Value Accounts

PwC is committed to giving you practical solutions to make your financial reports less complex and more accessible. Our Value Accounts 2022/2023 series will help you streamline financial reports by showing you how to:

• group content into logical sections
  
• highlight important information by making it more prominent
  
• use plain English and cut down on jargon, and
  
• use colour and headings so readers can easily navigate financial reports and find related information.
  

December 2023 and June 2023 editions

While there were no major changes to the financial reporting requirements this year that affected the disclosures in our various  illustrative financial statements, we have made a number of improvements and updated the commentary to reflect recent developments.

The December 2023 Value Accounts publication includes example disclosures for the OECD Pillar Two amendments relating to the implementation of a 15% global minimum tax, and to reflect the early adoption of recent amendments made relating to the classification of liabilities as current or non-current and for non-current liabilities with covenants.

The interim and annual 2023 publications further discuss how rising inflation and interest rates may affect various disclosures and remind preparers to consider the impact of climate change where relevant. We have retained the Appendix in Value Accounts December 2023 which discusses how climate change could affect certain measurements and therefore related disclosures.  

Value Accounts Simplified Disclosure shows the disclosures required for companies that are intending to adopt the new disclosure standard AASB 1060 General Purpose Financial Statements - Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities. While there were no major changes required for the June 2023 edition, we made a few minor improvements.