AASB 1
First-time Adoption of Australian Equivalents to International Financial Reporting Standards should be applied when an entity prepares its first financial report using A-IFRSs. Many entities in Australia are not required to prepare a financial report (for example, small proprietary companies), and those that do prepare a financial report are often permitted to prepare a
special purpose financial report (SPFR) on the basis that the entity is not a reporting entity. However, over time an entity's circumstances may change, requiring compliance with A-IFRSs. For these entities, the question arises as to when they should comply with the transitional provisions of AASB 1. This
Accounting Alert addresses:
- preparation of a SPFR under the Corporations Act
- change in status from a small proprietary company to a large proprietary company
Links to all past Alerts are
Here.