To ease the burden of preparing financial statements, some preparers just roll them over unthinkingly or rely on a third-party-supplied template. Auditors also get frustrated by frivolous disclosures.
A revised AASB 2021-2 Amendments to Australian Accounting Standards – Disclosure of Accounting Policies and Definition of Accounting Estimates and related developments should change that.
AASB 2021-2 applies to the 31 December reporting date. What does it require? Are there consequential amendments that I need to be aware of? What do I have to do as a preparer or auditor? Do the changes affect Tier 2 reporting or special-purpose financial reporting? We will answer these questions and more.
This session will:
- Explain the changes resulting from AASB 2021-2
- Review the key requirements of AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors
- Discuss the related requirements in AASB 101 – fair presentation, materiality and aggregation, and estimation uncertainty
- Take a fresh look at AASB practice statement 2 Making Materiality Judgements
- See what responsibilities the ethics code – section 220, preparation and presentation of information – places on accountants, and
- Discuss what makes a good annual report.
