SYDNEY - Thomson Reuters announced today a further extension of its relationship with Deloitte as a co-author of the Thomson Reuters XYZ Model Financial Accounts guidance for Australia.
Starting January 2018 the collaboration aims to deliver up-to-date information to assist practitioners prepare financial reports that meet increased financial reporting regulation and complexities in the Australian market. This will include important updates for AASB15 (Revenue) and AASB16 (Leases) – two new standards being introduced in 2018 and 2019 respectively.
Thomson Reuters XYZ Model Financial Accounts provides step-by-step guidance to produce compliant financial statements, and prepare to adopt mandatory reporting standards. The XYZ Model Financial Accounts product suite is tailored for the most common entity types and client reporting requirements, including all major reporting and non-reporting entities, such as listed and unlisted public companies, trusts, APRA-regulated superannuation funds, not-for-profit companies limited by guarantee, managed investment schemes and self-managed superannuation funds.
Ben Scull, Managing Director, Tax & Accounting, Australia and New Zealand at Thomson Reuters said, “The new engagement sees Thomson Reuters continue to strengthen our relationship with Deloitte in the Australian market and further help our clients navigate the challenges of a myriad of new regulatory changes. It also extends on from another important recently announced partnership which sees Deloitte become an implementer for Thomson Reuters market-leading ONESOURCE Statutory Reporting software to assist finance departments streamline financial reporting processes, helping them to save time, improve accuracy and remain compliant.”
Soter Tiong, Accounting Advisory Partner at Deloitte said, “We believe the Thomson Reuters XYZ Model Financial Accounts Guidance is a very important initiative to assist preparers of financial statements across multiple industries. This collaborative engagement ensures that we bring top quality financial reporting capabilities to support Thomson Reuters help these practitioners both prepare and present their financial statements.”
Visit here for more information on XYZ Model Financial Accounts.
Thomson Reuters is the world’s leading source of news and information for professional markets. Our customers rely on us to deliver the intelligence, technology and expertise they need to find trusted answers. The business has operated in more than 100 countries for more than 100 years. Thomson Reuters shares are listed on the Toronto and New York Stock Exchanges. For more information, visit www.thomsonreuters.com.
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. Please see www.deloitte.com/about to learn more about our global network of member firms.
Deloitte provides audit, consulting, financial advisory, risk advisory, tax and related services to public and private clients spanning multiple industries. Deloitte serves four out of five Fortune Global 500® companies through a globally connected network of member firms in more than 150 countries bringing world-class capabilities, insights, and high-quality service to address clients’ most complex business challenges. To learn more about how Deloitte’s approximately 225,000 professionals make an impact that matters, please connect with us on Facebook, LinkedIn, or Twitter.
About Deloitte Australia
In Australia, the member firm is the Australian partnership of Deloitte Touche Tohmatsu. As one of Australia’s leading professional services firms, and winner of both the Australian Financial Review/CFO Audit Firm of the Year and Accounting Firm of the Year awards 2013, Deloitte Touche Tohmatsu and its affiliates provide audit, tax, consulting, and financial advisory services through approximately 6,000 people across the country. Focused on the creation of value and growth, and known as an employer of choice for innovative human resources programs, we are dedicated to helping our clients and our people excel. For more information, please visit Deloitte’s web site at www.deloitte.com.au.
Member of Deloitte Touche Tohmatsu Limited.
© 2017 Deloitte Touche Tohmatsu.
+61 392 861 464
+61 0 414 889 857