The Australian Accounting Standards Board
(AASB) has moved ahead with the introduction of a reduced
disclosure regime (RDR), rather than introducing IFRS for SMEs.

The RDR will apply to:

  •        
    For profit reporting entities that are not
    publicly-accountable;
  •        
    All not-for-profit private sector reporting entities; and
  •        
    Public sector reporting entities other than federal, state,
    territory and local governments.

These entities will have the option of using
the RDR for reporting periods beginning on or after 1 July 2013.
Early adoption is allowed.

CPA Australia has argued that the companies
that are permitted to use the RDR should also have the option of
using IFRS for SMEs.

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