Date

Thursday 13 May 2021

Time

12:00 pm

Duration

1.5 CDP Hours

Session Topic

Special-purpose financial statements – stepping through the transition

Special-purpose financial statements for certain entities will no longer be permitted under AASB 2020-2 Amendments to Australian Accounting Standards – Removal of Special Purpose Financial Statements for Certain For-Profit Private Sector Entities.  The standard applies to annual reporting periods beginning on or after 1 July.

A significant carrot for transitioning from SPFSs to general-purpose counterparts should persuade many entities to early-adopt.

The session:

  • Explains the changes, and
  • Steps accountants and auditors through what needs to be done.
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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 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.

Colin Parker

Principal | GAAP Consulting | Financial Reporting Expert

Colin, Principal of GAAP Consulting, is an expert in financial reporting, auditing and related governance issues, and was previously a member of the Australian Accounting Standards Board. He has conducted many independent expert and consulting experts reports on professional negligence, and accounting and auditing standards. He is the team leader advisory and litigation services and adviser to GAAP Training and Reportfraud.