AASB 1060 READINESS CHECKLIST

Our AASB 1060 Readiness Checklist is tailored for small to medium-sized accounting firms, helping you confidently assess and support your clients through the implementation process.

AASB 1060 Readiness Checklist

1. Assess Applicability and Client Impact

Have you identified which clients need to transition to AASB 1060? Have you checked whether your clients’ reporting requirements are driven by Regulatory bodies (ASIC, ATO, ACNC, QBCC, ASQA, Fairwork)? Or lenders, banks, or investors, or industry-specific rules (e.g., Not-for-Profits)?

2. Financial Statements – Structure and Presentation

Have you updated the Statement of Financial Position to align with AASB 1060? Have you ensured that the Statement of Profit or Loss and Other Comprehensive Income complies with the new format? Have you reviewed the Statement of Changes in Equity to ensure compliance? Have you checked whether your clients’ Statement of Cash Flows is appropriately classified?

3. Key Disclosure Changes

Are all accounting policies disclosed in a clear, concise, and simplified manner? Do you understand how to account for and disclose related parties, key management personnel transactions, financial instruments and risk management, leases under AASB 16, employee benefits and provisions, impairment testing, income tax and deferred tax, commitments and contingencies? Have you checked the removal of unnecessary disclosures compared to full GPFS?

4. Transition Plan for Clients Moving from SPFS to GPFS

Have you prepared comparative financial statements as per AASB 1060 requirements? Have you checked for adjustments to retained earnings due to changes in accounting treatment? Have you prepared reconciliations for prior-year figures where necessary? Have you ensured that your chart of accounts and financial systems align with the new disclosures?

5. Client and Stakeholder Communication

Have you informed your clients about the transition to AASB 1060? Have you provided guidance to directors, owners, and managers about the key changes? Have you explained to clients how these changes might affect banking and loan agreements? Have you reviewed any contractual obligations or covenants that may be affected?

6. Internal Firm Readiness and Compliance

Have you conducted internal training sessions for your accountants and auditors? Have you updated your firm’s checklists and templates for financial reporting? Have you considered updating your audit and review procedures to align with AASB 1060? Have you ensured your accounting software can generate compliant reports?

8. Practical Tools and Resources for Your Firm

Have you prepared sample financial statement templates under AASB 1060, guidance notes for clients on disclosure changes, and training material for internal teams? Have you reviewed any industry guidance issued by CPA Australia, CA ANZ, or IPA?

Progress: 0% complete

SUCCESS STORIES

“Donnie helped me prepare a GPFR for my clients investors, we worked together over Zoom and got the report to the client on time, thanks Donnie!”

Caisey S

Standard Ledger

“I have known Donnie for a couple of years now, and he is an absolute genius. He's able to work through Xero reporting with me and is also about to put my ideas into action reporting from Xero.

I have some hundreds of man hours already. I can't recommend him more. Absolute legend.”

Martin Moate

Empire Advisors

“Donnie was really helpful and created a system within Xero that helped us product GPFR Tier 2 for our Xero clients, using all the additional disclosures,
Thank you Donnie!”

Irina Donaldson

PFK Disney

Ready to implement GPFR in Xero?

BOOK A CHAT NOW

ENTRY COUNTS

Our customers come from everywhere and all seek the same results.

We love helping organisations and accountants!

Email: advantage@entrycounts.com

AASB 1060 READINESS CHECKLIST