Simplified Disclosures – Transition options and opportunities has been saved
Simplified Disclosures – Transition options and opportunities
Clarity in financial reporting
Exploring the opportunities available on transition to the Simplified Disclosures financial reporting regime
The new ‘Simplified Disclosures’ Tier 2 financial reporting regime comes into effect from 1 July 2021 (see our earlier publication).
In this publication we explore what this means, and the opportunities available on transition
- The ability of many for-profit entities to prepare special purpose financial statements is removed with effect from 1 July 2021. In addition, a new Tier 2 ‘Simplified Disclosures’ Standard will replace ‘Reduced Disclosure Requirements’ (RDR) from the same date
- The transitional requirements are complex and depend upon various factors
- Many entities will have choices on transition, particularly those moving from stand‑alone special purpose financial statements to consolidated general purpose financial statements
- Entities choosing to early adopt have additional choices and options available
- Unresolved interpretational issues remain in some cases.
Published: April 2021