Ok so I really don’t get this – the Auditing and Assurance Standards Board (AASB) have recently released for public consultation a proposal that could, in effect, require all business owners (no matter how small) to prepare General Purpose Financial Statements!?!
That sounds very expensive, time consuming and I am not sure why it is needed.
If (in most cases) the only stakeholders relying upon MYOB/QuickBooks/Xero/etc financials are the business owners themselves, why do they need heavy duty disclosure notes and #IFRS standard financials?
The basis for my concern is that because business owners usually get their accountants to prepare special purpose financial statements for the taxman, this proposal could catch them out.
You have until 9 November 2018 to submit your views to the AASB.