The Reduced Disclosure Regime A practical guide to implementation, 2nd Edition

AASB 1053 Application of Tiers of Australian Accounting Standards and AASB 2010-2 Amendment to Australian Accounting Standards arising from Reduced Disclosure Requirements provide a new two tier framework and amend 28 Accounting Standards and 10 Interpretations for the Reduced Disclosure Regime (RDR).

Mandatory application of the differential reporting framework is for annual reporting periods beginning on or after 1 July 2013. Early adoption of the reporting requirements is permitted, and it is expected that many currently defined reporting entities will early adopt (RDR) to reduce their financial reporting disclosures.

Stage 1 of the RDR has been released by the AASB. The rules governing financial reporting have fundamentally changed. The reporting entity as a differential reporting concept is dead, with the focus now on on General Purpose Financial Statements: full AASB application (Tier 1) or the new RDR (Tier 2), based on the new concept of a publicly accountable entity. Some entities will become publicly accountable for the first time, while many ‘reporting entities’ will opt for the RDR to lessen their financial reporting disclosures.

• A cost-effective means of understanding RDR
• Critical information to assist with implementation process
• Clear identification of who is affected through flowcharts
• Avoid the traps, such as the disclosures which are amended rather than omitted
• A tool to help you safely implement late-breaking changes
• Written by an acknowledged expert in financial reporting, Carmen Ridley, GAAP Consulting Network with assistance of her colleagues Colin Parker and David Sauer