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Transitional Relief for Removal of Special Purpose Financial Statements

During the AASB meeting held on 30 April, the Board decided to propose an amendment to AASB 1 First-Time Adoption of Australian Accounting Standards so that, in the first annual reporting period after the amendments to remove the ability to prepare SPFS in accordance with AAS become effective, an entity preparing GPFS Tier 2 for the first time need not restate its comparative information.  They also decided to issue an Exposure Draft proposing to require both for-profit entities and not-for-profit entities within the scope of AASB 1054 and preparing SPFS to disclose information on compliance with recognition and measurement.

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