The most significant change in the Australian Accounting Standards Board’s Australian financial reporting framework reform project: the removal of the ability for certain for-profit private sector entities to prepare Special Purpose Financial Statements (SPFS), has been achieved. Find out how it will impact your entity.
While these changes only apply for financial reporting periods beginning on or after 1 July 2021, there is additional transitional relief available for entities that early adopt. The information below will help you make an informed decision on when it is best for you to adopt these changes.
For those of you that transition from SPFS to General Purpose Financial Statements (GPFS) – Tier 2 at 30 June 2020 it will be advantageous to early adopt the new simplified requirements so as to avoid a second transition for the 30 June 2022 year end.
This webinar discusses a number of topics relating to the new Australian financial reporting framework, including:
- the impetus, sub-projects and issues worked through in reaching the destination of where we are now: the new Australian financial reporting framework – a world where fewer sets of special purpose financial statements will be prepared;
- the considerations when transitioning from special purpose to GPFS;
- the new disclosure standard for entities preparing GPFS based on Tier 2 disclosures the Simplified Disclosures Standard;
- SPFS and ongoing considerations around these, particularly in light of the recent increase in proprietary company thresholds.