Statutory Reporter Formats—Australia

This release includes ATO compliance changes for Self Managed Super fund (SMSF)

As we've made many changes to paragraphs to bring the Audit report in line with the ATO, we recommend that you bring the Audit Report paragraphs you have at Practice and/or Client level, back to Master level

Basis for opinion paragraph update

• In the Basis of opinion paragraph, we've included the details about whether the firm or network firm has prepared the financial statements for the fund.

• We've added a new Non-transaction data field under Independent Auditor's Reporter called Did you or the firm prepare the financials for the SMSF = Yes or No (if not selected, it defaults to No). The paragraph wording will change based on your selection in the above Non-transaction data.

Part B - Independance and Quality Control paragraph

• In the Audit report - Independence and quality control SMSF paragraph, we've included the ASQM 1 Quality Management.

ASQC1 can be applied until ASQM1 becomes operative on 15 December 2022. There is a new NTD field under Independent Auditor’s Report called ASQC1 or ASQM1 auditing standard. Choose ASQC 1 or ASQM 1. 

Other changes

• Currently when you select NTD > Independent auditor's report = 'None' (unqualified), the word 'qualified' was incorrectly printing in some headings and paragraphs. These have now been removed.
• For the Opinion [Qualified Opinion/Disclaimer of Opinion/Adverse Opinion] in Part A, the opinion should state either:

1. the financial position of the fund at 30 June ___ [year] and the results of its operations for the year then ended.
   or
2. the net assets of the fund as at 30 June ___ [year] and the changes in net assets for the year then ended.
   The paragraph was printing Option 1.

• There is a new NTD field under Independent Auditor's Report = Approved auditors opinion Part A. Choose either
  Financial Position & Operations
  or
  Net Assets & Changes to Net Assets.

We have also made a number of minor wording changes to headings and paragraphs to match the wording in the ATO audit report.

• Make sure everyone's logged out of all MYOB programs.
• Check that your computer meets the system requirements.
• Disable your virus checker.

• Check that you have MYOB AE/AO version 5.4.38

  To check your version numbers

  1. Open MYOB AE/AO.
  2. Select Help > About from the menu bar.
     The version number should be 5.4.38 or later.

1. Log in to my.MYOB and go to My Products > Downloads.

2. Select MYOB AE Client Accounting from the drop-down.

3. Download the MYOB AE Statutory Reporter 5.4.38 - Update and save it to your computer.
4. Double-click the .exe file to start the installation. The InstallShield Wizard appears.
   

   

   
   
   
5. Click Next. The Licence Agreement appears. Select I accept the terms in the licence agreement then click Next.
   

   

6. Confirm that location of the Deploy folder is correct and select Next.

   
   

   

   
    

7. Click Next to accept the default installation directory. Either Database Server or Ready to update the database appears.

8. If Database Server appears,
   

   

   1. Select an MYOB database from the list.
   2. Select Server authentication using the Login ID and password below.
   3. Enter the Login ID and Password for the SQL System Administrator ('sa' user).
   4. Click Next. Ready to update the database appears.

9. Select Yes to backup your database, select the location for your backup, then select Next.
   
   

   

10. In Ready to update the database, click Upgrade DB.
    

    

11. Select Finish
    

    

1. Log in to my.MYOB and go to My Products > Downloads.

2. Select MYOB AO Client Accounting from the drop-down.

3. Download the MYOB AO Statutory Reporter 5.4.38 - Update and save it to your computer.
4. Double-click the .exe file to start the installation. The Licence Agreement appears
5. Select I have read and accept the licence agreement, then click Next.
   

   

   
   The installer connects to the SQL database. Either Database connection or Ready to Install appears.
6. If Database connection appears:
   
   1. Select Server authentication using the Login ID and password below.
   2. Enter the Login ID and Password for the SQL System Administrator ('sa' user).
   3. Click Next.
7. In Ready to Install, click Install.
   

   

8. After the install finishes, click Finish.
   

   

1. Open MYOB AE/AO.

2. For AE, go to Maintenance > Client Accounting > Practice Report Settings. From the Practice Report settings on the left, select About and confirm Report Definition Version is 42.

3. For AO, go to Maintenance > Maintenance Map > Client Accounting. From the Practice Report settings on the left, select About and confirm Report Definition Version is 42.