The Australian Accounting Standards Board 's (AASB’s) Reduced Disclosure Regime (RDR) provides an opportunity for for-profit reporting entities without ‘public accountability’, not-for-profit entities that are reporting entities and some public sector entities to present substantially less disclosure when preparing 'Tier 2' general purpose financial reports.

This publication from Deloitte (Australia) has the following objectives:

• where the Reduced Disclosure Regime has already been adopted - to assist in responding to changes to financial reporting requirements for the June 2013 reporting season

• where early adoption of the Reduced Disclosure Regime is being considered in the current year - to assist in identifying disclosures in annual financial reports that are not required when preparing financial statements under the Reduced Disclosure Regime.

The publication follows a similar format to the Deloitte 2013 Model Financial Statements applicable to Tier 1 reporters and highlights those sections where simplified disclosures may be available.

More information about the Reduced Disclosure Regime can be found in Accounting alert 2010/08.

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