Reminder – New SPFS disclosures for 30 June
REMINDER - NEW SPFS DISCLOSURES FOR 30 JUNE
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 financial years ending on or after 30 June.
You will need to make new disclosures about your compliance with the recognition and measurement requirements in Australian Accounting Standards'
They apply to:
- Charity registered with the ACNC with an annual revenue of $250,000 or more and you prepare special purpose financial statements, and
- NFP lodging SPFS with the ASIC under the Corporations Act 2001 (for example, companies limited by guarantee).
Your SPFS will need to disclose:
- Why the decision was made to prepare 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. Dan Wade is the audit expert at Wrights Chartered Accountants, make an appointment to speak with him here .
