On 31 May 2007 the Australian Accounting Standards Board (AASB) released its proposed differential reporting regime for Australia, following the International Accounting Standards Board (IASB) exposure draft on IFRS for small and medium-sized entities (IFRS for SMEs). If introduced, these proposals would involve significant changes to Australia’s current differential reporting framework.
In the attached document we summarise the proposals and share our insights in considering how financial reporting requirements could change. We specifically consider:
- The proposed differential reporting regime in Australia
- Have the IFRS for SMEs proposals gone far enough?
- Financial reporting by unlisted companies
- Financial reporting by charities
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