Model financial statements for Australian 'Reduced Disclosure Requirements'

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19 Nov 2010

Deloitte (Australia) has published Reduced Disclosure Requirements - Model Financial Statements.

In July 2010, the Australian Accounting Standards Board (AASB) released AASB 1053 Application of Tiers of Australian Accounting Standards and AASB 2010-2 Amendments to Australian Accounting Standards arising from Reduced Disclosure Requirements to implement its revised differential reporting regime.

The AASB has decided not to implement the IFRS for SMEs in the Australian context at this time. Instead, 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. This publication illustrates the disclosures required to comply with the RDR.

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