Accountants Enterprise in Australia only
All non-reporting entities now present a Balance Sheet. For all non-reporting entities, Formats, Chart Maps, Database Maps and Reports for Statement of Financial Position are redundant from Reporter Year 2006 onwards.
The Balance Sheet is mandatory for all reporting entities other than Superannuation Funds.
An Out of Balance message will be displayed at the bottom, if the report is out of balance. Any outstanding balance in the suspense account will also been shown. This message serves as a reminder that, a journal to clear the suspense account should be posted to the ledger.
Under AASB 2007, two categories: Borrowings and Profit from Ordinary Activities have been renamed to Financial Liabilities and Profit, respectively.
The format Borrowings Note has kept its original name but wording changes have been made within the format.
Superannuation Funds may choose to print Statement of Financial Position in place of Balance Sheet. See Statement of financial position—2010 AASB IFRS Presentation changes.