal of ownership interest

    • Acquisition of ownership interest

    • Disposal of subsidiary that results in loss of control

  • Interests in associates

    • Material associates

  • Interest in joint arrangements

    • Material joint ventures

  • Fair value measurement

    • Fair value hierarchy

    • Assets and liabilities not measured at fair value but for which fair value is disclosed

  • Share based payments

    • Options summary

    • Modification of share-based payment arrangements

  • Cash flow information

    • Changes in liabilities arising from financing activities

    • Borrowing facilities

  • Related parties

    • Transaction with related parties > all tables

  • Parent entity

    • Statement of profit or loss and other comprehensive

Release Notes - February 2022

Welcome to CaseWare Cloud Financials February 2022 release, content version 2.1121. Any changes of the template will only be applicable for new engagements created after the release date of 24 February 2022.

Summary of the changes are as follows:

  • Enabled a new feature to maintain a consistent spacing between contents.

  • Enabled a new feature to maintain consistent underlines in the dynamic tables

  • Added Tier 1 - General Purpose content to the template

  • Updated how we capture the name of the signing directors in the optimiser

  • Renamed the product to Cloud Financials

  • Added additional mapping numbers to support the new Tier 1 - General Purpose content and to provide more detailed disclosures

The detailed changes are as follows:

New

Entity and reporting information optimiser

  • Financial statements type option added, which allows for the preparation of the following financial statements:

    • Tier 1 General purpose

    • Tier 2 Simplified disclosure

    • Special purpose (Only for Incorporated Associations)

  • Directors Report

    • Up to two directors names have been added to the sign-off area

Notes to the financial statements optimiser

  • Financial risk management note

    • Optimiser items Interacting with Tier 1 general purpose note

  • Fair value measurement note

    • Optimiser items interacting with Tier 1 general purpose note

  • Interest in subsidiaries

    • Optimiser items interacting with Tier 1 general purpose note

  • Interest in associates

    • Optimiser items interacting with Tier 1 general purpose note

  • Interest in joint arrangements

    • Optimiser items interacting with Tier 1 general purpose note

  • Trade and other receivables note

    • Optimiser question required for Impairment of receivables

    • Optimiser question required for Collateral held as security

Financial Statements

  • Financial risk management note

    • New note created for Tier 1 general purpose

  • Fair value measurement note

    • New note created for Tier 1 general purpose

  • Discontinued operations note

  • Contract balances note

  • Interest in subsidiaries note

    • New note created for Tier 1 general purpose

  • Interest in associates note

    • New note created for Tier 1 general purpose

  • Interest in joint arrangements note

    • New note created for Tier 1 general purpose

  • Key management personnel remuneration note

    • New note created for Tier 1 general purpose

Updated 

Financial Statements

  • Accounting policy > Foreign currency transactions and balances

    • Content broken out into three distinct sub-notes

  • Basis of preparation note

    • Updated for Tier 1 general purpose 

  • Income tax expense note

    • Accounting policy wording removed and streamlined

  • Tax assets and liabilities note

    • Accounting policy wording removed and streamlined

  • Leases note

    • Added content for Tier 1 general purpose

      • Right-of-use asset prior year movement table

      • Statement of comprehensive income 

      • Statement of cash flows

      • Entity type as lessor > Finance leases maturity analysis table

  • Intangibles note

    • Added content for Tier 1 general purpose

      • Prior year movement table

  • Property, plant and equipment note

    • Added content for Tier 1 general purpose

      • Prior year movement table

  • Related parties note

    • Transaction with related parties updated with extra table categories

  • Cash flow information note

    • Added content for Tier 1 general purpose

      • Changes in liabilities arising from financing activities

      • Non-cash financing and investing activities

      • Borrowing facilities

    • Cash flow information table line items automated

  • Share capital note

    • Added content for Tier 1 general purpose

      • Capital management

  • Critical accounting estimates and judgements note

    • The following sub-notes have been added

      • Control assessment

      • Key judgments - available-for-sale investments

      • Key judgments - capitalisation of exploration and evaluation expenditure

      • Key judgments - lease classification

      • Classification of joint arrangements

      • Key estimates - construction work in progress

      • Key judgments - cash flow hedge accounting

      • Key judgements - taxes

      • Key estimates - receivables

      • Key estimates - property held at fair value

      • Key estimates - provisions

      • Key estimates - revenue recognition long term contracts

      • Key estimates - fair value of financial instruments

      • Key estimates - impairment of goodwill

      • Key estimates - impairment of property,plant and equipment

  • Trade and other receivables note

    • Added content for Tier 1 general purpose

      • Impairment of receivables

      • Collateral held as security

  • Fair value measurement note (Tier 2 Simplified disclosure)

