{"id":"F2021L01301","name":"Auditing Standard ASA 2021-4 Amendments to Australian Auditing Standard ASA 800 Special Considerations – Audits of Financial Reports Prepared in Accordance with Special Purpose Frameworks","slug":"auditing-standard-asa-2021-4-amendments-to-australian-auditing-standard-asa-800-special-consideratio","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":102098,"registerId":"commonwealth-F2021L01301-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"Obtaining a Copy of this Auditing Standa","sectionType":"section","heading":"Obtaining a Copy of this Auditing Standard","content":"##### Obtaining a Copy of this Auditing Standard\n\nThis Auditing Standard is available on the Auditing and Assurance Standards Board (AUASB) website: www.auasb.gov.au","sortOrder":0},{"sectionNumber":"Contact Details","sectionType":"section","heading":"Contact Details","content":"##### Contact Details\n\n| Auditing and Assurance Standards BoardPodium Level 14, 530 Collins StreetMelbourne Victoria 3000AUSTRALIA | Phone: (03) 8080 7400E-mail: enquiries@auasb.gov.auPostal Address:PO Box 204, Collins Street WestMelbourne Victoria 8007AUSTRALIA |\n| --------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------- |","sortOrder":1},{"sectionNumber":"COPYRIGHT","sectionType":"section","heading":"COPYRIGHT","content":"##### COPYRIGHT\n\n© 2021 Commonwealth of Australia. The text, graphics and layout of this Auditing Standard are protected by Australian copyright law and the comparable law of other countries. Reproduction within Australia in unaltered form (retaining this notice) is permitted for personal and non‑commercial use subject to the inclusion of an acknowledgment of the source as being the Australian Auditing and Assurance Standards Board (AUASB).\n\nRequests and enquiries concerning reproduction and rights for commercial purposes should be addressed to the Technical Director, Auditing and Assurance Standards Board, PO Box 204, Collins Street West, Melbourne, Victoria 8007 or sent to [enquiries@auasb.gov.au](mailto:enquiries@auasb.gov.au). Otherwise, no part of this Auditing Standard may be reproduced, stored or transmitted in any form or by any means without the prior written permission of the AUASB except as permitted by law.\n\nISSN 1833-4393","sortOrder":2},{"sectionNumber":"CONTENTS","sectionType":"part","heading":"CONTENTS","content":"# CONTENTS\n\nPREFACE\n\nAUTHORITY STATEMENT\n\nCONFORMITY WITH INTERNATIONAL STANDARDS ON AUDITING\n\nParagraphs\n\nApplication...............................................................1-2\n\nOperative Date..............................................................3\n\nIntroduction\n\nScope of this Auditing Standard..................................................4\n\nObjective..................................................................5\n\nDefinition..................................................................6\n\nAmendments to Auditing Standard..............................................7\n\nAmendments to ASA 800.....................................................8-10","sortOrder":3},{"sectionNumber":"preface","sectionType":"part","heading":"preface","content":"##### Obtaining a Copy of this Auditing Standard\n\nThis Auditing Standard is available on the Auditing and Assurance Standards Board (AUASB) website: www.auasb.gov.au\n\n##### Contact Details\n\n| Auditing and Assurance Standards BoardPodium Level 14, 530 Collins StreetMelbourne Victoria 3000AUSTRALIA | Phone: (03) 8080 7400E-mail: enquiries@auasb.gov.auPostal Address:PO Box 204, Collins Street WestMelbourne Victoria 8007AUSTRALIA |\n| --------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------- |\n\n##### COPYRIGHT\n\n© 2021 Commonwealth of Australia. The text, graphics and layout of this Auditing Standard are protected by Australian copyright law and the comparable law of other countries. Reproduction within Australia in unaltered form (retaining this notice) is permitted for personal and non‑commercial use subject to the inclusion of an acknowledgment of the source as being the Australian Auditing and Assurance Standards Board (AUASB).\n\nRequests and enquiries concerning reproduction and rights for commercial purposes should be addressed to the Technical Director, Auditing and Assurance Standards Board, PO Box 204, Collins Street West, Melbourne, Victoria 8007 or sent to [enquiries@auasb.gov.au](mailto:enquiries@auasb.gov.au). Otherwise, no part of this Auditing Standard may be reproduced, stored or transmitted in any form or by any means without the prior written permission of the AUASB except as permitted by law.