Reports and templates have been updated to be in line with current practice. We've also made changes based on customer feedback.
Directors Interests and Remuneration workpaper
We've added a new workpaper to record items that need to be included in the Register of Directors’ Interests and Remuneration register.
New Report - Certificate of Fair Value
The Certificate of fair value will print as part of the Report Set = Minutes.
This will display when Non-transaction Data > Directors > Remuneration - has non-zero balance.
You can access 2 blank paragraphs from Paragraphs > Certificate of fair value:
- Additional fair value paragraph 01
- Additional fair value paragraph 02.
Minutes
Resolution of directors
- Given that the directors must approve shareholders remuneration and directors' remuneration, we've added the following minute paragraphs (as copied from the Minutes of the annual general meeting), to the Resolution of Directors.
1. Shareholder remuneration: This will print when there is a balance in account group Profit or loss statement > Expenses > Trust distributions or shareholders salary
2. Director remuneration: This will print when there is a balance in Non-transaction data > Directors > Remuneration.
The above paragraph minutes will now print in both AGM Minutes and Resolution of Directors.
If you don't want any of the paragraphs to print, including the AGM Minutes and Resolution of Directors paragraphs, de-select the paragraphs before previewing the reports.
- The heading for the 2 paragraphs - Loans to directors and shareholders and 'Advances from directors to shareholders' was incorrect. This is now fixed
New minute for Lack of Independence
Trust entities only
- There is a new minute paragraph for Lack of Independence.
This paragraph will display when Non-transaction > Compilation report > Independence = Yes
You can change the default wording in this paragraph. You'll need to click into the paragraph and type in the Trustee's name in [Click here to type the trustees name].
Minutes of Annual General Meeting
- We've changed the Disclosures in the financial reports heading to Special purpose financial statements.
Changes to Accounting Policy intro paragraph
- New Non Transaction Data option for Special Purpose Financial Reporting Framework for use by For-Profit Entities (SPFR for FPEs)
- In the Non-transaction Data field > Accounting policy - special purpose framework > Use SPFR for FPEs = Yes/No (default = Yes)
If Use SPFR for FPEs = Yes:
The wording in the introduction to the accounting policies will show:
These financial statements have been prepared in accordance with A Special Purpose Financial Reporting Framework for use by For-Profit Entities (SPFR for FPEs) published by Chartered Accountants Australia and New Zealand.
When Use SPFR for FPEs = No
The wording in the introduction to the accounting policies will show:
These are special purpose financial statements and have been specifically prepared for the purposes of meeting the company's income tax requirements and for internal management purposes.
Changes to Statement of Profit or loss
- Farming - Display cash profit from livestock
You can show cash profit from livestock in the Farm trading account and the increase/decrease in livestock value in the Statement of Profit or Loss.
To show cash profit from livestock in the Farm Trading and Profit or loss statements, go to Non-transaction data > Farming > Select Yes at show cash profit from livestock in farm reports (this defaults to No).
The Cash profit - (livestock name) will display on the Farm Trading Account.
In the Statement of Profit or Loss, you'll see the:
- Net profit from farm trading
- Increase (decrease) in livestock values after the Net profit before depreciation.
- Gross profit %
Currently, the Gross Profit % prints when the cost of sales is active in the Profit or Loss Statement and the Departmental Income Statements. You can turn off the option to show the Gross Profit %.
Go to Non-transaction data > Profit or loss statement/Show gross profit %. > Select No in the value field.
