Revised GS 003 Assurance Relating to Australian Financial Services Licenses issued under the Corporations Act 2001

Wednesday, September 14, 2022

The AUASB has issued an updated version of GS 003 Assurance Relating to Australian Financial Services Licenses issued under the Corporations Act 2001 which has been revised primarily to reflect the changes to the reporting framework under ASIC Form FS 70 Australian financial services licensees: profit and loss statement and balance sheet and AASB 1053 Application of Tiers of Australian Accounting Standards.

The changes include the requirement to prepare general purpose financial statements (GPFS) for Licensees reporting under Chapter 2M and Chapter 7 of the Corporations Act 2001. Subject to some transitional arrangements, special purpose financial statements (SPFS) will no longer be able to be prepared from years commencing 1 July 2021.