The Australian Accounting Standards Board (AASB) is proposing to eliminate the ability to prepare special purpose financial statements (SPFS) for publicly lodged financial statements and for where compliance with Australian Accounting Standards is claimed. This podcast explores the ramifications of these proposals, and explores some options for the way forward.
1.22 What the Australian Accounting Standards Board (AASB) is proposing
4.50 How do special purpose financial statements work in practice?
6.22 Why the AASB believes allowing companies to determine what their reporting requirements are is not working as intended
11.27 What simplifications can occur when special purpose financial statements do not follow certain accounting standards?
15.02 If there was to be a simplified framework, what would the AASB consider?
17.24 Has the AASB reconsidered the use of IFRS for SMEs?
21.57 Examples of other countries who have adopted or adapted IFRS for SMEs
26.16 From the AASB proposals, when are the changes proposed to come in?