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Sara Baynes

May 19, 2024

Subsequent Event Note - COVID 19: Still Relevant?

in SMSF Technical Forum

Hi all

Just wondering what the consensus is regarding whether or not the COVID Subsequent Event note is still required. My client's SMSF software still has the note included with the financials. Are other super fund's removing this note now or continuing to include the note?

Thank you

Example:

Note 15: Subsequent Event - COVID-19

Post the financial year end, the Trustee notes that due to Covid 19 there has been a detrimental impact to global equity market. Other asset markets, including property, may also be adversely affected. These events may have materially impacted the current and future market value of assets held by the Fund. However, due to the rapid and ongoing changes, an estimate of the extent of this decline cannot be determined at this time.

1 comment

Comments (1)

THE AUDITORS INSTITUTE

May 21, 2024

Hi Sara

My experience is that a Covid note to the accounts have not been used for the 2022/23 year by most accountants. The notes were very common in the 2019/20, 2020/21 & 2021/22 financial years accounts of SMSF's.

Thanks

The Auditors Institute