Reduced Disclosure Regime

On 26 February 2010 the AASB released ED 192 Revised Differential Reporting Framework which aims to introduce a second tier of financial reporting requirements to reduce the burden on non-publicly accountable entities, including SMEs preparing general purpose financial statements.

The proposals contained in the ED are consistent with those contained in the draft ED and comments are due to the AASB by 23 April 2010.

The January 2010 edition of XYZ Financial Reporter discussed the draft exposure draft in detail.