The Australian financial reporting landscape has changed substantially over the last few years. Notably, many for-profit private sector entities can no longer prepare special purpose financial statements to meet their reporting obligations. Navigating this change has been challenging, especially due to the diverse wording of the raft of legislative and non-statutory reporting requirements in Australia.
The end of special purpose financial statements also marks the introduction of a new Tier 2 Simplified Disclosures framework that replaces the Reduced Disclosure Requirements (or RDR) framework.
The aim of this presentation is to cover these, and other relevant, financial reporting developments at a high level to ensure advisers are across the main aspects of the changes when speaking to clients.