Is this the end for Special Purpose financial Reports?

Following recent changes to the definition of reporting entities by the International Accounting Standards Board, the Australian Accounting Standards Board (AASB) proposes to:
  • make the revised Conceptual Framework applicable to all entities required to prepare financial statements in accordance with Australian Accounting Standards
  • remove the current definition of reporting entity from Australian Accounting requirements, effectively removing the option to prepare special purpose financial statements, if entities are required by legislation or otherwise to comply with Australian Accounting Standards
  • provide an alternative Tier 2 general purpose financial statement framework 'Specified Disclosure Requirements' that requires only four incremental disclosures to those currently required under current ASIC regulatory guidance for entities preparing special purpose financial statements.
To influence the future of special purpose financial reporting attend one of the AASB’s forums below:
  • Melbourne: 9 am – 11 am, Monday 14 May *Fully subscribed*
  • Sydney: 9 am – 11 am, Thursday 17 May
  • Brisbane: 9 am – 11 am,  Friday 18 May
  • Adelaide: 9 am – 11 am, Monday 21 May
  • Perth: 9 am – 11 am, Tuesday 22 May
Register here.