MYOB AE MAS/Accounts Reporter release notes—3.5.4 (Australia)

Fair value Measurement Note (For large General Purpose entities only)

• The Fair Value Measurement Note has been extended and now requires disclosure for Unobservable inputs and Sensitivities.
• We've created New Non-transaction data fields under Notes > FinancialInstruments > FairValue > FairValueUnobservableInputs.
• Default paragraphs have been filled in for the following NTD fields:

• • NoSignificantInterRelationships
  • TransfersBetweenLevelsHierarchy
  • HighestAndBestUse

You can either edit the text for the default paragraphs or delete them, if not required.

Leases Note (General Purpose Companies and Associations only)

• We've removed all references to the adoption of AASB 16.
• We have added some additional paragraphs along with new Non Transactional Data fields in relation to COVID-19 related rent concessions.
  • Under Notes > Leases-AASB16 > CovidAmountRecognised.
  • CovidAmountRecognisedDescription: You can edit this description.
  • Amount: Enter the amount recognised in P&L to reflect changes in lease payments arising from COVID-19 rent concessions.

Update to the Property, Plant and Equipment Note (For Small Company and Association entities only)

• For small entities (Company and Associations only), you are now required to disclose the useful life for each class of fixed asset.
  • You can add these details in the Non Transaction Data > Notes > Note1 > Depreciation. Complete the Description and Useful Life but you don't need to complete Depreciation Rate.
    
    
• For Non-Reporting small entities (Partnership and Trust), although you're not required to fill in the Useful Life table, it will print if you choose to fill it in.
• For Non-Reporting small entities (Sole Trader), the useful life table is not required and will not print even if the table is filled in.

The Capital and Leasing Commitments note has expired and the details are not detailed in the Contracted Commitments note

• We've added a new note to Contracted Commitments for General Purpose reports. This is for General purpose reports for all entities.
  We've created a new Non Transaction data field that has been created under Notes > ContractedCommitments. Type the details in the memo field to print this note.

Removed references to AASB 16 and AASB117

• We've removed all references to AASB16 & AASB17 for the adoption of leases from the Accounting Policies and the Notes to theFinancial Statements.

Accounting Policy Note - Additional accruals text

• In the Basis of Preparation in the Accounting Policies, we've added the following additional paragraphs:
  The financial statements have been prepared on an accruals basis and are based on historical costs modified, where applicable, by the measurement at the fair value of selected non-current assets, financial assets and financial liabilities.
  
  Significant accounting policies adopted in the preparation of these financial statements are presented below and are consistent with prior reporting periods unless otherwise stated