Thursday 12 December 2019


2:30 pm


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.
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This session is presented by:

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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 a former Board member of the AASB (2012 – 2020) and a former member of the IFRS for SME implementation committee (2020 – 2023).