Certain types of for-profit private sector entities will no longer be able to prepare Special Purpose Financial Statements under AASB Standards, for periods beginning on or after 1 July 2021. From the same date, a revised GPFS Tier 2 framework, Simplified Disclosures, will replace the current RDR framework. The revised Tier 2 framework will be available for both for-profit and not-for-profit entities.
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