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News brief: AASB releases improvements for Reduced Disclosure Requirements

The Australian Accounting Standards Board (AASB) has released proposals to Reduced Disclosure Requirements (RDR), which they say present “significant improvement”.

Financial reports are set to become more relevant and concise with the new ED277 RDR proposals for Tier 2 entities, which includes major reductions to the requirements.

The proposals are based on a new decision-making framework the AASB and NZASB (New Zealand Accounting Standards Board) have jointly developed to further assist any entities that prepare under RDR in either country.  The AASB standards are applied by entities that prepare financial reports and governments that prepare financial statements.

Comments, whether formal or informal, on the ED are requested by 26 May 2017.

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