Exposure Draft ED277: Reduced Disclosure Requirements for Tier 2 entities

Friday, 09 June 2017

On 9 June 2017, the AICD lodged a submission to the Australian Accounting Standards Board on ED 277: Reduced Disclosure Requirements for Tier 2 Entities.

The AICD were not supportive of the proposed changes since the benefits of changing the RDR framework do not seem clear over the implementation costs for organisations already adopting RDR in Australia. We would prefer to see the proposed changes to the RDR framework:

  • evidence based, identifying who the users are in particular sectors and what the user needs are in respect of financial reporting;
  • accompanied with a broader review of the financial reporting – involving a reconsideration of who is to prepare a financial report and what type of financial report is required to be prepared.

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