MYOB AE MAS/Accounts Reporter release notes - 3.5.8 (Australia)

AE Reporter (MAS and Accounts)

The Masters have been rolled forward to the year 2026.

ENHANCEMENTS

SPECIAL PURPOSE - All entities (except SMSF)

• There have been wording changes to the Basis of Preparation in the Accounting Policies.
  Format = Accounting Policy Note 1 Special Purpose

• Employee benefits accounting policy
  We have removed the last sentence from the policy.
  Format = Accounting Policy Note 1 Employee Benefits

• Cash and cash equivalents - accounting policy
  We’ve updated the wording in the above policy
  Format = Accounting policy Note 1 Cash and Cash Equivalents

• Compilation report under the My/Our responsibility paragraphs
  We’ve included the wording '(including Independence Standards)' at the end of the paragraphs.
  Format = Compilation Report - Body - C, P & I

• Leases Note
  All references to the Covid 19 related concessions have been removed
  Format = Leases Note
  Deleted from NTD > Notes > Leases_AASB16 - CovidAmountRecognised

• Excludes SMSF & Associations
  All references to 'summary of significant accounting policies' have been changed to 'significant accounting policies'.
  Formats
  Accounting Policy Note 1 Special Purpose
  Audit report
  Compilation Report Non Reporting - Multiple
  Compilation Report Non Reporting - Singular

• Companies only
  Principal activities are now required in the introduction to the accounting polices. Complete the details in NTD > #EntityDetails > ReportingExtraDetails > PrincipalActivities
  Format = Accounting policy Note 1 Special Purpose

• Partnerships only
  We have updated the wording on rows 3 & 4
  Format = Partners or Principal Declaration

• Trusts only
  We have removed the wording 'is not a reporting entity and that this' from the following formats

  • Trustee declaration - Individual Trustee (row 3)

  • Directors Declaration - Corporate Trustee (row 3)

  • Directors Trustees Declar - Non Reporting Trustee (row 3)

SIMPLIFIED DISCLOSURES (TIER 2) - All entities (except SMSF)

• We’ve changed all references from summary of significant accounting policies to Material accounting policy information.

  The formats are:
  Accounting Policy Note 1 General Purpose - SDS
  Audit Report - SDS

• We’ve included a new paragraph that lists 3 items where deferred tax is not provided for.
  Format = Accounting Policy Note 1 Income Tax - SDS

• For Partnership / Soletrader
  In the following jobstreams, the Income Tax Accounting Policy has a condition that should not be there. We have removed it so that the policy will always print.
  If you have these job streams at the practice and/or client level, remove the condition manually.

  • #Partnership / Soletrader

  • #Partnership / Soletrader Non Compliance all Balance Sheet Notes

  • $Management Non Compliance #Simplified Disclosures Tier 2

  • Notes to the Financial Statements

    1. Open each jobstream and then expand Statement of Significant Accounting Policies Note 1

    2. Expand Reporting ,

    3. Right click Accounting Policy Note 1 Income Tax and select 'Properties'.

    4. Click on the Condition tab.

    5. Delete the content in the Formula box which has - =OR(CM.IncomeStatement.TaxExpense<>0, LY(CM.IncomeStatement.TaxExpense)<>0)

    6. Repeat the steps above for Non Reporting job stream.

• Investment property accounting policy
  We have removed the last sentence.
  Format = Accounting Policy Note 1 Investment Property - SDS

• Financial instruments policy
  We have updated the wording in the Financial instruments accounting policy
  Format = Accounting Policies Note 1 Financial Instruments - SDS

• Leases policy
  Format = Accounting Policy Note 1 Leases - SDS

  • We have removed some wording in the Lessee section of the Leases accounting policy

  • We have removed some wording in the Lessor section of the Leases accounting policy

  • We have removed all references to the Covid 19 Related Rent Concessions.
    We have removed the Non-transaction data > Notes > Leases_AASB16 - Covid amount recognises

