MYOB AO Classic GL Formats release notes—17.0.9 (Australia)

We've updated the Revenue and Other Income policy for large companies, small companies and associations. The policy displays different information for different years:

• For the 2019 year, two versions of the policy is displayed:

1. 1. The original policy preceded by the words For comparative year.
   2. A new policy preceded by the words For current year. There'll be a section that you can use to enter a description for the new policy.

• For years before 2019, only the original policy is displayed, without the words For comparative year.
• For years after 2019, only the new policy is displayed, without the words For current year.

We've separated the Financial Instruments accounting policy into two parts: For comparative year and For current year.

For comparative year displays information from last year.

In For current year, edit the default text as required.

We've added a paragraph to the Financial Instruments policy, the Revenue and Other Income policy and the Other Liabilities section in Notes to the Financial Statements:

The Company has initially applied AASB 15 using the cumulative effect method and has not restated comparatives. The comparatives have been prepared using AASB 111, AASB 118 and related interpretations.

We've added the following statement below the Other Financial Assets note:

The Company has not restated comparatives when initially applying AASB 9, the comparative information has been prepared under AASB 139 Financial Instruments: Recognition and Measurement.

We've updated the Income statement and Statement of comprehensive income reports.

• We've separated the Finance Income and Revenue excluding Finance Income to display as two lines.
• Finance Income is all amounts in account number 199 or its sub-accounts.

We've changed the existing Borrowings/Finance Costs note to include a section at the beginning for Finance Income:

• If there's no Finance Income, the heading is displayed as Finance Expenses.
• If there is Finance Income, the heading is displayed as Finance Income and Expenses. Finance Income is listed first, followed by Finance Expenses.

We've added new account ranges for Contract Assets and Contract Liabilities:

• 704: Contract Cost Assets
• 918: Liabilities from Contracts with Customers.

We've added a Contract Assets and Liabilities note before Other Assets to list the values in the account ranges. The account ranges are displayed separately in the Balance Sheet and Statement of Financial Position, and aren't included with Other Assets or Other Liabilities.

We've updated the Revenue note to use the heading Revenue from Contracts with Customers instead of Sales Revenue and Service Revenue in the following account ranges:

• 100–179: Primary Production income
• 190–195: Professional Income
• 230–239: Sales.

We've changed Other Assets and Other Liabilities to exclude the Contract Assets and Contract Liabilities accounts.