Completed
Date

Tuesday 12 April 2022

Time

2:30 pm

Duration

2.0 CPD Hours

Session Topic

The end of SPFSs for many

For many entities, 30 June will see the first general-purpose financial statements prepared, audited, and lodged.  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.

ASIC is expected to monitor closely that entities’ first GPFSs compliance with standards.

This session will confirm your understanding of what is required.  It will:

  • Recap on who is caught and who is not
  • Cover ASIC’s stance
  • Explain the key changes and how errors can be addressed
  • Describe the transitional arrangements and disclosures
  • Discuss the importance of AASB 1 First-time Adoption of Australian Accounting Standards
  • Explain whether tier 1 or tier 2 applies
  • Discuss how to avoid disclosure overload
  • Detail the audit independence line not to be crossed, and
  • Describe the steps accountants and auditors need to take.
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This session is presented by:

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.

 

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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.