Working together to connect food and entrepreneurship

Introducing the Agri Food and Wine Category: An initiative of Moore Stephens and eChallenge Australia

Tapping into the South Australian entrepreneurial ecosystem the Australian eChallenge connects the business community to students, academics and the general public. 

The eChallenge: Agri Food and Wine is designed to generate new ideas to address local and worldwide problems using anything from software, hardware and other technologies to chemistry, marketing and farming.
 

Removal of Special Purpose Financial Statements – Does it impact you?

The AASB has issued ED 297 Removal of Special Purpose Financial Statements for Certain For-Profit Private Sector Entities.  ED 297, if approved, will remove the ability of for-profit large proprietary, unlisted public (other than companies limited by guarantee) and small foreign-controlled companies to lodge special purpose financial statements (SPFS) with ASIC (i.e. directors can no longer self-assess that they are a non-reporting entity).  Current estimates from the AASB predict 7,295 companies will be impacted by these changes.

Disclosures Required Under RDR Are Set to Tumble

ED 295 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities proposes to replace the current Reduced Disclosure Requirements (RDR) framework with a Simplified Disclosure Standard. All entities currently using the RDR framework will fall into this new regime. It is important to note the proposals in ED 295 are closely linked to those expected in the forthcoming Exposure Draft on the proposed removal of special purpose financial statements (SPFS).

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