Reduced disclosure requirements (75680832) - Online

This short course covers the Reduced Disclosure Requirements (RDR) and the reporting requirements for both Tier 1 and Tier 2 entities in preparing general purpose financial statements. Take a closer look at the regime of recognition, measurement and disclosure requirements for reporting entities in Tier 1 and 2 to effectively prepare general purpose financial statements.

Key topics:

• AASB 1053 application of tiers to Australian Accounting Standards
• What does 'public accountability' mean?
• Rules around tiers
• Reduced disclosures
• Disclosures not required

• Explain why the Australian Accounting Standards Board (AASB) introduced the RDR framework
• Outline the two tiers of financial reporting for general purpose financial statements, namely Tier 1 and Tier 2
• Identify the more substantial disclosures which have been removed for Tier 2 general purpose financial reports
• Determine when RDR is applicable
• Examine factors involved with adopting RDR in accordance with Australian Accounting Standards