OVERVIEW Since their development in 2010, reduced disclosure requirements (RDR) have generated increasing interest, particularly among not-for-profit entities. Notwithstanding the uncertain future of the Australian Charities and Not-for-profits Commission (ACNC), the growing focus on accountability by such entities is likely to ensure that this trend will continue in the not-for-profit sector. The AASB?s December 2015 Work Program illustrates its ongoing commitment to increased transparency in the financial reporting of not-for-profit entities. In particular, the AASB is proposing to issue a new Standard to address reporting of service performance information of not-for-profit entities. This proposal is currently in Exposure Draft format. The seventh edition of XYZ Model Financial Accounts ? Reduced Disclosure Requirements aims to keep users up to date with the latest disclosure requirements and other critical information for preparing financial statements under RDR. To achieve these aims, this publication provides a range of information and tools, including: discussion of RDR and recent developments affecting Tier 2 entities; flowcharts to determine how RDR are applied; disclosure checklists of all RDR and other financial reporting requirements typically applicable to Tier 2 entities; and model financial accounts for a range of entities, including unlisted public companies, private companies and incorporated associations, prepared using RDR. WHAT?S NEW IN 2016? Recent developments in financial reporting, including: y y y y y y y ? yan update on the AASB?s current project on income from transactions of not-for-profit entities; y y y y y y y ? yinformation regarding the new Standard on leases, AASB 16, which was issued on 23yFebruary 2016; and y y y y y y y ? ya summary of the impact on financial reporting of the Tax Laws Amendment (Combating Multinational Tax Avoidance) Act 2015. Current period disclosure checklists for reporting requirements applicable to Tier 2 entities under: y y y y y y y ? Australian Accounting Standards; y y y y y y y ? Australian Accounting Interpretations; and y y y y y y y y y y y? the Corporations Act 2001. Future period disclosure checklists for recently issued or reissued Standards that can be early adopted (incorporating related Amending Standards), including: y y y y y y y ? AASB 1: First-time Adoption of Australian Accounting Standards; y y y y y y y ? AASB 9: Financial Instruments (December 2014); and y y y y y y y ? AASB 15: Revenue from Contracts with Customers, as recently updated by AASB 2015-8. RDR-specific model financial accounts for the annual reporting period ending 30 June 2016, incorporating: y y y y y y y ? guidance for preparers of financial statements for ACNC registered entities in the not-for-profit model; and y y y y y y y ? a revised compilation report in the incorporated association model due to application of the 2015 version of APES 315: Compilation of Financial Information For further information about the suite, please visit http://tax.www.thomsonreuters.com.au/checkpoint/xyz