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Oct 23, 2019 / News

Demise of Special Purpose Financial Statements

From 1 July 2020, many companies preparing financial statements in accordance with the Corporations Act 2001, other legislation, their constituting documents or other agreements will be prevented from preparing Special Purpose Financial Statements (“SPFS”). At the same time, the existing Tier 2 Reduced Disclosure Regime (RDR) will be replaced by new disclosure requirements. Within the following update, we explain the impacts. Read more

Audit and Assurance / Financial Reporting


Aug 13, 2019 / News

Financial Reporting Developments

Nexia Australia and New Zealand Technical Director  Martin Olde highlights the changes to the definition of a large proprietary company, the AASB’s project to remove the ability of companies to prepare special purpose financial statements and other recent developments. Read more

Financial Reporting


Jan 10, 2019 / News

Relief from fair valuing ‘peppercorn leases’ confirmed

The AASB has confirmed that not-for-profit (“NFP”) entities will not be required to measure and recognise right-of-use assets at fair value for below-market (‘peppercorn leases’) leases when applying AASB 16 Leases. Read more

Financial Reporting


Dec 03, 2018 / News

Changes affecting Directors and not-for-profit entities

The AASB has confirmed a major change to AASB 1058 and AASB 16 for below market leases from 1 January 2019. Read more

Audit and Assurance / Financial Reporting / Not for Profit


Aug 10, 2018 / News

Preparing for 30 June 2018

Whether you are preparing for this 30 June or planning for the year ahead, we are here to assist. Read more

Audit and Assurance / Business Consulting / Financial Reporting


Apr 30, 2018 / News

The end of special purpose financial reports

Since 2013 the International Accounting Standards Board (“IASB”) has been working to revise and update the Conceptual Framework for Financial Reporting – the document that sets out the overarching principles that underpin IFRS. Not very exciting, I hear you say. But stay with me because soon you will be. Read more

Audit and Assurance / Financial Reporting