Comments sought on exposure drafts

At BDO, we provide comments locally to the Australian Accounting Standards Board (AASB) and internationally to the International Accounting Standards Board (IASB). We welcome any client comments on exposure drafts that are currently available for comment. If you would like to provide any comments please contact Aletta Boshoff at [email protected].



Comments due to AASB by

Comments due to IASB by

ED 295 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities

Proposes a new Tier 2 disclosure framework for GPFS to replace RDR based on disclosures in IFRS for SMEs. The proposed framework will be referred to as Simplified Disclosures and will be included as a separate standard rather than by greying out unnecessary disclosures within the body of each Australian Accounting Standard.

30 November 2019


ED 296 Disclosure of Accounting Policies

Proposed amendments to AASB 101 and AASB Practice Statement 2

The proposals have been drafted to assist preparers in applying the concept of ‘materiality’ when making accounting policy disclosures. Under the proposals:

  • Only ‘material’ accounting policies are disclosed (rather than the current ‘significant’ requirement)
  • Policies relating to immaterial transactions are not disclosed
  • Not all policies relating to material transactions are themselves material, and therefore may not need to be disclosed
  • Additional guidance is added to assist in determining if a policy needs to be disclosed.

28 October 2019

29 November 2019

ED 297 Removal of Special Purpose Financial Statements for Certain For-Profit Private Sector Entities

Proposes to remove the ability of the following types of for-profit private sector entities from  being able to prepare special purpose financial statement from 2021:

  • Those where legislation requires  financial statements to be prepared in accordance with Australian Accounting Standards or ‘accounting standards’, and
  • Those where constitutions or other documents (e.g. lending agreements) require financial statements to be prepared in accordance with Australian Accounting Standards, provided that document was created or amended on or after 1 July 2020.

30 November 2019


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