• Special Purpose Reporting

Special Purpose Financial Reporting Services

Australia has a well defined financial reporting regime for those entities that determine themselves to be “reporting entities”.

For Tier 1, reporters prepare full general purpose reports applying Australian Accounting Standards or, for Tier 2, reporters either prepare RDR general purpose reports applying Australian Accounting Standards or full general purpose reports applying Australian Accounting Standards.

However, for those entities that do not consider themselves to be a reporting entity their financial reporting requirements are far less well defined. These entitites include large propriety companies preparing ‘special purpose’ financial reports to satisfy the requirements of the Corporations Act, family owned groups preparing ‘special purpose’ financial reports to report to stakeholders or member based organisations preparing ‘special purpose’ financial reports to report to stakeholders.

BDO Services

Often because of the lack of clarity as to the requirements of the preparation of special purpose reports, the application of special purpose reporting is a key feature of litigation, where the parties have differing views as to the exact application of accounting standards.

BDO Australia has one of the country’s largest technical accounting teams, which can assist those involved in Special Purpose Reporting navigate through this complicated area.  Services provided include:

  • Technical advice
  • Training for accountants
  • Training for non-accountants (boards, lawyers)
  • Preparation of special purpose financial reports.