Model Financial Statements

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  • 1. Model Financial Statements A guide to producing consolidated financial statements for entities which qualify for differential reporting Financial years ending on or after 31 December 2009 Audit and Assurance
  • 2. Introduction Welcome to the model financial statements of Green Dot Differential Holdings Limited and subsidiary for the year ended 31 December 2009. Green Dot Differential Holdings Limited is a fictional New Zealand company registered under the Companies Act 1993. The model financial statements have been prepared as an illustrative example of general purpose financial statements of a group comprising a parent entity and its subsidiary, in accordance with the New Zealand Financial Reporting Act 1993, the Companies Act 1993 and Standards and Interpretations issued by the Financial Reporting Standards Board (FRSB) of the New Zealand Institute of Chartered Accountants (NZICA) and approved by the Accounting Standards Review Board (ASRB) for application for periods ending on or after 31 December 2009. Green Dot Differential Holdings Limited is a qualifying entity under the Framework for Differential Reporting that has elected to apply certain disclosure and measurement exemptions allowable under this Framework. Keeping up to date with the various presentation and disclosure requirements of the New Zealand equivalents to International These model financial statements demonstrate the disclosure Financial Reporting Standards (NZ IFRS) is an ongoing challenge. requirements of the revised NZ IAS 1 Presentation of Financial With this in mind these model financial statements have been Statements (revised 2007) which is applicable for financial periods designed by Deloitte to assist clients, partners and staff with the beginning on or after 1 January 2009. Amongst other changes preparation of annual financial statements prepared under NZ IFRS the revised NZ IAS 1 requires all changes in equity arising from for a qualifying entity. transactions with owners in their capacity as owners to be presented in the statement of changes in equity and all non-owner changes in equity (comprehensive income) to be presented in either one statement of comprehensive income or in two statements (a separate income statement and a statement of comprehensive income). We have presented income and expenses in one statement of comprehensive income. An alternative presentation is demonstrated in Appendix 1 to these model financial statements. Preparers should select the alternative most appropriate to their circumstances. Further discussion of the reporting requirements for New Zealand entities and the Framework for Differential Reporting is included in Appendix 2 to these model financial statements. Other useful tools and publications to assist in meeting the International Financial Reporting Standards (IFRS) challenge can be found on Deloittes New Zealand website www.deloitte.co.nz and Deloittes global IFRS website www.iasplus.com which contains checklists and various other IFRS publications. Denise Hodgkins May 2009
  • 3. Exclusions This model does not, and cannot be expected to cover all situations that may be encountered in practice. Therefore, knowledge of the disclosure provisions of the relevant legislation, Standards and Interpretations is a pre-requisite for the preparation of financial statements. Specifically, this model does not provide guidance on the public benefit entity disclosure requirements of Standards and Interpretations and the disclosure requirements of the following Standards and Interpretations: NZ IFRS 1 First-time Adoption of New Zealand Equivalents to International Financial Reporting Standards NZ IFRS 2 Share-based Payment NZ IFRS 4 Insurance Contracts NZ IFRS 5 Non-current Assets Held for Sale and Discontinued Operations NZ IFRS 6 Exploration for and Evaluation of Mineral Resources NZ IAS 1 (2007) Presentation of Financial Statements (NZ 138.1 to NZ 138.10 Statement of Service Performance) NZ IAS 11 Construction Contracts NZ IAS 20 Accounting for Government Grants and Disclosure of Government Assistance NZ IAS 26 Accounting and Reporting by Retirement Benefit Plans NZ IAS 28 Investments in Associates NZ IAS 29 Financial Reporting in Hyperinflationary Economies NZ IAS 31 Interests in Joint Ventures NZ IAS 34 Interim Financial Reporting NZ IAS 41 Agriculture FRS 42 Prospective Financial Statements FRS 43 Summary Financial Statements In addition, certain Interpretations (NZ IFRICs and NZ SICs) have not been demonstrated in the model financial statements. This model also does not demonstrate early adoption of the Standards and Interpretations that have been issued but are not yet effective for periods ending 31 December 2009 as listed at page 34. This model is not designed to meet specific needs of specialised industries. Rather, it is intended to meet the needs of the vast majority of qualifying entities in complying with the annual reporting requirements of the Companies Act 1993, Financial Reporting Act 1993 and Standards and Interpretations issued by the FRSB of the NZICA and approved by the ASRB. Enquiries regarding specialised industries should be directed to an industry specialist in your nearest Deloitte office. Current accounting practices and changes in financial reporting standards have been incorporated into these model financial statements at the time of publication. Due to the continually evolving nature of accounting practices it is important that the preparer of the financial statements maintains an awareness of financial reporting developments and how these impact on the preparers financial statements. The names of people and companies referred to in these model financial statements are fictitious. Any resemblance to any person or business is unintentional. Source references Suggested disclosures are cross referenced to the underlying requirements in the texts of the relevant legislation, Standards and Interpretations in the left hand column of each page of this model. Where doubt exists as to the appropriate treatment examination of the source of the disclosure requirement is recommended. Abbreviations used in this model are as follows: ASRB Accounting Standards Review Board FRSB Financial Reporting Standards Board NZICA New Zealand Institute of Chartered Accountants NZ IAS / NZ IFRS Standards issued by the FRSB of the NZICA and approved by the ASRB NZ IFRIC / NZ SIC Interpretations issued by the FRSB of the NZICA and approved by the ASRB s. Section of relevant legislation FRA Financial Reporting Act 1993
  • 4. Audit and Assurance Green Dot Differential Holdings Limited Annual Report For the year ended 31 December 2009
  • 5. Source reference Green Dot Differential Holdings Limited Annual report for the year ended 31 December 2009 Companies Act 1993 The Directors are pleased to present the financial statements of Green Dot Differential Holdings Limited for the year ended s.208(1), 211(1) Financial Reporting Act 31 December 2009. 1993 s.10, 13 Companies Act 1993 No disclosure has been made in respect of Section 211(1)(a) and (e) to (j) of the Companies Act 1993 following a unanimous s.211(3) decision by the shareholders in accordance with Section 211(3) of the Act. The Directors are responsible for the preparation, in accordance with New Zealand law and generally accepted accounting practice, of financial statements which give a true and fair view of the financial posit

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