The new AASB 1060 General Purpose Financial Statements: Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 entities was issued to simplify financial reporting requirements for entities falling within the Tier 2 category for financial reporting. In combination with the new AASB 2020-2 Amendments to Australian 澳门赌场官网 Standards – Removal of Special Purpose Financial Statements for Certain For-Profit Private Sector Entities, 新标准的意思是:
- Entities will no longer be able to produce ‘special purpose’ financial statements (SPFS);
- The reduced disclosure requirements (RDR) Standard will be replaced with Tier 2 GPFS requirements i.e. 通用- SDS财务报告.
The new Standards came into effect for annual periods beginning on or after 2021年7月1日 so all businesses should now be ready and catering for the change. Early adoption was permitted as well as transitional relief however these options are no longer applicable for 31 December 2022 and 30 June 2023 balancers.
AASB 2020-2 eliminates the ability of for-profit entities with legislative or other reporting requirements to prepare SPFS. The Standard requires entities with a legislative requirement to prepare financial statements that are in accordance with ‘Australian 澳门赌场官网 Standards’ or ‘澳门赌场官网 standards’. 因此, all large proprietary companies are automatically captured by the Standard along with the following:
- Unlisted public companies, excluding public companies limited by guarantee;
信托基金, partnerships and joint arrangements are exempted from the Standard even where there is reference made to compliance with ‘Australian 澳门赌场官网 Standards’ in their constitution or other documents. However, it must be noted that in the case of an amendment to any of these documents after 2021年7月1日，此豁免不再适用.
In turn, AASB 1060 provides a frame工作 for entities unable to prepare SPFS i.e. all for-profit entities and those currently preparing general purpose – RDR financial statements i.e. for-profit entities and not-for-profit private and public sector entities. AASB 1060 is a self-contained Standard meaning all disclosure requirements relevant to preparers of SDS financial statements are set out in the Standard.
如果你还没有这样做, it is time to dust-off those old financial reporting templates and replace them with the brand new and improved general purpose – SDS templates!
6月30日余额者, the year-ended 30 June 2022 was the first year from which the Standards were applicable meaning the 30 June 2023 year-end will see general purpose – SDS comparatives in place. 31 December balancers would now be similarly familiar with the transition having gone through the process for the first time at 31 December 2022.
For entities currently preparing special purpose financial statements, we encourage preparers to review all significant balances and ensure there is a clear 澳门赌场官网 policy for each one that is in line with the new Standard, before familiarising yourselves with the new general purpose – SDS template in its entirety. Be particularly aware of the potential complexities that come with applying AASB 16 Leases and AASB 10 Consolidated Financial Statements for the first time.
对于目前正在编制通用RDR报告的实体, the transition certainly isn’t as onerous however preparers still need to be aware of need to update disclosures to comply specifically with AASB 1060 now that the RDR Standard has been superseded e.g. 披露核数师薪酬.
The application of AASB 1060 and AASB 2020-2 can at times be a complex, 耗时耗力的过程. Accru can help with your business’s transition to ensure you maintain compliance with an everchanging financial reporting environment.