I notice that the Format of Financial Reports in Essentials has changed.
Why the Black Lines? I see no purpose and it makes reading very difficult.
Bank Accounts are a Current Asset are should be reported under a Current Asset Header.
This is a requirement of the AASB (Australian Accountants Standards Board).
I understand that Members of a Professional Accountancy Industry body are required to prepare Financial Reports that meet Accounting Standards.
Why would MYOB after 25 years of providing a Balance Sheet format that met Accounting Standards segregate Bank Accounts from Current Assets?
I understand MYOB's major competitor also uses the format of segregating Bank Accounts from Current Assets.
During November 2018, I attended a Bookkeepers Meeting hosted by a Bookkeeping Industry Body.
There was quite a heated discussion whether the format of excluding Bank Accounts from Current Assets is correct. I would suggest it is not.
Happy to hear views.
Duncan Smith
Business Advice + Tax
"Financial Reports Format November 2018"