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Project Update

The Differential Reporting Project aims to rationalise financial reporting in Australia.  As a first step, it has introduced a second tier of reporting requirements (RDR) for preparing general purpose financial statements.  Tier 2 reporting requirements reduce disclosures significantly compared with those required under the first Tier but retains the recognition and measurement requirements of the Tier 1 Standards. 

The next step of the project involves clarification of general purpose financial statements in the Australian context. 

The project will continue to address other issues in the Australian financial reporting framework with a view to rationalisation.

Click here to read updates on the Differential Reporting Project.