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The current publication sets out the new amendments and standards applicable for the reporting periods ending 31 December 2024 and 30 June 2024 for entities preparing general purpose financial statements.
To assist Australian entities, we have produced a set of financial statements for the year ending 31 December 2024. While this set of example financial statements is IFRS-based, it equally applies in the Australian context as the Australian requirements for financial reporting when considered in the context of AASB 1054 Australian Additional Disclosures and the Corporations Act 2001 (which includes certain additional disclosures).
Consistent with the preceding reporting periods, there are relatively few new amendments and standards applicable for the reporting periods ending 31 December 2024 and 30 June 2024 for entities preparing general purpose financial statements, with the exception of the Consolidated Entity Disclosure Statement ("CEDS") for public companies preparing financial statements in accordance with Chapter 2M of the Corporations Act 2001.
For entities with a reporting period commencing on or after 1 July 2023, a CEDS is required to be included in the annual financial report. Refer to this Insight for a discussion of the CEDS. An example has been included in the Appendices below, noting that it is generally not applicable for entities with a reporting date of 31 December 2023.
New and revised accounting standards, AASB 108
Over time, governments have shifted away from the direct provision of certain community services, instead commissioning them through a competitive market largely serviced by not-for-profit (NFP) organisations.
There continues to be a spotlight on trust and integrity within the professional services industry. From our perspective, these have always been critical considerations.
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