Learn where Xero stands on providing GPFR as part of their service
As at 27 May 2023, they won't be building anything.
Here is the official statement on AASB 1060 in August 2022:
“These (AASB 1060) changes are great for small businesses, as they allow them to report at year-end in the way that provides them with the most meaning to them. Xero's reporting engine has the flexibility and power to achieve this, but if small business clients want to keep reporting that same way, they can.
The majority of small businesses can still prepare SPFRs; the changes made by the AASB ONLY impact companies - meaning trusts, partnerships, sole traders, and SMSFs are free to prepare SPFRs and therefore able to continue using Xero Report Templates.
Of the 2.8 million companies registered with ASIC, approx 13K Large proprietary companies, unlisted companies and other companies that lodge financial statements with ASIC are impacted by the change - that's 0.4%, and not all of them would be using Xero.
By retaining their Xero ledger, they will also benefit from an integrated single ledger to Xero Tax for a complete workflow experience.
For clients' that need to or choose to report under T1 or T2, we can recommend a few reporting tools to support these clients.
Thomson Reuters: XYZ Model Financial Accounts - a long- standing provider of GPFR but of course there are others.
If you or your clients are still unsure about the changes, they are encouraged to speak
with their professional bodies or refer to this publication prepared by them.”