This blog presents the scenarios where you may be caught by AASB 1060 and need to prepare general purpose financial reports.
"GPFR"
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AASB 1060 is a reporting standard that outlines the requirements for Tier 2 general purpose financial reporting in Australia.
It provides guidance on the preparation and presentation of financial statements, including the recognition, measurement, and disclosure of various items.
Understanding AASB 1060 is essential for organizations to ensure accurate and transparent financial reporting.
Here are the categories that we know of at 8 August 2024.
Do you hold a AFS license?
Yes - Must prepare audited GPFR and lodge with ASIC, see article here.
No - All good.
Do you report to the ATO?
Yes - Must prepare unaudited GPFR and lodge with the ATO, see article here.
No - All good.
Do you report to ACNC and are a medium or large charity?
Yes - Must prepare audited or reviewed GPFR and lodge with ACNC, see article here.
No - All good.
Do you report to QBCC and are in category 4 to 7?
Yes - Must prepare unaudited GPFR and lodge with QBCC, see article here.
No - All good.
Are you raising funds from the public using a crowdsourcing platform (CSF)such as Birchal?
Yes - May need to prepare unaudited GPFR and lodge with the CSF platform.
Yes - An example of a CSF platform is Birchal, here is there advice.
No - All good.
Are you an aged care provider? (new in 2024)
Yes - Must prepare audited GPFR and lodge with Aged Care Commission, see article here and here.
No - All good.
Are you a union / employer organisation? (new in 2024)
Yes - Must prepare audited GPFR and lodge with Fairwork, see article here.
No - All good.
Are you a registered training organisation (RTO)?
Yes - MAY prepare audited GPFR and lodge with ASQA, see pages here.
No - All good.
Are you a licensed football club with Football NSW? (new in 2024)
Yes - MAY prepare audited GPFR and lodge with Football NSW, see pages here.
No - All good.
Are you a registered club with Clubs Australia? (EG RSL or Leagues Clubs)
Yes - MAY prepare audited GPFR and lodge with Clubs Australia (or your state body), we have helped many accounting firms.
No - All good.
Are you borrowing money for your business?
Yes - The lender may require GPFR.
No - All good.
Are you seeking insurance for a high risk business?
Yes - The insurer may require GPFR.
No - All good.
We provide two services that help you.
See our services page.
We can either prepare the GPFR for you OR set up a system where you can do it.