The AASB has issued its Discussion Paper — Development of simplified accounting requirements (Tier 3 Not-for-Profit Private Sector Entities). Comments are open until 31 March 2023.
The Discussion Paper proposes developing a stand-alone accounting standard containing the accounting requirements for smaller not-for-profit private sector entities. At the same time, the Board will also consider removing the ability of not-for-profit private sector entities to prepare special purpose financial statements in the future.
To accompany and support the consultation on the Discussion Paper, the AASB has published:
· a 12-page snapshot providing an overview of the Discussion Paper. Read the Snapshot here.
· a recorded education session (53mins) covering the proposed Tier 3 accounting and disclosure requirements.
o Watch the recording on our YouTube channel here
o Access the Slide Pack to the education session here;
· Updated Research Report 10 Legislative and Regulatory Financial Reporting Requirements to help identify the entities with financial reporting obligations under Federal and State/Territory requirements that may be affected by the Board's proposals. Read Research Report 10 here.
The consultation provides an opportunity for interested stakeholders to help shape the financial reporting framework. We encourage all not-for-profit stakeholders to get involved by:
· completing the online survey at https://www.surveymonkey.com/r/AASBTIER3NFP;
· attending a planned virtual outreach session from October 2022 to March 2023. See registration details here;
· making a written submission via 'Open for comment documents' here; or
· reaching out to the AASB directly at standard@aasb.gov.au.
For more information, head to our Hot Topics page here.
· AASB will be hosting five virtual outreach events to consult with stakeholders on the proposed Tier 3 accounting requirements on some of the key topics in the Discussion Paper.
Register your interest to attend by clicking the link to one of the sessions below:
