Audit considerations on the removal of special purpose financial statements for certain for-profit private sector entities

Monday, April 5, 2021

AUASB Bulletin Audit Considerations on the removal of special purpose financial statements for certain for-profit private sector entities details the matters for auditors to consider as a result of the recent amendments to the Australian Financial Reporting Framework which:

• removes the ability for certain for-profit private sector entities to prepare special purpose financial statements; and
• replaces Tier 2 Reduced Disclosure Requirements general purpose financial statements with a new Tier 2 Simplified Disclosure Standard (AASB 1060).

To further assist preparers and auditors of entities impacted by these changes the AASB and the AUASB staff will run 3 webinars – refer here for further details and to register. The third webinar to be held on 25 May 2021 will cover the considerations for auditors.

Refer here for the AUASB bulletin.