You may have heard mention that Special Purpose Financial Reporting will no longer be allowed, and organisations will have to move to General Purpose Financial Reporting. While this is a very significant change, it is targeted and will only impact some entities.
AASB2020-2
AASB2020-2 removes the ability for some for-profit entities to self assess financial reporting requirements. Those entities then must prepare a form of General Purpose Financial Statements.
Webinar Recording
Alastair Abbott recently presented a webinar in conjunction with the team from Tax Nuggets Academy, this covers what you need to know and what you need to do about these changes. A recording of the full session is available for you to view online here.
References and links:
Summary of 2020-2 and who it applies to:
AASB16 Lease Calculator:
https://www.rsm.global/australia/insights/ifrs-news/download-aasb-16-leasing-model
Financial Reporting Software providers:
Accurri - https://accurri.com/en-au
CaseWare - https://www.caseware.com.au/product/financial-reporting
XYZ Model Financial Accounts Generator PLUS (Thomson Reuters)
Financial Reporting Templates:
https://accurri.com/en-au/examples (or many others)