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AASB Groups · Track 1 · Tutorial 1 of 2

Switch on AASB and classify equity

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Your group presents its consolidated statements under AASB. Switching AASB on makes the five AASB statements available; classifying the equity accounts tells them which line each account belongs on.

You will needYour group set up and mapped to one Common COA, as in the Foundations series. The Free, Pro or Premium edition, and data administrator access in BrizoConsol.
By the endAASB switched on for Your Group, every equity account classified, and equity on the AASB statement of financial position agreeing with the balance sheet.

1Know what switching on AASB does

In this series’ running example, Your Group reports in SGD and owns Company A, Company B (80%, in AUD) and Company C (in GBP), as in the Foundations series. The group presents its consolidated statements under AASB. Each company keeps its own books under whatever standard applies to it.

What changesThe presentation. Five AASB statements become available on the group — Consolidated Statement of Financial Position, Consolidated Statement of Profit or Loss, Consolidated Statement of Profit or Loss and Other Comprehensive Income, Consolidated Statement of Changes in Equity, and Consolidated Statement of Cash Flows, each listed under AASB — and they place accounts by the classifications you set.
What doesn’tThe figures. There is one consolidation: every load, elimination and journal is part of it, and the AASB statements show the same totals as the Base reports. There are no AASB-only entries.
Where it is setOn the group. Its classifications are on the group’s Common COA.
Your Group’s equity accounts in the Common COA each assigned to an AASB line: Share Capital, Share Premium, Retained Earnings, Revaluation Reserve, Translation Reserve, and the three NCI accounts to Non-Controlling Interests
Each equity account goes to one AASB line.

The AASB statement of financial position shows equity line by line. An equity account that isn’t classified isn’t on any line, so its balance is missing from the statement’s equity. Classify every equity account.

2Switch on AASB

  1. Select Your Group in the entity selector.
  2. Open Settings → Organisation Settings → Accounting Standard. The page says Applies to: Your Group.
  3. Under Enabled Standard, choose AASB.

Only one standard can be enabled. Base, the reports without a standard’s presentation, is always there alongside it. Don’t save yet — classify the accounts first, then save once.

3Classify the equity accounts

  1. Under Account Classifications, choose Equity in the Type column. AASB is selected at the top right.
  2. On a line, click Select accounts. Select Equity Accounts lists the equity accounts in the Common COA; tick the account, or search by code or name, and click Apply.
  3. Repeat for each line your group uses, then click Save Changes.
Accounting Standard for Your Group: AASB as the Enabled Standard, the Equity classifications with accounts selected for each line, Hedging Reserve with no account, and Save Changes
AASB enabled (1), the equity lines (2), several accounts on one line (3), and save (4).
Select Equity Accounts for Cumulative Translation Adjustment: 3500 CTA Reserve ticked, then Apply
The CTA reserve goes to Cumulative Translation Adjustment (1).

For Your Group:

LineAccounts
Share Capital, Share Premium, Treasury Shares3000 Share Capital and 3100 Share Premium. Your Group holds no treasury shares.
Retained Earnings3200 Retained Earnings. The year’s profit is added to this line on its own, so don’t look for a current year earnings account to classify.
Cumulative Translation Adjustment3500 CTA Reserve, the account BrizoConsol posts the CTA to. It shows as Translation Reserve on the statements.
Revaluation Reserve, Hedging Reserve, FVOCI Reserve3400 Revaluation Reserve. Leave a line with no account if the group has none.
Equity Transaction ReserveThe reserve for changes in a subsidiary’s ownership that don’t change control, if you keep one.
Non-Controlling InterestAll the NCI accounts BrizoConsol posts to: 3600 NCI Net Assets, 3610 NCI Share of Profit and 3620 NCI Share of CTA, and NCI Share of Other Reserves if the group has one.
Acquisition Accounting AdjustmentThe account your acquisition entries post to, if you use one.

Accounts that the Common COA got by copying a company’s chart, importing a file or AI Suggest come with a classification already filled in when their name is a common one, such as Share Capital or Retained Earnings. Check those, and fill the rest. Accounts you create yourself — such as the CTA reserve set up from its own page — start unclassified. NCI accounts created in Posting accounts on the Ownership page are classified from their names in the same way.

4Check the equity agrees

  1. Open Reports → All Reports. The five AASB statements are now listed.
  2. Open Consolidated Statement of Financial Position for 2026.
  3. Open the group’s Balance Sheet for the same date.

Check

Total Equity on the AASB statement equals the equity total on the Balance Sheet — for Your Group, 1,817,100.

A warning sign next to Balance Sheet, Equity, P&L or CF means at least one line on that tab has no account. It stays for lines your group doesn’t use, such as Hedging Reserve here, so use the check above rather than the sign. The P&L and CF lines are next — see Classify profit or loss and cash flow lines.

5If something goes wrong

Total Equity on the AASB statement is lower or higher than the Balance SheetAn equity account isn’t classified. Open Equity and find the account that isn’t on any line — often the CTA reserve or an NCI account. In the example, leaving out 3500 CTA Reserve and the three NCI accounts makes AASB Total Equity 1,739,400, short by 77,700.
The AASB statements aren’t in All ReportsAASB isn’t enabled for the selected entity, or it isn’t saved. Select Your Group, enable AASB and click Save Changes. The AASB statements are listed only for an entity AASB is enabled for; on the group they are the consolidated statements.
No equity-related accounts found in Common COA.The Common COA has no equity accounts yet. Build it first — see Map every company to one group chart of accounts.
Upgrade to Pro for Accounting StandardThe subscription is on Standard, which doesn’t include accounting standards.
A new equity account appears laterIt starts unclassified unless its name is a common one. Add it to its line and save.

Want more detail? See the documentation

Accounting Standards Common Chart of Accounts Posting Journal Adjustments (IFRS / GAAP)
Next in Set up AASB reporting Classify profit or loss and cash flow lines All tutorials