This webinar focuses on the preparation of general purpose versus special purpose financial statements, chiefly:
- an overview of an entity’s statutory requirement, and
- a discussion of key recognition and disclosure differences.
The requirement for an entity to prepare financial statements is governed by different legislation, including the Companies Act 1993, the Financial Reporting Act 2013, the Charities Act 2005 and the Incorporated Societies Act 1908. The application of this legislation will guide an entity as to its requirement to prepare either general purpose or special purpose financial statements. Entities that trade for a profit and are not required to prepare general purpose financial statements have the option of preparing special purpose financial statements in accordance with a framework issued by Chartered Accountants of Australia and New Zealand (CAANZ). During this session, we will discuss the key requirements of legislation when assessing how it applies to different entities and in what situations either general purpose or special purpose financial statements should be prepared together with key recognition and disclosure differences when preparing general purpose or special purpose financial statements under the framework issued by CAANZ.
Upon satisfactory completion of this activity you will be able to understand:
- the legislation that guides the requirement to prepare financial statements for different entities
- when an entity will be required to prepare general purpose or special purpose financial statements
- key recognition and disclosure differences when preparing general purpose or special purpose financial statements.
Duration: 1.25 CPD hours (1 hour + 15 mins Q&A)
Suited to: Accountants who are responsible for ensuring that an entity’s financial statements meet its statutory requirements.
Paul Walker, Senior Manager – Audit & Assurance, Crowe Australasia
Paul specialises in providing audit and assurance services and technical accounting advice across a number of industries. He is part of the wider Australasian accounting advisory team and delivers training and practical solutions for its teams and clients. Paul has been with Findex and Crowe since 2009 and has built up his knowledge working with clients from a range of industries and locations throughout New Zealand.
- 25 May 2021
2:00 pm - 3:15 pm