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
Requirements.

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.

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