Recorded Webinar: SMSF Accounting for SMSF Auditors

This webinar is designed to fulfil an SMSF Auditor’s requirement to have 100 minutes of training in the area of SMSF Financial Accounting. This session, to be presented by Mark Ellem, will cover the following areas:

• What must be included in an SMSF’s annual financial statements – The importance of accounting notes to outline the accounting treatment of specific items, including any accounting standards adopted.
• A review of the contents of SMSF financial statements.
• Classification of fund assets in the financial statements – previous cases involving SMSF auditors highlights the importance of correctly classifying fund assets in the financial statements.
• The effect of COVID-19 on the disclosure of fund income and expenses, as well as year end market values of fund assets in the financial statements.
• Accounting for pensions in light of the COVID-19 50% reduction to minimum pension payment requirements.
• Accounting for assets under an LRBA and the effect of COVID-19.
• Accounting for old legacy defined benefit pensions – the options.
• What effect, if any, the amendments to the NALI rules have on SMSF financial statements.
• Accounting for contributions – acceptance rules v contribution cap consequences.