On 10 September 2020 the AICD lodged a submission with the Australian Accounting Standards Board on ED 302 Amendments to Australian Accounting Standards – Disclosures in Special Purpose Financial Statements of Certain For-Profit Private Sector Entities.
The AICD’s submission argued that the changes set out in the Exposure Draft were unnecessary as for-profit entities are currently transitioning from preparing Special Purpose Financial Statements to General Purpose Financial Statements in accordance with the AASB’s decision in AASB 2020-2 Amendments to Australian Accounting Standards – Removal of Special Purpose Financial Statements for Certain For-Profit Private Sector Entities (AASB 2020-2). We argued that the proposed change adds unnecessary complexity at a time when those entities should be focusing on transitioning to the new framework.
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