Compilation of Financial Statements

With the constant changes to accounting standards, the task of compiling compliant financial statements is becoming increasingly complex. Added to this is the recent introduction of AASB 2020-2, which requires some for-profit organisations to transition from special purpose financial statements to a form of general purpose financial statements.


At Australian Audit we have been compiling compliant financial statements for our clients for many years, including all types of special purpose, simplified disclosure, full general purpose and interim financial statements. We would be pleased to assist you with your compilation requirements.


We can provide compilation services to individual entities, or to other accounting firms as a white-labelled, back-office product.

Individual Entities

Compilation services for individual entities could include:

  • Preparation of compliant special purpose financial statements (e.g. to provide to your auditor)

  • Preparation of simplified disclosure financial statements (e.g. because you hold an AFSL, are an unlisted public company or for QBCC reporting)

  • Preparation of full general purpose financial statements for lodgement with a regulator or shareholders (e.g. listed entities)

  • Consulting services in relation to the application of specific accounting standards

Our services can be tailored to your specific requirements. No job is too big or small. Please get in touch with us to discuss how we can assist you.

Accounting Firms

There has been an increase in the number of entities that are required to prepare general purpose financial statements as a result of AASB 2020-2. The professional bodies released a detailed report covering this in June 2022, which is accessible from the Chartered Accountants ANZ website here. Preparing general purpose financial statements is a complicated task, and not all of the commonly used accounting software packages are set up to accommodate these requirements.

There is also significant ongoing education required to remain abreast of all of the changes in accounting standards such as AASB 15 (revenue), AASB 16 (leases), AASB 10 (consolidation) and more.

We are pleased to offer a white labelled consulting service to other accounting firms requiring assistance to comply with these changes in reporting requirements. The normal process is:

  1. Accounting firm completes period end reconciliations & adjustments, and provides a copy of the trial balance and related reports to us.

  2. We ‘sense check’ the accounts provided and will provide a list of questions to the accounting firm if there are any items that appear to be missing. This is not an assurance engagement, just a high level review of the final balances.

  3. We take the provided trial balance and format it into a compliant financial statement according to the requirements of the client, regulations and relevant legislation.

  4. The completed financial statement is provided to the accounting firm to be passed on to the client / auditor / etc.

  5. If further changes are requested by the client or auditor we will attend to those and provide an updated report.

Throughout the process we have ongoing dialogue with the accounting firm, as required, to clarify any issues we become aware of.

We are also able to address any accounting questions that the accounting firm may have in relation to application of accounting standards and related matters.

If this service is of interest, please get in touch with our office to discuss your specific requirements.