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