Submission with the AASB on ED 302 Amendments to Australian Accounting Standards

The AICD’s submission argued that the changes set out in the Exposure Draft were unnecessary as for-profit entities are currently transitioning from preparing Special Purpose Financial Statements to General Purpose Financial Statements in accordance with the AASB’s decision in AASB 2020-2 Amendments to Australian Accounting Standards – Removal of Special Purpose Financial Statements for Certain For-Profit Private Sector Entities (AASB 2020-2). We argued that the proposed change adds unnecessary complexity at a time when those entities should be focusing on transitioning to the new framework.