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.