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The ATO supports the AASB’s consultation to enhance transparency for entities preparing special purpose financial statements (SPFS): The ATO has made the following statement this week: “The ATO is supportive of the AASB’s proposed approach to consulting on a series of principles or concepts for enhancing the transparency of entities currently preparing Special Purpose Financial Statements as part of adopting the revised Conceptual Framework issued by the International Accounting Standards Board and for inclusion in Australian Accounting Standards by 2021.” The AASB will continue to work with the ATO and other regulators to improve the consistency, comparability and transparency of financial reports prepared in accordance with Australian Accounting Standards.

ASIC supports the AASB’s consultation to remove special purpose financial statements: ASIC has made the following statement this week: “ASIC fully supports the consultation to remove special purpose financial statements for entities regulated by ASIC and remove the subjective ‘reporting entity’ test under SAC 1 facilitating a comparable, consistent and transparent framework for preparation of financial statements in Australia.” The AASB will continue to work with ASIC and other regulators to  improve the consistency, comparability and transparency of financial reports prepared in accordance with Australian Accounting Standards. 

Fatal-flaw review draft: Proposed Standard Amendments to Australian Accounting Standards – Deferral of AASB 1059: This proposed Standard would amend the mandatory effective date of AASB 1059 Service Concession Arrangements: Grantors so that AASB 1059 would be required to be applied for annual reporting periods beginning on or after 1 January 2020 instead of 1 January 2019  Read More

AASB Meeting: A shift in focus regarding the Conceptual Framework project – During the AASB meeting held on 4 September, the Board decided that proposals in ITC 39 will apply only to for-profit entities. The Board will continue working with the ACNC and other regulators in the not-for-profit (NFP) sector to develop a separate consultation document with targeted proposals for NFP private sector entities in due course.  Read More

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