The biggest change to the accounting profession in Australia since the introduction of IFRS in 2005 is the introduction of the revised differential financial reporting framework that incorporates the AASB Reduced Disclosure Requirements (RDR) in June 2010.
Changes arising from the AASB RDR will allow the financial statements of non-publicly accountable entities that are “reporting entities” and meet the criteria for Tier 2 reporting to contain a lower level of disclosure. This applies to the preparation of financial statements for the 30 June 2011 year end and subsequent years.
The 2011 XYZ Model Financial Accounts – Reduced Disclosure Requirements update is the go-to resource upon which such financial statements can be developed.
The update provides essential information for entities that meet the relevant criteria to take advantage of the RDR financial reporting and includes:
- A suite of model financial statements for unlisted public companies, private companies and incorporated associations (including changes arising from the Corporate Reporting Reform);
- Disclosure checklists tailored for Tier 2 reporting entities; and
- An update on the differential financial reporting framework.
There are significant advantages of early adopting the AASB RDR, including saving time and costs from being able to reduce the content of financial reports by up to 30%.
Key accounting disclosures which have been scaled back include:
- Financial Instruments;
- Business Combinations; and
- Related Parties.
Be armed with the resource to understand and advise on the impact of the RDR financial reporting regime and what it means for your company or your clients.
For more information go to the Thomson Reuters website by clicking on the following link: http://www.thomsonreuters.com.au/catalogue/ProductDetails.asp?id=11299