- The AASB is changing special purpose financial reporting in Australia
- This is a significant change for many Australia entities
- We need your input to this debate
Special purpose financial reports have been a part of Australia’s financial reporting framework for over 25 years. However planned AASB reforms will significantly impact the use of these reports for many entities, with the changes likely to impact the for profit sector from as early as 1 July 2020. These changes are some of the most significant reporting reforms since IFRS adoption in 2005 and therefore member input is vital to allow CA ANZ to effectively advocate with the AASB to achieve workable outcomes.
In this article, Amir Ghandar, CA Reporting and Assurance Leader at CA ANZ, provides a brief overview of the reforms to support our new survey on the likely costs and benefits of the AASB’s proposals. Our advocacy relies on your views so we need your input as these changes progress.
CA ANZ has been actively engaged with the AASB and other regulators as mentioned above – we are focused on advocating for a workable reporting framework that includes appropriate proportionality and is effective toward its objectives.