Thursday 9 November 2023


12:00 pm


1.5 CPD Hours

Session Topic

The many dimensions of the revised standards on accounting-policies changes

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