Notes to the reconciliation of equity and of profit and loss

Accountants Enterprise in Australia only

The implementation of AIFRS has presumed that the general ledger retains the actual values for the current and prior two years. If not, modifications will be necessary at the practice / client level to accommodate these differences.

To assist in the presentation of this note, it is necessary to disclose the reconciliations for the Changes to Equity and Profit and Loss due to the transition.

The details of the transition effects must then be entered in the following new folders under DB.Notes.FirstTimeAdoptionAIFRS:

.TransitionEffectsInEquity.CurrentAssets
.TransitionEffectsInEquity.NonCurrentAssets
.TransitionEffectsInEquity.CurrentLiabilities
.TransitionEffectsInEquity.NonCurrentLiabilities
.TransitionEffectsInEquity.Equity
.TransitionEffectsInProfitLossByFunction
.TransitionEffectsInProfitLossByNature.

All the these Transitions Database folders have the following Database Map fields.

Database Map fields for the Transition Database folders

Database Map field	Description
FinancialEffectDescription	Enter a short description of the effect due to the adoption of AIFRS. Not required if entering a memo item.
FinancialEffectAmount	Enter the change in the value due to the adoption of AIFRS. Not required if entering a memo item.
FinancialEffectMemo	Enter a memo describing the effect due to the adoption of AIFRS. Not required if entering a short description.

Format table created for presenting reconciliations

Format name	Entities
Notes to the Reconciliations	C, T, P
Reconciliation of Equity – YearEnd	C, T, P
Reconciliation of Equity – YearStart	C, T, P
Reconciliation of Equity Notes	C, T, P
Reconciliation of Profit and Loss by Function	C, T, P
Reconciliation of Profit and Loss by Function Database	C, T, P
Reconciliation of Profit and Loss by Nature	C, T, P
Reconciliation of Profit and Loss by Nature Database	C, T, P
Reconciliation of Profit and Loss Notes	C, T, P