How do I add Subsequent Events Notes to the Financial Statements regarding COVID-19?
Navigate to Business Level > Reports > Maintain Report Packages
- Search and select the report package
- Click on Reports
- Select Notes to the Financial Statements
- Click on "Edit Note Contents..." for Subsequent Events section
- Manually enter the following text to the provided field (You may adjust the wording to suit your practice):
Options Content A - Concise The trustees are aware of circumstances that have arisen after the reporting date, particularly the global stock market volatility surrounding the Coronavirus (COVID-19) pandemic. It is expected that this will cause a material decline in the market value of fund investments that are exposed to these market conditions. However, due to the rapid and ongoing changes, an estimate of the extent of this decline cannot be ascertained. B - Detailed
Subsequent to the end of the financial year there have been considerable economic impacts in Australia and globally arising from the Coronavirus (COVID-19) pandemic, and Government actions to reduce the spread of the virus.
At the date of signing the financial statements the Trustees are unable to determine what financial effects the outbreak of the virus could have on the fund in the coming financial period.
No financial effects arising from the economic impacts of the virus have been included in the financial statements for the year ended 30 June 2019. The impacts may include a significant reduction in the carrying value of the SMSF assets and investments. The Trustees acknowledge their responsibility to continuously monitor the situation and evaluate this impact including whether the fund remains a going concern and its ability to pay its liabilities and future retirement benefits.
- Click OK.
- Click Save
You can also add content for this Subsequent Events Note to the Financial Statement at Fund level by
Navigate to Fund Level > Reports > Run Report
- Select Notes to the Financial Statement
- Select Subsequent Events
- Click on Edit Note Contents
- Enter the text
- Click OK