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Australian Accounting Alert on transition to A-IFRSs

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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.

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