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Sample Notes Financial Statements

This document contains the notes to the financial statements for [ENTITY NAME] for the year ended 30 June [YEAR]. It states that the financial statements were prepared on a non-reporting special purpose basis according to accounting policies selected by the directors/trustees/partners to meet user needs. The statements were prepared using the [accrual/cash] basis, historical cost, and going concern assumptions. Specific accounting policies are also noted.

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172 views1 page

Sample Notes Financial Statements

This document contains the notes to the financial statements for [ENTITY NAME] for the year ended 30 June [YEAR]. It states that the financial statements were prepared on a non-reporting special purpose basis according to accounting policies selected by the directors/trustees/partners to meet user needs. The statements were prepared using the [accrual/cash] basis, historical cost, and going concern assumptions. Specific accounting policies are also noted.

Uploaded by

Mayenyen
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

[INSERT NAME OF ENTITY]

[INSERT THE ABN OF THE ENTITY]

NOTES TO THE FINANCIAL STATEMENTS


FOR THE YEAR ENDED 30 JUNE [insert year]

1. Statement of Significant Accounting Policies

The [directors OR trustees OR partners OR principal] has prepared the financial statements on
the basis that the [company OR trust OR partnership OR business] is a non-reporting entity
because there are no users dependent on general purpose financial statements. The financial
statements are therefore special purposes financial statements that have been prepared in order
to meet the needs of the [members OR beneficiaries OR partners OR business owner].

The financial statements have been prepared in accordance with the significant accounting
policies disclosed below which the [directors OR trustees OR partners OR principal] have
determined are appropriate to meet the needs of [members OR beneficiaries OR partners OR
business owner]. Such accounting policies are consistent with the previous period unless stated
otherwise.

The financial statements have been prepared by applying the [INSERT accrual basis OR cash
basis] and going concern basis of accounting. They are based on historical costs and do not take
into account changing money values or, except where specifically stated, current valuations of
non-current assets.

The following specific accounting policies, which are consistent with the previous period unless
otherwise stated, have been adopted in the preparation of these financial statements:

[INSERT RELEVANT POLICIES]

These notes are to be read in conjunction with the attached compilation report.

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