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ACCT30001 Financial Accounting Theory
Questions:
Question 1:
How will this impact Australian financial reporting?
Removing the ‘reporting entity concept’ from Australian Accounting Standards would remove the ability for entities to prepare special purpose financial statements (when required by legislation or otherwise to prepare financial statements in accordance with Australian Accounting Standards). This will have a significant impact on those entities that currently prepare special purpose financial statements to satisfy legislative, or other reporting requirements.
Question 2:
Why remove the ‘reporting entity concept?
The main catalyst for change is the release of a revised Conceptual Framework by the International Accounting Standards Board (IASB) in March 2018, which describes the objectives and concepts for general purpose financial reporting under International Financial Reporting Standards (IFRS). The IASB’s revised Conceptual Framework contains a definition of ‘reporting entity’ that differs from the existing Australian definition currently included in Australian Accounting Standards.
Question 3:
How will Australian Accounting Standards apply under the proposed changes?
Question 4:
Is the AASB proposing any action to mitigate the financial reporting impact?
Question 5:
When are the proposed changes likely to apply?
Question 6:
When does the comment period close?
To enable Australian entities to continue to report (mandatorily or voluntarily, as the case may be) in compliance with IFRS, the AASB must adopt the revised Conceptual Framework in Australia. In doing so, the IASB’s definition of ‘reporting entity’ will replace the existing Australian definition in Australian Accounting Standards. The IASB’s definition of ‘reporting entity’ does not include consideration of the expectation of the existence of users dependent on general purpose financial statements to satisfy their information needs.
The definition states simply that each entity that is required, or chooses to prepare financial statements is a ‘reporting entity’. Consequently, under the proposed changes, those entities that are required by legislation or otherwise to prepare financial statements in accordance with Australian Accounting Standards will be required to prepare general purpose financial statements.
ACCT30001 Financial Accounting Theory
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