GAAP Consulting
Date

Thursday 21 May 2026

Time

12:00 pm

Duration

1.5 CPD Hours

Session Topic

Financial reporting frameworks – what preparers and auditors need to know

Preparers and auditors need a strong understanding of all financial reporting frameworks to ensure correct recognition, measurement, disclosure, and assurance.

Getting this wrong can lead to material misstatements, regulatory scrutiny, and increased audit risk.

This requires sound professional judgment, alignment with AASB guidance, and a clear focus on the needs of financial statement users.

This session will:

  • Explain the key features of each reporting framework and when they should be applied, including:
    – General purpose financial reporting
    – Reduced Disclosure Regime
    – Not-for-profit standards (including proposed Tier 3)
    – Special purpose financial reporting, and
    – Sustainability reporting
  • Discuss the key audit considerations when different frameworks are used, including practical implications for planning, evidence, and reporting, and
  • Outline the ethical requirements relevant to selecting and applying reporting frameworks.
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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

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.