Thursday 4 November 2021


2:30 pm


1.5 CPD Hours

Session Topic

Challenges in preparing first-time general purpose financial statements

Shortly, special-purpose financial statements for certain entities will no longer be permitted under AASB 2020-2 Amendments to Australian Accounting Standards – Removal of Special Purpose Financial Statements for Certain For-Profit Private Sector Entities.  The preparation of general-purpose financial statements from a special-purpose base has its challenges.  It’s time to get started – it’s not easy

The session will:

  • Recap on who is caught and who is not
  • Key issues on first-time application of consolidation and equity accounting
  • ASIC on AFSL and consolidation
  • Benefiting from AASB 1 First-time adoption of Australian Accounting Standards, and
  • GPFS – tier 1 or tier 2 – and disclosure challenges.
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This session is presented by:

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Carmen Ridley

Principal | Australian Financial Reporting Solutions

Carmen has an excellent knowledge of financial reporting through significant experience with a number of major accounting firms in both the external audit and technical divisions and spending significant time analysing and interpreting accounting standards for clients.

Carmen is a former Board member of the AASB (2012 – 2020) and a former member of the IFRS for SME implementation committee (2020 – 2023).

Colin Parker

Principal | GAAP Consulting | Financial Reporting Expert

Colin, Principal of GAAP Consulting, is an expert in financial reporting, auditing and related governance issues, and was previously a member of the Australian Accounting Standards Board.

He has conducted many independent expert and consulting experts reports on professional negligence, and accounting and auditing standards. He is the team leader advisory and litigation services and adviser to GAAP Training and Reportfraud.