    • Note expired

  • Biological assets note

    • Added content for Tier 2 simplified disclosure

      • Fair value measurement

  • Borrowings note

    • Added content for Tier 2 simplified disclosure

      • Fair value measurement

  • Other financial assets note

    • Added content for Tier 2 simplified disclosure

      • Fair value measurement

  • Investment properties note

    • Added content for Tier 2 simplified disclosure

      • Fair value measurement

  • Property, plant and equipment note

    • Added content for Tier 2 simplified disclosure

      • Fair value measurement

  • Reconciliation Summary

    • Added the following reconciliation tables

      • Property, plant and equipment - Closing balance PY / Opening balance CY

      • Intangibles - Closing balance PY / Opening balance CY

      • Right-of-use assets - Closing balance PY / Opening balance CY

      • Investment properties - Closing balance PY / Opening balance CY

      • Investment properties > Fair value adjustments - Statement of financial position / Statement of profit or loss

      • Provisions - Closing balance PY / Opening balance CY

      • Tax assets and liabilities > Deferred tax liabilities - Closing balance PY / Opening balance CY

      • Statement of changes in equity - Closing balance PY / Opening balance CY

New Mapping 

  • Finance income and expense note

    • 8.250.200 Amortisation of borrowing costs

  • Contract balances note > Amortisation of contract cost asset

    • 8.200.110 Contract cost assets

  • Contract balances note > Contract cost assets

    • 1.800.130 Contract cost assets

    • 1.800.130.100 Incremental costs to obtain a contract

    • 1.800.130.110 Costs to fulfil a contract

    • 1.800.130.800 Other contract cost assets

    • 2.800.130 Contract cost assets

    • 2.800.130.100 Incremental costs to obtain a contract

    • 2.800.130.110 Costs to fulfil a contract

    • 2.800.130.800 Other contract cost assets


  • Results for the year note

    • 8.800.200 Foreign resident withholding expenses (excluding capital gains)

  • Revenue note > Other income

    • 6.800.300 Payments received subject to foreign resident withholding (excluding capital gains)

    • 6.800.310 Payments received where ABN not quoted

    • 6.800.320 Distribution received from partnerships

    • 6.800.330 Distribution received from trusts

    • 6.800.340 Forestry managed investment scheme

    • 6.800.350 Fringe benefit employee contributions

  • Employee benefits note > Current

    • 4.700.110 Annual leave

  • Tax assets and liabilities note > Deferred tax assets

    • 2.410.100 Property, plant and equipment

    • 2.410.110 Impairment

    • 2.410.120 FVOCI movements

    • 2.410.130 Fair value gain

    • 2.410.140 Deferred tax liabilities attributable to tax losses

    • 2.410.150 Accelerated capital allowances for tax purposes

    • 2.410.160 Liabilities for health care benefits accrued

    • 2.410.170 Provision against equity

    • 2.410.180 Revaluation, net of related depreciation

    • 2.410.190 Transaction costs on the equity issue

    • 2.410.800 Other derived tax assets

  • Tax assets and liabilities note > Deferred tax liabilities

    • 4.410.100 Property, plant and equipment

    • 4.410.110 Impairment

    • 4.410.120 FVOCI movements

    • 4.410.130 Fair value gain

    • 4.410.140 Deferred tax liabilities attributable to tax losses

    • 4.410.150 Accelerated capital allowances for tax purposes

    • 4.410.160 Liabilities for health care benefits accrued

    • 4.410.170 Provision against equity

    • 4.410.180 Revaluation, net of related depreciation

    • 4.410.190 Transaction costs on the equity issue

    • 4.410.800 Other derived tax liabilities

  • Income tax expense note

    • 9.100.120.170 Arising from the write-down, or reversal of a previous write-down, of a deferred tax asset

    • 9.100.120.180 Relating to those changes in accounting policies and errors that are included in profit or loss

  • Detailed profit or loss statements: nature and function

    • 8.300.150 Share based payments

Existing Mapping Updates

  • Map number description change

    • 8.800.170.120 Net loss on disposal of investment property

    • 2.600.110 Right-of-use assets

    • 2.500.160 Furniture, fixtures and fittings

  • Flip map numbers assigned

    • 6.200.120 Fair value gains on forward exchange contracts

      • Assigned: 8.350.190 Fair value losses on forward exchange contracts

    • 6.200.130 Net gain on financial assets at FVTPL

      • Assigned: 8.350.130 Net loss on financial assets at FVTPL

    • 6.200.140 Foreign exchange gain on financial assets and liabilities

      • Assigned: 8.350.140 Foreign exchange loss on financial assets and liabilities

    • 8.350.130 Net loss on financial assets at FVTPL

      • Assigned: 6.200.130 Net gain on financial assets at FVTPL

    • 8.350.140 Foreign exchange loss on financial assets and liabilities

      • Assigned: 6.200.140 Foreign exchange gain on financial assets and liabilities

    • 8.350.190 Fair value losses on forward exchange contracts

      • Assigned: 6.200.120 Fair value gains on forward exchange contracts

  • Flip map numbers removed

    • 1.200.170.110 Impairment

    • 2.200.170.110 Impairment

Other changes 

Financial Statements

  • Firm Administration Tools

    • Statement glossary and generic tables area to assist firm developers

  • Consistent spacing

    • Refreshed to ensure consistent spacing between note titles, paragraphs and note tables.

