Watch a recording of our webinar held on 29 May 2018 which outlines key changes in the IASB Conceptual Framework and discusses its proposed implementation in Australia – which could result in the one of the most significant changes to the Australian financial reporting framework since the adoption of IFRS in 2005.
This webinar, hosted by KPMG Director Michael Voogt, covers the key changes in the revised Conceptual Framework released by the International Accounting Standards Board impacting the preparation of financial statements. It outlines the key issues and impacts as set out in the AASB Consultation Paper (ITC 39) of adopting the revised Conceptual Framework as released by the IASB in Australia, and explains the AASB's preferred approach of adoption.
In the course of considering applying the revised Conceptual Framework in Australia, the AASB has identified an inconsistency in the definition of ‘reporting entity’ in the Framework and the widely used and understood Australian ‘reporting entity concept’ set out in Statement of Accounting Concepts, SAC 1. We discuss the proposals in ITC 39 which include solving the identified 'reporting entity' and special purpose financial statement problems. The proposals end the ability of entities required, by legislation such as the Corporations Act or entity constitution, to prepare financial statements in accordance with Australian Accounting Standards to prepare special purpose financial statements.
The webinar includes a series of questions to gauge and share participants' initial reactions to the AASB proposals.
View a copy of the slide presentation from the webinar.