XYZ Model Financial Statements - Special Purpose Financial Reporting (Standing Order)
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Simplifying the transition to the SPFR significantly, XYZ Model Financial Statements - Special Purpose Financial Reporting ensures that entities have a disciplined and logical process to work through as part of their transition to the new framework. It also ensures that entities are aware of the differences between how they account for balances going forward as compared to how they previously dealt with them under their previous version of GAAP.
Transitioning to Special Purpose Financial Reporting is not a "business as usual" exercise. With the removal of the statutory requirement for a significant number of SMEs to prepare general purpose financial statements in accordance with GAAP, many organisations now find themselves without a legislative obligation to prepare GAAP compliant financial statements, and no framework with which to prepare them against. Recognising that many organisations still require the support of a set of minimum financial reporting guidelines, CAANZ developed a special purpose financial reporting framework (SPFR) for use by SMEs preparing financial statements. Using this framework, XYZ Model Financial Statements - Special Purpose Financial Reporting assists entities meet their continued financial reporting demands consistently by:
- providing step-by-step guidance detailing how to transition to Special Purpose Financial Reporting
- demonstrating professionally formatted financial reports for a range of entities
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