Accountancy News, Updates and Insights

26 09, 2017

Reduced Disclosure Requirements (RDR)

Simpler Financial Reports The Australian Accounting Standards Board (AASB) have introduced standards that will reduce the disclosure requirements for certain entities preparing “general purpose financial statements” (financial statements that comply with all Australian Accounting Standards). As the name would suggest, this will enable preparers of “general purpose financial statements” to prepare financial statements that

26 09, 2017

What is the difference between an ‘audit’ and a ‘review’ of a financial report?

  Certain Companies limited by guarantee and Incorporated Associations in Victoria can choose whether to have their financial report audited or reviewed. Eligibility for a review is based on turnover of the entity as follows: Turnover Legislative Audit/Review Requirements < $250,000 (and is not a deductible gift recipient) No audit or review required <

26 09, 2017

Australian Financial Reporting Framework

  In Australia, there are 3 types of financial reports which can be prepared. Although some types of entities have legislative requirements which state which type of financial report they must prepare, for the most part the type of financial report prepared for each entity is determined by the requirements of the potential users