As the AASB moves to ban special-purpose financial statements for certain entities, this 30 June sees the interim measure of better disclosure in SPFSs of recognition and measurement accounting policies. This will require preparers to understand the accounting policies being applied, a task requiring some thought.
More importantly, soon to be issued amending accounting standards will remove SPFSs for certain for-profit private sector entities and provide simplified disclosures for for-profit and NFP Tier 2 entities. The latter replaces the Reduced Disclosure Regime. These amending standards are expected in the June quarter, proposed effective dates being annual periods beginning on or after 1 July 2020.
The session will focus on:
- Understanding and implementing AASB 2019-4 Amendments to Australian Accounting Standards Disclosure in Special Purpose Financial Statements of Compliance with Recognition and Measurement Requirements
- Implications of the removal of SPFSs, including transitional arrangements, and
- Understanding simplified disclosures.