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14 May. 2018

AASB Consultation Paper: Applying the IASB’s Revised Conceptual Framework and Solving the Reporting Entity and Special Purpose Financial Statement Problems

The AASB is exploring how to introduce the IASB’s revised Conceptual Framework for Financial Reporting into Australia, as well as its impact on financial reporting requirements.

This AASB Consultation Paper addresses two key issues:

  1. the ‘reporting entity’ concept clash between the current Australian reporting entity concept and that in the IASB’s revised Conceptual Framework
  2. the lack of trust and transparency caused by Australia’s unique use of Special Purpose Financial Statements (SPFSs).

The paper also explores options considered by the AASB to address these problems, including the AASB’s preferred option which would result in the end of the use of SPFSs for entities required by legislation or otherwise to prepare financial statements in accordance with Australian Accounting Standards. For a snapshot of the paper, go to 7 Key Facts: Applying the revised Conceptual Framework in Australia.

 

Have your say

Attend a briefing session

Following the release of the Consultation Paper, the AASB is opening the conversation with stakeholders via briefing sessions, the first of which took place in Melbourne today.
Register to attend the remaining sessions.

 

Invitation to comment

We invite you to comment on the two proposed approaches outlined in the paper:

  • Phase 1: Short-term approach by Thursday 9 August 2018
  • Phase 2: Medium-term approach by Friday 9 November 2018.

Comments can be submitted via: