The ability of many for-profit entities to prepare special purpose financial statements has been removed with effect from 1 July 2021. In addition, a new ‘Tier 2 ‘Simplified Disclosures’ Standard generally provides disclosure relief compared to the existing 'Reduced Disclosure Requirements'.
The key impacts include:
See also our companion Clarity publication Simplified Disclosures – Transition options and opportunities.
Note: This publication was originally published in May 2020 and updated in March 2022 to reflect amendments and developments since its original issue.