Version 57 - December 2024 (template release)
Template release pack
This release focuses on the legislative content changes and correction updates for the period ending December 2024. The template is available on platform 6.28.9259, 6.29.9459, 6.30.9574, 6.31.9627, and 6.32.9713.
Release notes
- Period ended: December 31, 2024.
- Update type: Major (Legislative and Corrections)
Overview
This Australia Corporate Template Content Version 57.0 is a Major release that includes important legislative updates along with corrections. This release is available on Platform 6.28.9259.
Key legislative updates in this version are effective for annual periods beginning on or after
January 1, 2024
. These updates include:- AASB 2020-1 Amendments to Australian Accounting Standards – Classification of Liabilities as Current or Non-current [AASB 101].
- AASB 2022-6 Amendments to Australian Accounting Standards – Non-current Liabilities with Covenants [AASB 101].
- AASB 2022-5 Amendments to Australian Accounting Standards – Lease Liability in a Sale and Leaseback [AASB 16].
- AASB 2023-1 Amendments to Australian Accounting Standards – Supplier Finance Arrangements [AASB 7 & AASB 107].
We've published certain new accounting standards and amendments to accounting standards that aren't mandatory for the
December 31, 2024
reporting periods and haven't been adopted early. These include:- AASB 2023-5 Amendments to Australian Accounting Standards – Lack of Exchangeability [AASB 1, AASB 121 & AASB 1060] (effective for annual periods beginning on or after January 1, 2025).
- AASB 2024-2 Amendments to Australian Accounting Standards – Classification and Measurement of Financial Instruments [AASB 7 & AASB 9] (effective for annual periods beginning on or after January 1, 2026).
- AASB 18 Presentation and Disclosure in Financial Statements (effective for annual periods beginning on or after January 1, 2027).
Release schedule
Distribution
This template version 57 is available on the Thomson Reuters Help and Support site. Check the previous release notes for information on other template versions.
Legislative update information
For any high-level legislative changes, refer to the
Legislative
section below.For detailed and specific changes, kindly refer to the
AU Corporate Template (12.2024) (P 6.28.9259 C 57.0 - Content Change List (Full Version))
document which contains the complete list of content updates.Legislative
Accounting Reference Number | Details |
|---|---|
AASB 2020-1 | Amendments to Australian Accounting Standards – Classification of Liabilities as Current or Non-current [AASB 101]. |
AASB 2022-6 | Amendments to Australian Accounting Standards – Non-current Liabilities with Covenants [AASB 101]. |
AASB 2022-5 | Amendments to Australian Accounting Standards – Lease Liability in a Sale and Leaseback [AASB 16]. |
AASB 2023-1 | Amendments to Australian Accounting Standards – Supplier Finance Arrangements [AASB 7 & AASB 107]. As a result of the adoption of the amendments to AASB 107 and AASB 7, new disclosures for liabilities under supplier finance arrangements as well as the associated cash flows are located in note 7(g), note 10(c), and note 12(d). |
AASB 2023-5 | Amendments to Australian Accounting Standards – Lack of Exchangeability [AASB 1, AASB 121 & AASB 1060] (effective for annual periods beginning on or after January 1, 2025). In October 2023, the AASB amended AASB 121 to help entities to determine whether a currency is exchangeable into another currency, and which spot exchange rate to use when it isn't. |
AASB 2024-2 | Amendments to Australian Accounting Standards – Classification and Measurement of Financial Instruments [AASB 7 & AASB 9] (effective for annual periods beginning on or after January 1, 2026). On July 29, 2024, the AASB issued targeted amendments to AASB 9 and AASB 7 to respond to recent questions arising in practice, and to include new requirements not only for financial institutions but also for corporate entities. |
AASB 18 | Presentation and Disclosure in Financial Statements (effective for annual periods beginning on or after January 1, 2027). AASB 18 will replace AASB 101 Presentation of financial statements, introducing new requirements that will help to achieve comparability of the financial performance of similar entities and provide more relevant information and transparency to users. Even though the AASB 18 won't impact the recognition or measurement of items in the financial statements, its impacts on presentation and disclosure are expected to be pervasive, in particular those related to the statement of financial performance and providing management-defined performance measures within the financial statements. |
Corrections
ITEM ID | TITLE | DETAILS AND LIMITATIONS |
|---|---|---|
2649504 | Note 9 Equity – Correction in a table line item | We've corrected the table in the Other reserves section, line item calledTransfer to inventory to link properly as there were other line items in the Data Grid that had the same name to avoid confusion. |
Features
There are no new features included in this release.
