General Purpose Financial Statements (GPFS) transition
The road to a successful General Purpose Financial Statements (GPFS) transition is neither straight nor uncluttered. Successful navigation requires you to make deliberate, informed decisions along the way. Failure to do so could compromise your relationship with the regulator and other stakeholders, which could in turn erode shareholder value.
Finding the right timing might be your first fork in the road. Mapping out an early transition presents a unique opportunity for your organisation to assess and address your compliance to date, with the recognition and measurement requirements (including consolidation and equity accounting, when relevant) in applicable International Financial Reporting Standards (IFRS) as well as Australian Accounting Standards (AAS).
How BDO can help
At BDO, we have a team of financial reporting experts across Australia who are ready to steer your organisation to GPFS compliance. Why not start with a BDO GPFS Health Check to better understand your current situation, and the gaps you’ll need to address. Contact us to get started today.