Thomson Reuters Expands Relationship with Deloitte through XYZ Model Financial Accounts in Australia

SYDNEY, November 17, 2017 - Thomson Reuters announced today a further extension of its relationship with Deloitte as a co-author of the Thomson Reuters XYZ Model Financial Accounts guidance for Australia.
Starting January 2018 the collaboration aims to deliver up-to-date information to assist practitioners prepare financial reports that meet increased financial reporting regulation and complexities in the Australian market. This will include important updates for AASB15 (Revenue) and AASB16 (Leases) – two new standards being introduced in 2018 and 2019 respectively.
Thomson Reuters XYZ Model Financial Accounts provides step-by-step guidance to produce compliant financial statements, and prepare to adopt mandatory reporting standards. The XYZ Model Financial Accounts product suite is tailored for the most common entity types and client reporting requirements, including all major reporting and non-reporting entities, such as listed and unlisted public companies, trusts, APRA-regulated superannuation funds, not-for-profit companies limited by guarantee, managed investment schemes and self-managed superannuation funds.
Ben Scull, Managing Director, Tax & Accounting, Australia and New Zealand at Thomson Reuters said, “The new engagement sees Thomson Reuters continue to strengthen our relationship with Deloitte in the Australian market and further help our clients navigate the challenges of a myriad of new regulatory changes. It also extends on from another important recently announced partnership which sees Deloitte become an implementer for Thomson Reuters market-leading ONESOURCE Statutory Reporting software to assist finance departments streamline financial reporting processes, helping them to save time, improve accuracy and remain compliant.”
Soter Tiong, Accounting Advisory Partner at Deloitte said, “We believe the Thomson Reuters XYZ Model Financial Accounts Guidance is a very important initiative to assist preparers of financial statements across multiple industries. This collaborative engagement ensures that we bring top quality financial reporting capabilities to support Thomson Reuters help these practitioners both prepare and present their financial statements.”