The AICD has made a submission to the AASB accepting the need to remove special purpose financial statements with a request that the transition period be moved to two years to allow a proper adjustment.
We have agreed with the proposal to introduce a simplified disclosure standard based on IFRS for SMEs however we have said we do not support disclosures from the IFRS for SMEs Standard that are not currently required under the Reduced Disclosure Requirements framework or full Australian Accounting Standards.
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