This course provides an overview of the financial reporting Reduced Disclosure Requirements (RDR) and the disclosure requirements of AASB 1053.
Overview
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
Objectives
- 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
Audience
This course is specifically designed for finance professionals who are involved in external reporting, financial management and financial accounting.