Content changes
ITEM ID | TITLE | DETAILS AND LIMITATIONS |
|---|---|---|
2649490 | Statement of profit of loss | We've added a new section with new table line items called Continuing operations and Discontinued operations . |
2649490 | Statement of financial position | We've added a new table line item called Liabilities under supplier finance arrangement . |
2649503 | Note 1 – Significant changes in the current reporting period | Updated dot points. |
2649503 | Note 2 – Segment information | We've changed the format and presentation of the tables to be non-standard tables. |
2649504 | Note 6 – Income tax | We've updated the text for the OECD Pillar Two model rules section. |
2649504 | Note 7 – Financial assets and financial liabilities |
|
2649504 | Note 8 – Non-financial assets and liabilities |
|
2649504 | Note 10 – Cash flow information | We've added 2 new line items in the table in the Net debt reconciliation section, called Liabilities under supplier finance arrangement transferred from trade payables and Payments to suppliers by the bank under supplier finance arrangement (presented as operating cash flows within ‘Increase/(decrease) in trade and other creditors’) . We've added a disclosure at the bottom of the table regarding the supplier finance arrangement . |
2649506 | Note 12 – Financial risk management | We've added a paragraph in the Liquidity risk section regarding the supplier finance arrangement . |
2649509 | Note 28 – Summary of other material accounting policies | We've added a paragraph in the Borrowings section regarding Covenants . |
2649509 | Note 29 – Changes in accounting policies | We've added new paragraphs. |
XBRL changes
There is no XBRL for this template.
Known issues
Item ID | Details and Limitations |
|---|---|
1 | For users who want to update to the 6.29 platform, please note there is a known issue where even when elements are displayed as Never , the report will still display the element. |
2 | Please note that deleting the original elements (such as paragraphs, tables, and so on) which are reflected from the parent and root template should be cautious. The same logic applies here for not changing existing column IDs as below. If the original elements were deleted, we won't be able to save except by re-implementing it with the backup files. It will also lose any updates that will be made to the elements, so the template won’t get upgraded and synced perfectly with the latest draft template update, and also some functions, such as Revert to Template or Compare with Template won't be available neither – this is because once the original element is deleted, their own IDs become different to the draft/ parent template, so they can't be compared). Please keep this in mind, especially when customization needs to be done. Alternatively, if users don't want some part from the original elements, they can create a copy of it and build their customization from there and display the unwanted original element to beNever , instead of deleting it. |
3 | For the user's references, please note that when you want to change the naming of columns in grids, it can be done via the Column à Rename feature. However, please don't change their existing IDs, otherwise, you will lose your current data and link to it. |
4 | There is a bug in the Treasury shares – Old then Treasury Shares movements grid under the Equity section which prevents the template to push to the web successfully. To overcome this, if the grid isn't used, we can delete the grid so the template will push to web successfully. This grid will be deleted in the YE 2025 release. Users can make a copy of this grid if already in use. |
5 | If special characters (%, -) are typed into the cells in the Report Data ,non-current liabilities , Retirement benefit obligations , then Actuarial Assumptions grid, then the template won't PTW. This is expected behavior from PTW, as earlier these column types changed from text to percentages. So, it is advisable not to add any special characters in the percentage columns. |
XBRL
There is no XBRL for this template.
Additional information
There is no additional information for this release.
Impact on existing clients
There are no impacts identified for this release.
Deviations from standard configuration
There are no deviations identified for this release.
Appendix
There are no appendix items for this release.
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