Completed
Date

Thursday 12 December 2019

Time

2:30 pm

Duration

1.5 CDP hours

Session Topic

Special-purpose financial statements – AASB and AUASB actions

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.
$297.00 Buy GAAPinar
19
Book 4 GAAPinars & get one free

This session is presented by:

Sonya Sinclair

Audit and risk management expert

Sonya is a registered company auditor, registered superannuation auditor and quality-control reviewer, CAANZ. Sonya specialises in risk management, implementation of audit quality through development of audit systems and processes, and interpretation and advice on generally accepted accounting and auditing principles. Sonya has over 15 years’ experience in auditing and financial reporting, bringing a collaborative style and balancing technical aspects with practical recommenations to clients.

 

Corporate Headshot

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 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.