Document ID: chunk:federal_register_of_legislation:F2023C00190:reg:9b:p40
Version: federal_register_of_legislation:F2023C00190
Segment Type: reg
Provision Reference: reg 9B (pt 40/41)
Character Range: 218223–221372

Research Report 12 noted that when performing their initial assessment as to whether or not the accounting policies applied in the special purpose financial statements complied with the recognition and measurement requirements in Australian Accounting Standards, it was initially unclear to the researchers whether or not 34% of the entities in question complied with the recognition and measurement requirements in Australian Accounting Standards.
  [13]  Such outreach included responses received on ITC 39, user surveys, participation of stakeholders at ITC 39 roundtable events and targeted outreach with not-for-profit private sector stakeholders.
  [14]  Research Report 12 estimated that of those for-profit non-disclosing entities preparing and lodging special purpose financial statements 66% explicitly stated that they followed the recognition and measurement requirements in Australian Accounting Standards, 10% were assessed to have complied with the recognition and measurement requirements in Australian Accounting Standards based on a qualitative review of the accounting policies, despite the absence of an explicit statement to that effect, 10% did not comply with the recognition and measurement requirements in Australian Accounting Standards (of which only 0.5% clearly stated so), and the extent of compliance (or otherwise) with the recognition and measurement requirements in Australian Accounting Standards of the remaining 14% was unclear.
  [15]  And AASB 107 Statement of Cash Flows, AASB 108 and AASB 1048 Interpretation of Standards, although they were not considered appropriate candidates to give effect to the amendments proposed in ED 293, as noted in paragraph BC23 below.
  [16]  APES 205 defines a member as "a member of a professional body that has adopted this Standard as applicable to their membership as defined by that professional body".  APES 205 is therefore applicable, to and mandatory for, accounting professionals who are members of CPA Australia, Chartered Accountants Australia and New Zealand or the Institute of Public Accountants.  This includes accountants working in accounting firms (of all sizes), the corporate sector and in government.  Therefore, although its reach is limited, it is broader than that of AASB 1054.
  [17]  Paragraph 6.1(c) of APES 205.
  [18]  Paragraph 8 of ASA 800.
  [19]  Paragraph 15 of ASA 700.
  [20]  "Australian Accounting Standards consist of two Tiers of reporting requirements for preparing general purpose financial statements:
    (a)  Tier 1: Australian Accounting Standards; and
    (b)  Tier 2: Australian Accounting Standards – Reduced Disclosure Requirements."  Paragraph 7 of AASB 1053.
  [21]  Paragraph 14 of both The AASB's For-Profit Entity Standard-Setting Framework and The AASB's Not-for-Profit Entity Standard-Setting Framework.
  [22]  Paragraph 9 of AASB 1054 requires an entity to disclose whether the financial statements are general purpose financial statements or special purpose financial statements.
  [23]  Public sector entities were excluded from the scope of this broad project because the Board had a separate project addressing