Release Notes - 23 September 2021

Welcome to another update of Cloud Financials SDS. Our goal for this release is to complete the content of the Cloud Financials SDS based on the recommendations provided by Carmen on the RDR to SDS comparison document located in our AASB 1060 knowledge base and Carmen’s review of the sample accounts.


These changes will be reflected on new engagement created after 23 September 2021. 


The detailed changes are as follows:

Updated 

  • Directors report

    • Added two new disclosure for limited by guarantee

      • Detailed directors information

      • Directors meeting attendance

    • Modified the auditor’s independence declaration wording for limited by guarantee

  • Statement of financial position

    • Added note number references

  • Statement of profit or loss - nature

    • Moved the Share of net profits of equity-accounted investment to the income section

  • Statement of cash flow 

    • Updated line item related to lease liabilities

  • Critical accounting estimates

    • Added content for share based payments for Company

  • Fair Value note 

    • Removed the note and integrate the content to the following note

      • Property, plant and equipment

      • Intangible assets

      • Investment property

      • Biological assets

      • Other financial assets

      • Borrowings

  • Leases note 

    • Removed content not required for SDS

  • Revenue note

    • Removed content not required for SDS

  • Leases note

    • Updated wording

  • Related party note

    • Updated the key management personnel wording

  • Basis of preparation

    • Changes reference to Australian Accounting Standards - Simplified Disclosures

  • Financial risk management

    • Updated the table line item for derivative financial instruments

  • Share capital

    • Added movement table for each share category

  • Income tax note

    • Updated table to match new mapping numbers

  • Tax assets and liabilities

    • Restructure the note to accommodate for

      • DTA and DTL accounting policy

      • DTA and DTL disclosure table

  • Accounting policies

    • Updated the wording in the following policies

      • Employee benefits

      • Revenue from contracts with customers

      • Leases

      • Intangible assets - goodwill

      • Impairment of non-financial assets

      • Financial instruments - financial assets

      • Property, plant and equipment - depreciation

      • Revenue - statement of financial position balances relating to revenue recognition

  • Auditor’s independence declaration

    • Adjust the visibility conditions for limited by guarantee to use the Corporations ACT auditor’s independence declaration.

New 

  • Results for the year

    • New note created to complete SDS content

  • Detailed profit or loss statement has been added to the template

    • This can be enabled on the Areas Required in the 1. Entity and Report selection optimiser

  • Biological assets

    • Added a new manual note for Biological assets

  • Share based payments

    • Added a new note for Company

New Mapping 

  • Income tax note

    • 9.100.120.170   Arising from the write-down, or reversal of a previous write-down, of a deferred tax asset

    • 9.100.120.180   Relating to those changes in accounting policies and errors that are included in profit or loss

  • Deferred tax assets

    • 2.410.100 Property, plant and equipment

    • 2.410.110 Impairment

    • 2.410.120 FVOCI movements

    • 2.410.130 Fair value gain

    • 2.410.140 Deferred tax assets attributable to tax losses

    • 2.410.150 Accelerated capital allowances for tax purposes

    • 2.410.160 Liabilities for health care benefits accrued

    • 2.410.170 Provision against equity

    • 2.410.180 Revaluation, net of related depreciation

    • 2.410.190 Transaction costs on the equity issue

    • 2.410.800 Other deferred tax assets

  • Deferred tax liabilities

    • 4.410.100 Property, plant and equipment

    • 4.410.110 Impairment

    • 4.410.120 FVOCI movements

    • 4.410.130 Fair value gain

    • 4.410.140 Deferred tax liabilities attributable to tax losses

    • 4.410.150 Accelerated capital allowances for tax purposes

    • 4.410.160 Liabilities for health care benefits accrued

    • 4.410.170 Provision against equity

    • 4.410.180 Revaluation, net of related depreciation

    • 4.410.190 Transaction costs on the equity issue

    • 4.410.800 Other deferred tax liabilities

Other changes

  • We have moved the statement title to engagement glossary

    • This will allow us to insert the statement name throughout the financial statements in lower case.

    • You will need to follow the following steps to modify the statement name

      • Find an instance of the statement name that you want to change in the Financial Statements

      • Double click on it and change it

  • We have enabled consistent spacing feature

    • This means the spacing between note title, text and paragraph is consistent in pdf output


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