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.