Moves to ban special-purpose financial statements for certain entities has been controversial. The AASB has progressed its deliberations with the aid of further research and proposed interim measures. The objective of this session is to understand the role of SPFSs in light of proposed changes by the AASB and how this affects financial reporting and audits. The session will focus on:
- Proposal to remove SPFSs for certain for-profit private-sector entities
- Financial-reporting practices of for-profit entities lodging SPFS
- Amendments to Australian Accounting Standards Disclosure in Special Purpose Financial Statements of Compliance with Recognition and Measurement Requirements
- Proposals for General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities
- Auditors’ responsibilities for reporting under special-purpose frameworks, and
- AUASB bulletin Auditor’s Responsibilities and the Financial Reporting Framework.