Additionally, there is an element with several child elements to describe departures from IFRS. The same argument applies to them, although AASB staff advise that there is no equivalent requirement under Australian Standards as it is not contemplated that preparers will depart from them. If they disagree with the standards then they must still disclose in accordance with them and then make any additional disclosures they feel warranted in notes to the accounts.

David Hardidge (E&Y) notes that he believes that we need an additional element. There will be IFRS non-compliance with any special purpose report (for-profit or not-for-profit) because of missing disclosures. IFRS requires full measurement and disclosure compliance to state IFRS complied with. There will also be IFRS non-compliance with almost all not-for-profit entities because of their special rules.

GAAP Disclosures (tuple)
	Name of GAAP Used
	Statement of Compliance with GAAP Used

A new element be inserted into the:
	Accounting Policies	
		Overall Considerations
			Presentation of Financial Statements
section.

David Hardidge (E&Y) noted that the element identified in IAS 21.54 seems to be for a change in currency. It appears that the IFRS Taxonomy reference is incorrect for this element as the element below it (Reason for Change in Measurement or Presentation Currency) also has the same reference. The reference for the highlighted element should be IAS21.53 on the assumption that the "functional currency" is the currency of the country in which the reporting entity is domiciled. As David points out:

On looking at the requirements I believe there are 3 elements needed. 

IAS 21.54 - A change in presentation currency e.g. Polish whatever to Euro. 

IAS 21.53 - A different presentation currency to functional currency.  e.g. I had a client some years 
ago that was Bermudan incorporated, listed on the ASX and operated in mainland China.  They had a 
functional currency (I suppose Chinese RMB) and presentation currencies of AUD (for Australian 
investors) and USD (US investors or Bermudan company law maybe).  There is no requirement under IFRS 
to produce financial statements in the functional currency, so they could have just presented AUD 
financials for the RMB functional currency.   This would be when IAS 21.para 53 applies. 

AUS 53.1 - Australian company that starts in USD and presents in USD.  So presents in functional 
currency, so neither IAS 21.53 or IAS 21.54 applies.

The element needs to be added to the link base for each of the Balance Sheet formats as it is common to all three formats.

However, the sample financial from E&Y and DTT simply use the Retained Earnings (Accumulated Losses) element and show values in the Parent column of the Income Statement. Indicates a new element is not required.

• Name (of auditor or related practice)
• Nature of NonAudit Service (Tax, Other,etc)
• Amount

New elements, probably in a tuple, but further discussion required.
Auditor Disclosures (string)
	Detail of Audit Services (string)
		Audit Service (tuple)
			Description of Audit Service (string)
			Code for Audit Service (string)
			Name of Auditor (string)
			Amount Paid for Audit Service (monetary)
	Detail of Non-Audit Services (string)
		Non-Audit Service (tuple)
			Description of Non-Audit Service (string)
			Code for Non-Audit Service (string)
			Name of Auditor (string)
			Amount Paid for Non-Audit Service (monetary)
This follows the way that auditor disclosures are usually made with separate 
tables for audit services and non-audit services.

Auditor Disclosures (string)
   Auditor Disclosure (tuple)
	Name of Auditor (string) [CAS300(11C)(a)]
	Total of All Fees Paid to Auditor  [NZ Common Practice]
		Total Amount Paid for Audit Services (monetary)
		Total Amount Paid for Non-Audit Services (monetary)
		Detail of Non-Audit Services (string) [CA300(11B)]
			Non-Audit Service (tuple) [CA300(11B)] [CA300(11C)]
				Description of Non-Audit Service (string) [CA300(11C)]
				Code for Non-Auditor Service (string)
				Amount Paid for Non-Audit Service (monetary) [CA300(11C)(b)]
	Statement Whether Directors Are Satisfied that Provision of Non-Audit Services is 
	Compatible with General Standard of Auditor Independence [CA300(11B)(b)]

	Statement of the Directors Reasons for Being Satisfied that Provision of Non-Audit 
	Services did not Compromise Auditor Independence Requirements [CA300(11B)(c)]

The auditor name is only entered once and all services provided by each auditor are kept together.

This could either be a string to hold text (simplest option if this not seen to be overly valuable to analysts) or could break it into tuple for Entity and Nature of Dependency if that is seen as valuable.

<SignificantDependencies>

tuple <DetailsOfSignificantDependencies>

<SignificantDependencyEntity>
<SignificantDependencyNature>

See Example 3 - Note 26 (p 71 of AASB101). The words “for each class of shares” indicate that a tuple is required so that the class and the other data are kept together.

The screen shot below is for Ordinary Shares but there is a similar tuple for Preference Shares.

• Description of Dividend Paid - include in here whether it was franked or unfranked. Each franked dividend would need 2 entries in the instance document - one for the franked portion and one for the unfranked portion - adding to the total dividend paid.
• Amount of Dividend, Net of Tax - the franked or unfranked amount of the dividend.

This would appear to be an additional disclosure that does not fit into the dividend disclosures in the IFRS taxonomy. This disclosure does not distinguish between classes of shares or ordinary versus preference shares. The IFRS taxonomy has separate disclosures for ordinary and preference shares.

New element required for the amount of franking credits available for subsequent reporting periods to the equity holders in the entity.

Do we require additional elements to disclose the adjustments referred to in the standard? What is common practice?

The words “each class of capital commitments” indicate the need for a tuple so that the description of the class and the amounts to be reported are kept together. Each time period would require a separate element.

Since these are related to different types of assets they could be included as additional elements for each asset type listed in the asset disclosures section (see screen shot below). Not all of the asset types will require such disclosures.

E&Y use Property Plant and Equipment and Investment Property and for PPE distinguish between "Completion of operating facilities" and "Jointly controlled operation" for each type of asset.

DTT use Property Plant and Equipment, Investment Property and Intangible assets as examples. They included a reference to the total for each of these – AASB116.74(c), AASB140.75(h) and AASB138.122(e) respectively. KPMG and PwC use a similar approach.

The DTT approach would suggest that would indicate that what is needed are children added for the existing elements for the total amounts already required by other standards.

Class of Asset/Commitment (tuple)

Within one year (tuple)

Type of capital commitment (string)
Amount

After one year but not more than five years (tuple)

Type of capital commitment (string)
Amount

Longer than five years (tuple)

Type of capital commitment (string)
Amount

Class of Asset/Commitment (tuple)

Within one year Amount
After one year but not more than five years Amount
Longer than five years Amount

Class of Asset/Commitment (tuple)

Within one year Amount
After one year but not more than five years Amount
Longer than five years Amount

Class of Asset/Commitment (tuple)

Within one year Amount
After one year but not more than five years Amount
Longer than five years Amount

1. Change references to AASB101.Aus126.7 rather than IFRS-CP (GS to advise how to do)
2. Add three child concepts to “Amount of Capital Commitment
• Amount of capital commitment due within one year
• Amount of capital commitment due after one year but not more than five years
• Amount of capital commitment due longer than five years