Transitioning from Special Purpose: Deemed Cost & Financial Instruments

As you continue your transition away from special purpose financial statements, understanding the impacts on key balance sheet accounts will be crucial to drive accuracy – and avoid revisiting policies and decisions made in the lead up to the first-time preparation of general purpose financial statements, due on 30 June 2022.

The ability to ‘deem’ cost for certain balances will help you ensure that previously used expedients don't incur costly valuations in the future. Alongside this, appropriately identifying and classifying financial instruments will make sure that the impacts of practical business decisions are adequately understood by management – and that plans can be implemented to comply with accounting standards on a cost-effective basis.

By understanding these changes and their implications, your organisation minimises the risk of restatement, the cost of audit engagements on transition, and – most importantly – allows finance professionals to ensure that stakeholders are aware of changes to the elements of the information they will receive.

Watch back, as we discuss the ins and outs of transitioning from special purpose, deemed cost, financial instruments, and recent developments in Australian Accounting Standards.

Who is this suitable for?

Our webinar is suitable for Directors, Audit Committee members, Chief Financial Officers, Financial Controllers, and Finance Managers.