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Statement of significant accounting policies

Accountants Enterprise in Australia only

Revisions have been made to the text for the Statement of Significant Accounting Policies. You will need to review the text to ensure that it is suitable for each specific scenario in your practice.

The Accounting Policies Note 1 reference table lists the relevant formats created for the Accounting Policy Note 1 and will illustrate the condition(s) under which they will print.

All format names are prefixed with Accounting Policy Note 1.

Where a particular accounting policy note requires the text to be edited, simply transfer the relevant format to the client / practice level and make the amendments.

For a dormant company, only Special Purpose, PPE Non Reporting and Additional Policy will print using the same conditions as above.

For a non-trading trustee company, a special format Accounting Policy Note 1 Special Purpose – Trustee Company will be used.

Superannuation Fund requires very different disclosure compare to that of other entities. See Notes to the financial statements.

Additional policy

Multiple additional accounting policies can be entered with Title and Description in DB.Notes.Note1.AdditionalAccountingPolicy. This accounting policy note 1 will print as the last accounting policy note before the printing of Event after the Balance Sheet Date.

Change in accounting policy

Change in accounting policy note will print if data has been entered in DB.Notes.ChangeinAccountingPolicy.

This accounting policy note shows the changed values with the previous value, adjustment and revised value for each of the present and comparative years. Data from the beginning of the earliest comparative period is collected in DB.Notes.ChangeInAccountingPolicy.ChangeGeneral.BeginningEarliestComparative.

Comparative figures

The comparative figures accounting policy note will print automatically for all reporting entities and large non-reporting companies.

Critical accounting estimates and judgments

The critical accounting estimates and judgments accounting policy note will print for all reporting entities and large non-reporting companies if the details of assumptions or estimates has been completed in DB.Notes.Note1.KeyAccountingAssumptions or DB.Notes.Note1.KeyAccountingEstimates.

Events after the balance sheet date

The date on which the financial report was authorised for issue is now required to be stated for all entities. This is to be printed for Superannuation Funds at all times but is required for other entities only when AASB 110: Events after Balance Sheet Date Note is applicable.

DB.Notes.Note1.Miscellaneous.AuthorisedForIssueDate will need to be filled in with the date (in dd/mm/ccyy format) the financial report was authorised for issue by those responsible for governance.

Financial instruments

Different standard paragraphs will be printed in these section depending on the values entered in DB.Notes.FinancialInstruments.OtherInformation.

Going concern

For Trusts, additional standard text regarding unsecured loan from a related party will be printed if details have been filled in regarding the related party in DB.Notes.Note1.SubordinationAgreement.

For all entities, any additional details to be disclosed can be entered in DB.Notes.GoingConcern and will be printed after the standard paragraphs.

Income tax

Additional details entered in DB.Notes.IncomeTax will be printed after the standard paragraphs.


Goodwill, Research and development, Patents and trademarks will automatically print in the Accounting Policy Note 1 Intangibles. Additional Intangible disclosure can be entered in DB.Note.Note1.Intangible and will be displayed at the end of the note.


Additional text entered into DB.Notes.Notes1.Inventories.FurtherInventoryPolicyNote will print at the end of the first section.


Additional details can be entered into DB.Notes.Note1.Investments.InvestmentsAdditional memo field.

Investments in associates

Additional details can be entered into the DB.Notes.Notes1.InvestmentInAssociates.InvestmentInAssociatesAdditional memo field.

New accounting standards

If any new or revised accounting standards are adopted, details should be entered into DB.Notes.AccountingStandards.AASBStandardsMandatory for each standard to be included in this accounting note.

Property plant and equipment

For all reporting entities, the Depreciation section will be printed when there is outstanding balances on depreciation (e.g., CM.Notes.PPE.P&E.Depreciation<>0).

If the depreciation rates and / or useful life for each class of depreciable asset are applicable; details should be entered in DB.Notes.Note1.Depreciation for each class of asset to be appended to this section.

Associations and non-reporting entities have separate Plant and Equipment Accounting Policy Note 1 text.


Details of the revenue policy note for each extra revenue type can be entered in DB.Notes.Note1.ExtraRevenuePolicy for disclosure in the Revenue section.

Trade and Other Payables

For company entities, the title “Trade and Other Payables” will print. For an association entity, the title “Accounts Payable and Other Payables” will print.

Trade and Other Receivables

For company entities, the title “Trade and Other Receivables” will print. For an association entity, the title “Accounts Receivable and Other Receivables” will print.

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