\n\nISSN 1833-4393\n\n# CONTENTS\n\nPREFACE\n\nAUTHORITY STATEMENT\n\nCONFORMITY WITH INTERNATIONAL STANDARDS ON AUDITING\n\nParagraphs\n\nApplication...............................................................1-2\n\nOperative Date..............................................................3\n\nIntroduction\n\nScope of this Auditing Standard..................................................4\n\nObjective..................................................................5\n\nDefinition..................................................................6\n\nAmendments to Auditing Standard..............................................7\n\nAmendments to ASA 800.....................................................8-10\n\n  \n\n# preface\n\n#### Reasons for Issuing ASA 2021-4\n\nThe AUASB issues Auditing Standard ASA 2021-4 Amendments to Australian Auditing Standard ASA 800 Special Considerations – Audits of Financial Reports Prepared in Accordance with Special Purpose Frameworks pursuant to the requirements of the legislative provisions and the Strategic Direction explained below.\n\nThe AUASB is a non-corporate Commonwealth entity of the Australian Government established under section 227A of the Australian Securities and Investments Commission Act 2001, as amended (ASIC Act). Under section 336 of the Corporations Act 2001, the AUASB may make Auditing Standards for the purposes of the corporations legislation. These Auditing Standards are legislative instruments under the Legislation Act 2003.\n\nUnder the Strategic Direction given to the AUASB by the Financial Reporting Council (FRC), the AUASB is required, inter alia, to develop auditing standards that have a clear public interest focus and are of the highest quality.\n\n#### Main Features\n\nThis Auditing Standard makes amendments to the application and other explanatory material and appendices of the following Auditing Standard:\n\nASA 800 Special Considerations – Audits of Financial Reports Prepared in Accordance with Special Purpose Frameworks (Issued July 2016 and amended to June 2020)\n\nThe amendments arise from changes to the Australian Accounting Standards (AAS) impacting the ability for certain for-profit entities to prepare Special Purpose Financial Statements (SPFS).\n\n## AUTHORITY STATEMENT\n\nThe Auditing and Assurance Standards Board (AUASB) makes this Auditing Standard ASA 2021-4 Amendments to Australian Auditing Standard ASA 800 Special Considerations – Audits of Financial Reports Prepared in Accordance with Special Purpose Frameworks pursuant to section 227B of the Australian Securities and Investments Commission Act 2001 and section 336 of the Corporations Act 2001.\n\nDated: 7 September 2021 W R Edge  \nChair - AUASB\n\n##### Conformity with International Standards on Auditing\n\nThis Auditing Standard has been made for Australian legislative purposes and accordingly there is no equivalent International Standard on Auditing (ISA) issued by the International Auditing and Assurance Standards Board (IAASB), an independent standard‑setting board of the International Federation of Accountants (IFAC).","sortOrder":4},{"sectionNumber":"Reasons for Issuing ASA 2021-4","sectionType":"subdivision","heading":"Reasons for Issuing ASA 2021-4","content":"#### Reasons for Issuing ASA 2021-4\n\nThe AUASB issues Auditing Standard ASA 2021-4 Amendments to Australian Auditing Standard ASA 800 Special Considerations – Audits of Financial Reports Prepared in Accordance with Special Purpose Frameworks pursuant to the requirements of the legislative provisions and the Strategic Direction explained below.\n\nThe AUASB is a non-corporate Commonwealth entity of the Australian Government established under section 227A of the Australian Securities and Investments Commission Act 2001, as amended (ASIC Act). Under section 336 of the Corporations Act 2001, the AUASB may make Auditing Standards for the purposes of the corporations legislation. These Auditing Standards are legislative instruments under the Legislation Act 2003.