AASB updates complied pronouncements for early RDR adoption
25 Sep 2011
The Australian Accounting Standards Board (AASB) has announced the 2010/11 'Reduced Disclosure Requirements' (RDR).
The Australian Accounting Standards Board (AASB) has announced the 2010/11 'Reduced Disclosure Requirements' (RDR) versions of Standards and Interpretations that apply to that financial year.
The revised Australian differential reporting system is scheduled to commence from 1 July 2013 and will allow eligible 'Tier 2' entities (in relation to for-profit entities, essentially those entities without public accountability) to avoid a number of presentation and disclosure, but not recognition and measurement, requirements of Australian Accounting Standards. The RDR versions of pronouncements illustrate the requirements that can be avoided through the use of shading.
Compiled Standards and Interpretations including RDR disclosure exemptions are prepared annually by the AASB for financial years ending 30 June. Entities applying the RDR before the mandatory application date can use the compiled pronouncements to apply the RDR using versions of pronouncements that clearly show the applicable requirements for the year.
Click for AASB announcement (link to AASB website). Deloitte Australia also publishes Reduced Disclosure Requirements - Model Financial Statements (PDF 914k).