This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

AASB updates complied pronouncements for early RDR adoption

  • News default Image

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).

Related Topics

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.