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.