Australian Accounting Alert on transition to A-IFRSs

  • Australia Image

10 Jun 2005

Deloitte (Australia) has published an Australian Accounting Alert covering a new Australian interpretation, Compliance with AASB 1 – SPFRs and Small Proprietary Companies (PDF 40k).

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.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.