AASB ED 334 Limiting the Ability of Not-for-Profit Entities to Prepare Special Purpose Financial Statements

Please click here to view the Submission 'AASB ED 334 Limiting the Ability of Not-for-Profit Entities to Prepare Special Purpose Financial Statements'.

Overview of the Submission:

The Institute of Public Accountants (IPA) welcomes the opportunity to provide comments on the above Exposure Draft (ED).

GENERAL COMMENT
Overall, IPA supports the proposals in ED 334 :
• that essentially amends the Conceptual Framework for Financial Reporting (Conceptual Framework) to extend the application to not-for-profit (NFP) private and public sector entities that meet the criteria of preparing financial statements that comply with Australian
Accounting Standards or accounting standards, or if the entity elects to prepare general purpose financial statements and
• that the above amendment will result in the Framework for the Preparation and Presentation of Financial Statements and SAC 1 Definition of the Reporting Entity being superseded for an entity when the Conceptual Framework is applicable.