New SPFS disclosures apply for 30 June
Dan Wade • September 23, 2020
New SPFS disclosures apply for 30 June
New recognition and measurement disclosures are required by charities registered with the ACNC reporting on 30 June that have an annual revenue of $250,000 or more.
The disclosures apply to charities preparing special-purpose financial statements, and those (for example, companies limited by guarantee) lodging SPFSs with the Australian Securities and Investments Commission.
Under AASB 2019-4 Amendments to Australian Accounting Standards – Disclosure in Special Purpose Financial Statements of Not-for-Profit Private Sector Entities on Compliance with Recognition and Measurement Requirements, SPFSs will need to disclose:
- Why the decision was made to prepare an SPFS
- For each material accounting policy that does not comply with the recognition and measurement requirements, an indication of where it does not comply or why the assessment has not been made
- The overall compliance of the SPFS with the recognition and measurement requirements of accounting standards (except for consolidation and equity accounting), or whether this assessment has not been made, and
- How the consolidation and equity accounting requirements have been applied.
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