The Australian government has passed
legislation that introduces a differential reporting framework to
simplify financial reporting for SMEs and not-for-profits.

The reforms are contained within the
Corporations Amendment (Corporate Reporting Reform) Bill 2010 and
accompanying regulations.

The new standard includes the reduced
disclosure requirements of IFRS for SMEs, but retains the
recognition and measurement requirements of full IFRS.

The Australian Accounting Standards Board has
issued two new standards to facilitate the adoption of the new
reporting framework – AASB 1053 Application of Tiers of Australian
Accounting Standards and AASB 2010-2 Amendment to Australian
Accounting Standards arising from Reduced Disclosure

The differential reporting framework will come
into effect for annual reporting periods beginning on or after 1
July 2013.

Early adoption is permitted for annual
reporting periods beginning on or after 1 July 2009.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.


Related articles

Australia chooses against IFRS for SMEs