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May 20, 2010

Australian board decides against IFRS for SMEs

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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