31386 paragraphs found
If a SMSF is a reporting entity, or where its trust deed, created or amended on or after 1 July 2021, requires the financial report to be prepared in accordance with the Australian Accounting Standards (AAS), the SMSF is required to prepare a GPFR and …
See paragraph A190 of ASA 315 Identifying and Assessing the Risks of Material Misstatement , issued in February 2020. This standard is operative for financial reporting periods commencing on or after 15 December 2021, with early adoption …
In auditing the existence of SMSF’s assets, the auditor may either physically inspect the assets or examine documentation supporting their existence. The documentation may also verify ownership. If assets are registered in the name of the trustee, …
The auditor confirms that material investments of the SMSF have been recorded at the correct amounts and in the correct period. The auditor reviews supporting documentation to confirm that no material asset of the SMSF has been excluded. This may extend …
As the SMSF’s financial report is generally a special purpose financial report, the trustee chooses the financial reporting framework under which the SMSF reports. The trustee exercises their discretion when determining the most appropriate market value …
Collectables and personal use assets are defined in Regulation 13.18AA of the SISR. …