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10 Mar. 2020

AASB Action Alert - March 2020 Latest update on SPFS removal and Simplified Disclosures standards

Certain types of for-profit private sector entities will no longer be able to prepare Special Purpose Financial Statements under AASB Standards, for periods beginning on or after 1 July 2021.  From the same date, a revised GPFS Tier 2 framework, Simplified Disclosures, will replace the current RDR framework.

The revised Tier 2 framework will be available for both for-profit and not-for-profit entities.

The Board has also agreed to issue an amending Standard to clarify the classification of liabilities as current or non-current under AASB 101.

Read more in the Action Alert.