Version 11 - February 2025 (template release)
Template release pack
This release focuses on legislative content changes and corrections for the periods ending December 2024. It is available on platforms 6.28.9259, 6.29.9459, 6.30.9574, 6.31.9627, and 6.32.9713.
Release notes
- Period ended: December 2024
- Update type: Major legislative changes and corrections
Overview
This is a major release of the Australia Simplified Disclosure template. We included important legislative updates and a few corrections. This version’s key legislative updates are effective for annual periods beginning July 2024. These updates include:
- AASB 17 Insurance Contracts
- AASB 2023-2 Amendments to Australian Accounting Standards – Definition of Accounting Estimates International Tax Reform – Pillar Two Model Rules [AASB 112]
- AASB 2021-5 Amendments to Australian Accounting Standards – Deferred Tax related to Assets and Liabilities arising from a Single Transaction [AASB 112]
- AASB 2021-2 Amendments to Australian Accounting Standards – Disclosure of Accounting Policies Definition of Accounting Estimates [AASB 7, AASB 101, AASB 108, AASB 134 & AASB Practice Statement 2].
Legislative updates
Accounting Reference Number | Details |
|---|---|
AASB 17 | Insurance Contracts Requires a current measurement model where companies remeasure estimates each reporting period. |
AASB 2023-2 | Amendments to Australian Accounting Standards – Definition of Accounting Estimates International Tax Reform – Pillar Two Model Rules [AASB 112] Large multinational enterprises within the scope of the rules need to calculate their GloBE effective tax rate for each jurisdiction where they operate. Large multinational companies need to calculate their BloBE taxes for each country they work in. They’ll have to pay a top-up tax on differences between their GloBE effective tax rate and the 15% minimum rate per jurisdiction. |
AASB 2021-5 | Amendments to Australian Accounting Standards – Deferred Tax related to Assets and Liabilities arising from a Single Transaction [AASB 112] AASB 112 Income Taxes were changed. Now, companies will need to keep track of deferred taxes. This applies to transactions that create temporary differences. The differences are both taxable and deductible in equal amounts. Companies will keep track of more deferred tax assets and liabilities. |
AASB 2021-2 | Amendments to Australian Accounting Standards – Disclosure of Accounting Policies Definition of Accounting Estimates [AASB 7, AASB 101, AASB 108, AASB 134 & AASB Practice Statement 2] The AASB was amended AASB 101 Presentation of Financial Statements to require entities to disclose their material rather than significant accounting policies. These amendments define important accounting information. This information is combined with other data in financial statements. This combined information helps people decisions about the statements. The amendments explain how to identify when accounting policy information is material and clarify that entities need not disclose immaterial accounting policy information. If disclosed, it should not obscure material accounting information. |
Corrections
- Item ID 2573152 and 2573153We removedHeadingfrom the section header in all Full Year Report and Half-Year Report tables in Additional Disclosure Notes.
- Item ID 2550846 and 2550845We changed the columns and sections toDisplay as Conditionalfor all tables in the Full-Year Report and Half-Year Report.
Content changes
- Item ID 2767409 Note 16 – Related Party TransactionsWe updated expressions in the data grids for Beginning of the year line items for the following sections:
- Loans from associates
- Loans from the ultimate parent entity
Features
There's no features.
XBRL changes
There's no XBRL changes
Additional information
There's no additional information.
Deviations from standard configuration
There's no deviations.
Appendix
There's no appendix.
Known issues
Elements displayed as
Never
will still appear in the report for users updating to the 6.29 platform. This is a known issue.Grid column headings have a 60-character limit. Previously, all column headers linked to the grid column. However, if a column header exceeds 60 characters, remove its link to the grid column and manually enter the complete heading.
Related Content
-
Australia Simplified Orange
Format:
Article