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28 May 14 Accounting principles: preparing financial reports - TD 2014/12

On 28 May 2014 the ATO issued taxation determination TD 2014/12 entitled “Income tax: which accounting principles must a financial report be prepared in accordance with in order to satisfy paragraphs 230-150(1)(a), 230-210(2)(a), 230-255(2)(a), 230-315(2)(a) and 230-395(2)(a) of the Income Tax Assessment Act 1997?”

The determination says that a financial report must be prepared in accordance with those accounting standards and authoritative pronouncements of the Australian Accounting Standards Board (AASB) which are relevant to financial arrangements and which are capable of being applied in respect of the affairs of the entity whose financial position and performance is being reported. This is the case regardless of whether those accounting principles mandatorily apply to the entity or the financial report.

The financial report does not need to be prepared in accordance with accounting principles which are not relevant to financial arrangements or which are not capable of being applied in respect of the affairs of the entity whose financial position and performance is being reported.

The determination was previously issued in draft as TD 2013/D8.

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