ARTICLE · 10 JUNE 2022

ASIC financial reporting guidance for AFSL holders

Moore Australia

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ASIC has released additional guidance to assist AFS Licensees with the new financial reporting framework.

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All Australian Financial Services Licensees (AFSLs) are now required to prepare general purpose financial statements (GPFS) as a result of the new Australian financial Reporting Framework issued by the Australian Accounting Standards Board (AASB). ASIC has just released additional guidance to assist AFS Licensees to determine whether these financial statements can be the Tier 2 Simplified Disclosure financial statements or whether they will have to prepared Tier 1 financial statements with full compliance with Australian Accounting Standards (AAS). It has also deferred the application date by 12 months for those Licensees that do not have financial reporting obligations under Chapter 2M of the Corporations Act (2001).

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