• Service: Audit, Financial Statement Audit, Financial Reporting & Accounting Standards, Accounting Advisory Services, International Financial Reporting Standards (IFRS)
  • Industry: Not-for-profit
  • Type: Regulatory update
  • Date: 29/07/2011

Reporting Updates

Reporting Updates
Reporting Updates (formerly known as Flash Reports) outline changes occurring within the Australian financial reporting environment.

11RU-012 Exemption extended: Tier 2 and not-for-profit entities 

This Reporting Update summarises the impact of two recently released Amending Standards which extend relief from consolidation, the equity method and proportionate consolidation to Tier 2 and not-for-profit (NFP) entities in particular circumstances.

Key points


  • Consolidation/equity/proportionate consolidation exemption extended to Tier 2 and not-for-profit entities
  • May significantly reduce costs of financial statement preparation.
IFRS Briefing Sheets - International financial reporting updates 

Financial Reporting & Accounting Standards

KPMG has extensive experience in applying accounting standards, both Australian accounting standards and IFRS, to a range of transactions.


KPMG can help Australia's not-for-profit organisations respond effectively to challenging and complex issues facing the sector.