• Intangibles policy
  Format = Accounting Policy Note 1 Intangible - SDS
  We have updated the wording in the intangibles accounting policy for the following areas -

  • Goodwill

  • Patents

  • Research and development

  • Amortisation

• There is a new NTD field for the Estimated useful life of each class of amortisable intangible asset' under NTD > Notes > Note1 > IntangibleEstimatedUsefulLife
  New format = Accounting Policy Note 1 Intangible Useful Life - SDS

• We have inserted the above format into the following jobstreams

  • #Simplified Disclosures Tier 2 > Statement of Significant Accounting Policies Note 1 > Simplified Disclosures

  • Notes to the financial statements > Statement of Significant Accounting Policies Note - Simplified Disclosures

  • If you have the above jobstreams at the Practice and/or Client level, you will need to manually insert the new format
    into the above-mentioned jobstreams and add the following condition:
    =AND(Len(DB.Notes.Note1.IntangiblesEstimatedUsefulLife.
    NameOfIntangibleAsset)>0,
    DB.#EntityDetails.ClientDetails.EntityType="Simplified disclosures (Tier 2)",
    CM.BalanceSheet.Assets.NonCurrent.Intangibles<>0). 

GENERAL PURPOSE

• We’ve changed all references from summary of significant accounting policies to Material accounting policy information.
  The formats are

  • Accounting Policy Note 1 General Purpose

  • Audit Report

  • Compilation Report Reporting - Multiple

  • Compilation Report Reporting - Singular

Associations only

• We’ve changed all references from summary of significant accounting policies to Material accounting policy information.
  Formats are

  • Accounting Policy Note 1 Special Purpose

  • Accounting Policy Note 1 General Purpose

  • Audit report

  • Audit report - SDS

  • Compilation Report Reporting - Multiple

  • Compilation Report Reporting - Singular

  • Compilation Report Non Reporting - Multiple

  • Compilation Report Non Reporting - Singular

• In the introduction to the Accounting Policies, it now includes details of the principal activities of the Association

  • New sentence re functional currency

  • New sentence re comparatives
    Formats = Accounting Policy Note 1 Special Purpose & Accounting Policy Note 1 General Purpose

• Basis of preparation
  We have added two new sentences
  Format = Accounting Policy Note 1 Special Purpose

• Revenue and other income policy
  New accounting policy for Revenue and other income
  Format = Accounting Policy Note 1 Revenue and Other Income - Association
  Inserted above format into REPORTS > #Association > Statement of significant accounting policies > Non Reporting

  • If you have the above jobstream at Practice and/or Client level, you will need to manually insert the new format into the above mentioned jobstream beneath Income Tax
    Add the following condition - =CM.IncomeStatement.RevenueCustomerContracts<>0

• Leases policy
  New format = Accounting Policy Note 1 Lessee Accounting - Associations
  Inserted into REPORTS > #Association > Statement of significant accounting policies > Non Reporting

  • If you have the above jobstream at Practice and/or Client level, you will need to manually insert the new format into the above mentioned jobstream beneath Investments
    Add the following condition - =OR(CM.BalanceSheet.Liabilities.Current.LeaseLiabilities<>0,
    CM.BalanceSheet.Liabilities.NonCurrent.LeaseLiabilities<>0)

SMSF only

For the format = Accounting Policy Note 1

1. In the introduction to the Accounting Policies, we’ve changed the heading ‘Statement of Significant Accounting Policies' to ‘Summary of Significant Accounting Policies’

2. In the first paragraph of the significant accounting policies, we’ve inserted a new sentence (as 2nd sentence in the paragraph).

3. We have changed the wording in the last paragraph in the introduction to the Summary of Significant Accounting Policies.
   

Company only

• Trade and other receivables note
  Under ‘Current’ the 2nd total (row 34) was incorrect. The total was including D20 & D21. This has been changed to D21 & D22