Completed
Date

Thursday 31 May 2018

Time

2:30 pm

Duration

1.5 CDP hours

Session Topic

New reporting framework – an end of SPFRs?

Significant changes are afoot for preparers and auditors. The IASB conceptual framework will spell the end of the local-reporting-entity concept, standard-setter dissatisfaction with quality of special purpose financial statements lodged with ASIC and ACNC, and need for simpler reporting for charities (and other NFPs). Also, the content of Reduced Disclose Regime for general purpose financial reports is under review. Are we going have four types of GPFR? The session will focus on:

  • Refreshing our understanding of rules around GPFS and SPFS, including AASB 1053, ASIC RG 85, and AASB 101
  • Understanding AASB’s approach to the revised IASB conceptual framework and the discussion paper Improving Financial Reporting for Australian Charities, and
  • Developments to extend the disclosure requirements under the reduced-disclosure regime.
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This session is presented by:

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.

 

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Carmen Ridley

Principal of 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.