New single standard for disclosures – Special & General Purpose reporting

We have previously reported on changes to Australian Accounting Standards, relating to Special and General Purpose reporting. These changes came into effect on 1 July 2021.

The previous General Purpose Reduced Disclosures Regime (GPFS-RDR) has now been replaced with a new single standard, which includes all disclosure requirements: AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities (GPFS-SDR)

This means that a charity that previously prepared GPFS-RDR must transition to the new GPFS-SDR, for the 30/06/22 audit.

For most of our clients, this is a level of detail that is typically left for discussion with the auditor (and Purpose where we are involved in the audit process). If this affects your organisation, Purpose will facilitate this discussion and include your auditor.

Overall though, we are encouraged by discussions with auditors that this will mean more discretion in the Audited Financial Statements (to include what is relevant and to cut immaterial disclosures). For most organisations the changes will be subtle. Purpose sees these standard changes as quite practical and workable.

More details are available on the ACNC website.

2022-04-12T05:01:17+00:00 April 12th, 2022|NFP sector|