The ASF has released a market guideline on what disclosure RMBS and ABS issuers should consider in the preparation of their FY2020 financial statements. This follows the decision of the Australian Accounting Standards Board (AASB) decision to remove the use of special purpose financial statements and introduce AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities.
The guidance note covers:
- Recommended wording for SPVs regarding the application of Australian Accounting Standards to enable clarity of understanding of the extent of adoption, particularly for any users who may not be familiar with Australia’s special purpose reporting framework
- Recommended points for consideration regarding disclosures for securitisation SPVs in light of COVID-19
Download the guideline >