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. You will cover the regime of recognition, measurement and disclosure requirements for reporting entities in Tier 1 and 2 and be able to effectively prepare general purpose financial statements.
AASB 1053 application of tiers to Australian Accounting Standards
What does 'public accountability' mean?
Rules around tiers
Disclosures not required
This one hour online course forms part of the FastClass short course suite.
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
This course is specifically designed for finance professionals who are involved in external reporting, financial management and financial accounting.