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AASB publishes 'RDR' standards for June 2012

  • AASB (Australian Accounting Standards Board) (lt blue) Image

29 Aug 2012

The Australian Accounting Standards Board (AASB) has published compiled Reduced Disclosure Requirements (RDR) versions of Standards and Interpretations that apply to the 2011-12 financial year.

The RDR applies to annual reporting periods beginning on or after 1 July 2013. Early application is permitted for annual reporting periods beginning on or after 1 July 2009 but before 1 July 2013, provided that AASB 1053 Application of Tiers of Australian Accounting Standards is also applied to the relevant period.

The compiled versions of the standards contain all amendments that are mandatorily applicable for the 2011-12 financial year, and indicate by way of shading which disclosures have been removed for early adopters of RDR.  Entities adopting the RDR must still fully comply with the recognition and measurement requirements of all Australian Accounting Standards - in relation to for-profit entities, these requirements are equivalent to IFRSs (such entities are however unable to assert compliance with IFRS due to the lesser disclosure requirements).

Access to the RDR standards is available through the AASB's website.

Deloitte Australia also publishes model financial statements showing compliance with the RDR.

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