bulletfocus on  More detail available in this PDF version

Some relief is finally on its way! The Australian Accounting Standards Board (AASB) recently issued two standards that will reduce the disclosure requirements for certain entities preparing “general purpose financial statements” (financial statements that comply with all Australian Accounting Standards).

The overall aim is to move all entities towards the preparation of general purpose financial reports in order to increase consistency and transparency whilst maintaining the relevance of these reports by reducing unnecessary disclosures.

An entity’s ability to take advantage of reduced disclosure requirements depends upon the tier it belongs to within the standards.

New Standards

The two new standards issued are:
bulletAASB 1053: Application of Tiers of Australian Accounting Standards and
bulletAASB 2010-2: Amendments to Australian Accounting Standards arising from Reduced Disclosure Requirements.

Shervy Dahliana

New to Saward Dawson? Book a free 30 minute consultation

We happily spend 30 minutes without charge with new contacts to explore relevant issues and outline how we can assist. Let us know your area of interest and we will arrange a specialist to meet with you.

Subscribe to e-bulletins

Subscribe Now

Stay Connected