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ED 297 Removal of Special Purpose Financial Statements for Certain For-Profit Private Sector Entities is proposing to remove the ability of for-profit large proprietary, unlisted public (other than companies limited by guarantee) and small foreign-controlled companies to publicly lodge special purpose financial statements (SPFS) with the Australian Securities and Investments Commission (ASIC). Read More

Research Report 11 findings indicate that for the 36% of charities lodging special purpose financial statements (SPFS) with ACNC, the transparency of these SPFS is poor. Only 26% of charities preparing SPFS state whether they comply with all recognition and measurement (R&M) requirements in Australian Accounting Standards, 30% state they do not comply, and for the remaining 44%, it is not clear whether or not they complied with R&M requirements. Read More

The AASB commissioned a research project into how extensively special purpose financial statements (SPFS) are used by for-profit large proprietary, small foreign controlled companies and unlisted public companies (other than companies limited by guarantee) lodging with ASIC, remains extensive at 71% (2011 66%). Read More

ED 296 Disclosure of Accounting Policies proposes amendments to help entities provide accounting policy disclosures that are more useful to primary users of financial statements. Please submit your comments to the AASB by 28 October 2019 via the AASB website, LinkedIn or email. Read More

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