- AASB supplements apply the Reduced Disclosure Regime to current ED’s
- RDR uses principles from IFRS for SME’s to determine disclosure requirements
- Institute lodges submissions on these supplements.
The Australian Accounting Standards Board's (AASB) Reduced Disclosure Regime (RDR), released in June 2010 permits non publicly accountable (Tier 2) entities to apply International Financial Reporting Standards (IFRS) recognition, measurement and presentation requirements with substantially reduced disclosures. More details on the regime are available on our introductory RDR page and on the Reduced Disclosure Regime section of the AASB website.
The changes to pronouncements current when the regime was established are contained in AASB 2010-2. The AASB is preparing for the high volume of potential change in accounting standards since the RDR’s release (principally due to the Financial Accounting Standards Board (FASB)/IFRS convergence project), by producing supplements which apply its RDR principles to the range of IASB ED’s that have been issued to date. The supplement is usually accompanied by an analysis of the disclosures which show how the AASB proposals line up with the principles adopted by IASB’s IFRS for SME’s standard.
Open for comment
The AASB website contains a list of Tier 2 Supplements that are currently open for comment. They can be accessed via the Open for comment section of the Work in progress section of the AASB website. The analysis documents supporting them can be found in the RDR section.
The AASB website also contains a list of Tier 2 Supplements for which comment periods have closed but for which the changes have yet to be formally reissued as a standard. They can be accessed via the pending page of the Work in progress section of the AASB website. The analysis documents supporting them can be found in the RDR section.
Details on the AASB’s expected progress on future RDR supplements can be found on its RDR work programme.
The Institute has or will be preparing submissions on the ED supplements and details can be found in the issues of our ANT newsletter. Once lodged the submissions are also loaded onto our reporting submissions webpage.
Supplements currently open for comment
Supplements for which the comment period have closed are
Article last updated 2 March 2015