\n\nUnder the Strategic Direction given to the AUASB by the Financial Reporting Council (FRC), the AUASB is required, inter alia, to develop auditing standards that have a clear public interest focus and are of the highest quality.","sortOrder":5},{"sectionNumber":"Main Features","sectionType":"subdivision","heading":"Main Features","content":"#### Main Features\n\nThis Auditing Standard makes amendments to the application and other explanatory material and appendices of the following Auditing Standard:\n\nASA 800 Special Considerations – Audits of Financial Reports Prepared in Accordance with Special Purpose Frameworks (Issued July 2016 and amended to June 2020)\n\nThe amendments arise from changes to the Australian Accounting Standards (AAS) impacting the ability for certain for-profit entities to prepare Special Purpose Financial Statements (SPFS).\n\n## AUTHORITY STATEMENT\n\nThe Auditing and Assurance Standards Board (AUASB) makes this Auditing Standard ASA 2021-4 Amendments to Australian Auditing Standard ASA 800 Special Considerations – Audits of Financial Reports Prepared in Accordance with Special Purpose Frameworks pursuant to section 227B of the Australian Securities and Investments Commission Act 2001 and section 336 of the Corporations Act 2001.\n\nDated: 7 September 2021 W R Edge  \nChair - AUASB\n\n##### Conformity with International Standards on Auditing\n\nThis Auditing Standard has been made for Australian legislative purposes and accordingly there is no equivalent International Standard on Auditing (ISA) issued by the International Auditing and Assurance Standards Board (IAASB), an independent standard‑setting board of the International Federation of Accountants (IFAC).","sortOrder":6},{"sectionNumber":"AUTHORITY STATEMENT","sectionType":"part","heading":"AUTHORITY STATEMENT","content":"## AUTHORITY STATEMENT\n\nThe Auditing and Assurance Standards Board (AUASB) makes this Auditing Standard ASA 2021-4 Amendments to Australian Auditing Standard ASA 800 Special Considerations – Audits of Financial Reports Prepared in Accordance with Special Purpose Frameworks pursuant to section 227B of the Australian Securities and Investments Commission Act 2001 and section 336 of the Corporations Act 2001.","sortOrder":7},{"sectionNumber":"Conformity with International Standards ","sectionType":"section","heading":"Conformity with International Standards on Auditing","content":"##### Conformity with International Standards on Auditing\n\nThis Auditing Standard has been made for Australian legislative purposes and accordingly there is no equivalent International Standard on Auditing (ISA) issued by the International Auditing and Assurance Standards Board (IAASB), an independent standard‑setting board of the International Federation of Accountants (IFAC).","sortOrder":8},{"sectionNumber":"Auditing Standard ASA 2021-4","sectionType":"part","heading":"Auditing Standard ASA 2021-4","content":"## Auditing Standard ASA 2021-4\n\n### Amendments to Australian Auditing Standard ASA 800 Special Considerations – Audits of Financial Reports Prepared in Accordance with Special Purpose Frameworks\n\n##### Application\n\n1.  This Auditing Standard applies to:\n\n-   an audit of a financial report for a financial year, or an audit of a financial report for a half-year, in accordance with the Corporations Act 2001; and\n-   an audit of a financial report, or a complete set of financial statements, for any other purpose.\n\n1.  This Auditing Standard also applies, as appropriate, to an audit of other historical financial information.\n\n##### Operative Date\n\n1.  This Auditing Standard is operative for financial reporting periods commencing on or after 1 July 2021.\n\n##### Introduction\n\n###### Scope of this Auditing Standard\n\n1.  This Auditing Standard makes amendments to Australian Auditing Standard ASA 800 Special Considerations – Audits of Financial Reports Prepared in Accordance with Special Purpose Frameworks made under Section 336 of the Corporations Act 2001 as a result of changes to the Australian Accounting Standards (AAS) impacting the ability for certain for-profit entities to prepare Special Purpose Financial Statements (SPFS).\n\n##### Objective\n\n1.  The objective of this Auditing Standard is to make amendments to Australian Auditing Standard ASA 800 Special Considerations – Audits of Financial Reports Prepared in Accordance with Special Purpose Frameworks (Issued July 2016 and amended to June 2020).\n\n##### Definition\n\n1.  For the purposes of this Auditing Standard, the meanings of terms are set out in each Auditing Standard and in the AUASB Glossary. This Auditing Standard does not introduce new definitions.\n\n##### Amendments to Auditing Standard\n\n1.  