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First time adoption of AIFRS

Accountants Enterprise in Australia only

A new disclosure for First Time Adoption of AIFRS was introduced in 2006 and implemented from Reporter Year 2006 onwards for all reporting and large non-reporting entities.

This disclosure will be displayed in the financial report if DB.#EntityDetails.ClientDetails.FirstTimeAdoptionAIFRS is changed from the default value of ”No” to ”Yes”. Since each entity only needs to provide this disclosure once, it should be reset to ”No” for subsequent years.

Upon first time transition to AIFRS, the entity will disclose the reconciliation of the changes to the equity on the Balance Sheet and changes to the Profit and Loss. Both the results of the transitions are shown under Note 2: First-time Adoption of Australian Equivalents to International Financial Reporting Standards in the Notes to the Financial Statements.

For the correct presentation within Notes to the Financial Statements, it is necessary for strict coding of the master chart.

Appendix A - Summary of Master Chart Categories and Appendix B - MAS recommended Master Chart of Accounts specifies the account range(s) and the recommended chart name description for the best presentation of the implementation of AIFRS. The MYOB Master Chart of Accounts for Accounts from AE Release Versions 8.15/6.31 onwards is currently up to date with the correct coding.

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