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Australian Financial Reporting Framework

We outline the current status on the progressive finalisation of the overhaul to the Australian financial reporting framework.

Current status of the overhaul to the Australian financial reporting framework.

The Australian financial reporting framework is undergoing its most significant overhaul in three-plus decades. Understand how the different pieces fit together, the respective entities affected and related application dates as finalisation progresses. Relevant updates will be incorporated on an ongoing basis.

The International Accounting Standards Board issued a revised Conceptual Framework for Financial Reporting (RCF) in March 2018. In accordance with the Australian Financial Reporting Council strategic direction, the Australian Accounting Standards Board (AASB) is required to adopt the RCF in Australia. In adopting the RCF a number of issues have been identified. It is the AASB’s view that collectively these issues require the existing Australian financial reporting framework to be examined.

This has resulted in the AASB undertaking a number of projects which are detailed below. The sum of these projects will result in the ‘resetting’ of the Australian financial reporting framework – last done some 30 years ago. The new framework will impact most entities who are required to prepare financial statements.

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