INTHEBLACK February 2023 - Magazine - Page 24
F E AT U R E
Give feedback
to the AASB
The AASB’s consultation period
provides scope for interested
stakeholders to help shape the
financial reporting framework.
Complete the
online survey
Attend a virtual
outreach session
Send a written
submission
Email the AASB
directly
“Ultimately, the board views the establishment of
appropriate reporting thresholds and any dictate of a
specific form of general purpose financial statements
to be more appropriately within the remit of the
relevant legislation or regulatory authority.”
NIKOLE GYLES FCPA, AASB
and federal legislation. There will be a need to
make changes to a fair few pieces of legislation
because multiple pieces of legislation require
NFP financial reports.
“We understand the AASB is working with
various regulators and lawmakers around the
country to make this happen, but experience
tells us that it will be challenging to get all
jurisdictions aligned and on board with this
initiative,” Subramanian says.
24 INTHEBLACK February 2023
“We do need to have some kind
of common approach agreed to by all
the states and territories and the
Commonwealth to say this is the right
thing to do, and they can all push the
start button at the same time, which
will be an ideal outcome.”
Andrew Marks FCPA, director in the
audit and assurance division at William
Buck, supports the proposals, but he says
clarification will be needed around who can
and cannot use the new Tier 3, given the
proposed NFP annual revenue range from
the AASB is only a guideline.
“That will obviously require discussions
with the regulators as to how that is going
to work,” he says.
“If it is self-assessed, could you – in
theory – have a not-for-profit organisation
with very large revenue applying Tier 3?”