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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