Completed
Date

Thursday 26 November 2020

Time

12:00 pm

Duration

1.5 CPD hours

Session Topic

Date and rules set for removal of SPFRs

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 standard applies to annual reporting periods beginning on or after 1 July next year. But this is not the end of the story. We will explain the reasons behind the change and what needs to be done immediately.

The session will introduce you to:

  • The standard’s requirements, including the resulting amendments to other standards
  • The use of AASB 1 First-time Adoption of Australian Accounting Standards to manage the transition
  • Why you should consider early adoption
  • Relationship with and key requirements of AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities, and
  • The recent exposure draft Disclosures in Special Purpose Financial Statements of Certain For-Profit
  • Private Sector Entities.
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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 the co-author of ‘Understanding and Implementing the Reduced Disclosure Regime’. Carmen is serving her third three-year term as a member of the AASB.