New SPFS disclosures take effect
Dan Wade • March 2, 2021
NEW SPFS DISCLOSURES TAKE EFFECT
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
, new disclosure requirements take effect for the first time for financial years ending 31 December.
NFPs will need to make new disclosures about their compliance with recognition and measurement requirements in Australian accounting standards'
They apply to:
- Charities registered with the ACNC with an annual revenue of $250,000 or more preparing special-purpose financial statements, and
- NFPs lodging SPFSs with the Australian Securities & Investments Commission under the Corporations Act 2001 (for example, companies limited by guarantee).
Your 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 that the assessment has not been made
- The overall compliance of your 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.
AASB 2019-4 makes amendments to AASB 1054
Australian Additional Disclosures
What the New Super Changes Mean for Your Business
We’re now over halfway through the financial year, making it the perfect time to pause and assess how your business is tracking.
The start of a new year offers a clean slate—an opportunity to reset, refocus, and ensure your business is on solid financial footing.
This is a subtitle for your new post
Here’s a closer look at the five key stages of business growth and how strategic financial planning can support success at every step.
As accountants, we often see businesses at various stages of growth, and one of the most common questions we encounter is: "When is the right time to grow?"
Growing your business is an exciting journey filled with opportunities and challenges.
Expanding your team is an exciting step towards growing your business, but it also comes with its own set of challenges and considerations.
Budgeting is not just a mundane task relegated to the realm of accounting; it's a strategic imperative that serves as the cornerstone of financial management for businesses of all sizes.
Navigating Financial Perspectives for Businesses