RIDING THE ROLLERCOASTER OF FINANCIAL REPORTING REFORM IN AUSTRALIA

Reform is upon us and some of the following topics may have some in a head spin!

• Ending Special Purpose Financial Statements (SPFS)
• Disclosing extent of compliance with Australian Accounting Standards (AAS)
• Moving to consolidated financials
• A new reduced disclosure standard

It’s all moving too fast for some.

Most financial report preparers have recently gone through a transition to new requirements for financial instruments, revenue and leasing. Now we all need to get across the next suite of changes – which are coming through at velocity.

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