Model financial statements - early adoption of 'RDR' at June 2012
Under the new differential reporting regime released by the Australian Accounting Standards Board (AASB) in July 2010, eligible entities can elect to adopt the 'Reduced Disclosure Requirements' (RDR), which requires entities to follow the recognition and measurement requirements of all Australian Accounting Standards (which are equivalent to IFRSs), but with reduced disclosure requirements. The new requirements apply to annual reporting periods beginning on or after 1 July 2013, but may be early adopted for annual financial reporting periods beginning on or after 1 July 2009.
This publication illustrates the disclosures required to comply with the RDR when early adopted for financial years ending on 30 June 2012 and later periods.
