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Our PwC experts give you the latest insights into financial reporting and accounting standards changes
30 June 2022 will see the end of SPFS as we have known them. In March 2020 the AASB approved an amending standard that removes the ability of for-profit private sector entities to lodge special purpose financial statements (SPFS) with ASIC and a new simplified disclosure standard that replaces the previous Tier 2 reduced disclosure framework. Both standards were effective from 1 July 2021.
If the most recent accounts you lodged with ASIC were SPFR, you need to be transitioning to the new framework now. This may be as easy as identifying which additional disclosures you will need to make in your next financial report, but could be more complicated if it also involves first-time preparation of consolidated financial statements.
See this report for further details.
The March 2021 IFRS IC update included a decision on Configuration and Customisation (CC) costs.
In recent years, there has been an increased use of supplier financing (or reverse factoring) arrangements.
Climate change has been an emerging area of risk on financial reporting.
Understand the financial impact of the Russian invasion of Ukraine on the financial statements for periods ending on or after 31 March 2022.
Partner - Capital Markets, Accounting Advisory and Structuring, PwC Australia
Tel: +61 2 8266 4664
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