Removal of special purpose financial statements (SPFS)
Content Summary
Removal of SPFS - Updated APES 205
The Australian Professional & Ethical Standards Board (APESB) has issued revised APES 205 Conformity with Accounting Standards to address recent amendments to the financial reporting framework made by the Australian Accounting Standards Board (AASB).
The revisions in APES 205 reflect decisions by the AASB to remove the application of the ‘Reporting Entity’ concept and thus the ability to prepare SPFS for certain for-profit private sector entities, and increased SPFS disclosure requirements for certain not-for-profit and for-profit private sector entities.
Read more about the revised APES 205 Conformity with Accounting Standards
Can I still prepare special purpose financial statements?
CPA Australia, together with CA ANZ and HLB Mann Judd, has developed a guide to implementing the AASB’s for-profit special purpose reporting reforms. The guide explains how and what entities are impacted as a result of the AASB reforms for 30 June 2022 year-ends and beyond, and will assist our members as they transition to the new reporting framework. The guide includes a helpful flowchart that is accompanied by a more detailed discussion of how the changes affect a wide variety of impacted entity types.
Update on financial reporting requirements for Australian Financial Services Licensees
This fact sheet has been prepared by CPA Australia and Chartered Accountants Australia and New Zealand (CA ANZ) to assist members understand how the statutory financial reporting requirements of Australian Financial Services Licensees (AFSLs) have been impacted by the Australian Accounting Standards Board (AASB) financial reporting reforms for for-profit entities.
19 October 2022
Removal of SPFS - Updated APES 205
The Australian Professional & Ethical Standards Board (APESB) has issued revised APES 205 Conformity with Accounting Standards to address recent amendments to the financial reporting framework made by the Australian Accounting Standards Board (AASB).
The revisions in APES 205 reflect decisions by the AASB to remove the application of the ‘Reporting Entity’ concept and thus the ability to prepare SPFS for certain for-profit private sector entities, and increased SPFS disclosure requirements for certain not-for-profit and for-profit private sector entities.
Read more about the revised APES 205 Conformity with Accounting Standards
