General Purpose Financial Statements

Keeping up to date with the numerous onerous changes to the relevant legislation and the Australian Accounting Standards is best left to us so clients can focus on what’s important to them, running a successful business.

All reporting entities are required to comply with the Australian Accounting Standards and prepare general purpose financial statements however there are now two tiers of general purpose financial statements.

Tier 1 entities who are publicly accountable reportable entities are required to comply with the full suite of Australian Accounting Standards.

For example:

– Listed Companies;
– Registered Organizations & Unions; and
– Listed Trusts.

would fall under this category.

Tier 2 reporting entities have less onerous reporting requirements. Whilst they are still required to prepare general purpose financial statements and comply with the recognition and measurement criteria of all Australian Accounting Standards, they have reduced disclosure requirement (RDR) and are exempt from disclosing certain onerous details in the notes to the financial statements.

For example: 

 – Unlisted Public Companies;
 – Foreign Controlled Reporting Entities; and
 – Large Proprietary Companies.

would fall under this category.  

We work with our clients to determine the required reporting framework applicable to their organisation (Full general purpose or reduced disclosures). We are then able to prepare general purpose financial statements which ensure full compliance with their reporting obligations. Our staff are considered experts in this area.

We are also happy to assist other accounting practices which are not experienced in this area.

Would you like to talk more about general purpose financial statements?

Tania Conlin

Member of the Chartered Accountants of Australia and New Zealand (CA)
Registered Company Auditor
Graduate Diploma in Finance & Investment
Bachelor of Commerce (Accounting & Finance)

(08) 9362 5855

Email Tania Conlin
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