COVID-19 Notes to accounts

Has BGL team given this any thought to be incororated in current “fixed” notes proforma.

Trustees who are yet to complete their SMSF accounts for the 2019 financial year must remember to disclose the COVID-19 pandemic as a significant event in order to prevent delays with their audit, an SMSF technical expert has said.

SuperConcepts SMSF technical and strategic solutions executive manager Philip La Greca said the recent impact of COVID-19 on the value of fund assets meant funds that had not yet completed their accounts for the 2019 financial year were legally obliged to disclose the pandemic as a significant event in the “Events Subsequent to Balance Date” note in their fund’s annual financial report.

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We did our own, and confirmed what the auditor wanted. Yes but would of been good to have this as part of the release.

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You currently have the Ability to add any custom text to the Notes to the Financial Statement . Please see here for instructions Customising the Template for an Existing Report – Simple Fund 360 Knowledge Centre. The SF360 team are also in the process of adding a new Note 13 type feature as part of Stage 2 COVID Changes . For more information on Stage 1 and Stage 2 COVID-19 Software changes please see this link Simple Fund 360 Updates regarding the Economic Response to The Coronavirus – Simple Fund 360 Knowledge Centre