This Standard uses underlining, striking out and other typographical material to identify the amendments to Auditing Standards, in order to make the amendments more understandable. However, the amendments made by this Standard do not include that underlining, striking out or other typographical material. Amended paragraphs are shown with deleted text struck through and new text underlined. Ellipses (…) are used to help provide the context within which amendments are made and also to indicate text that is not amended.\n\n###### Amendments to ASA 800\n\n1.  The existing text of paragraph Aus A1.1 is amended to read as follows:\n\nThe Corporations Act 2001, \\* other applicable law or regulation, or certain parties, may determine whether a financial report is required to be prepared and whether compliance with Australian Accounting Standards is required. Australian Accounting Standards set out requirements for General Purpose Financial Statements. Under the Corporations Act 2001, financial reports are required to be prepared in accordance with Australian Accounting Standards. Accounting Standard AASB 101 Presentation of Financial Statements defines a reporting entity and general purpose financial statements. In some circumstances, entities are permitted to prepare Special Purpose Financial Statements as defined in Accounting Standard AASB 1054 Australian Additional Disclosures. Such circumstances include for-profit private sector entities required only by their constituting document or another document (e.g., a loan agreement) to prepare financial statements that comply with Australian Accounting Standards, provided that the relevant document was created or last amended before 1 July 2021, as well as not-for-profit entities that assess themselves to be non-reporting entities. defines special purpose financial statements. Australian Accounting Standards set out requirements for general purpose financial statements. “Reporting entities” are required to prepare general purpose financial statements. “Non-reporting entities” may prepare general purpose financial statements or apply a special purpose framework for their financial reporting.\n\nAmendments to ASA 800 Appendix 1\n\n1.  Existing Appendix 1 of this Auditing Standard is amended to read as follows:\n\nIllustrations of Independent Auditor’s Reports on a Special Purpose Financial Report\n\nIllustration 1: An auditor’s report on a financial report of an entity other than a listed entity prepared in accordance with the financial reporting provisions of a contract (for purposes of this illustration, a compliance framework).\n\n…\n\n\\[Aus\\] Illustration 4: An auditor’s report on a financial report prepared by a non-reporting entity under the Corporations Act 2001 (for purposes of this illustration, a fair presentation framework). \\[Deleted by the AUASB as a result of changes to the Australian Accounting Standards impacting the ability for certain for-profit entities to prepare Special Purpose Financial Statements.[\\[#\\]](#_ftn1)\\]\n\n…\n\n1.  As a result of the amendment above, existing \\[Aus\\] Illustration 4 is deleted.","sortOrder":9},{"sectionNumber":"Amendments to Australian Auditing Standa","sectionType":"division","heading":"Amendments to Australian Auditing Standard ASA 800 Special Considerations — Audits of Financial Reports Prepared in Accordance with Special Purpose Frameworks","content":"## Auditing Standard ASA 2021-4\n\n### Amendments to Australian Auditing Standard ASA 800 Special Considerations – Audits of Financial Reports Prepared in Accordance with Special Purpose Frameworks\n\n##### Application\n\n1.  This Auditing Standard applies to:\n\n-   an audit of a financial report for a financial year, or an audit of a financial report for a half-year, in accordance with the Corporations Act 2001; and\n-   an audit of a financial report, or a complete set of financial statements, for any other purpose.\n\n1.  This Auditing Standard also applies, as appropriate, to an audit of other historical financial information.\n\n##### Operative Date\n\n1.  This Auditing Standard is operative for financial reporting periods commencing on or after 1 July 2021.\n\n##### Introduction\n\n###### Scope of this Auditing Standard\n\n1.  This Auditing Standard makes amendments to Australian Auditing Standard ASA 800 Special Considerations – Audits of Financial Reports Prepared in Accordance with Special Purpose Frameworks made under Section 336 of the Corporations Act 2001 as a result of changes to the Australian Accounting Standards (AAS) impacting the ability for certain for-profit entities to prepare Special Purpose Financial Statements (SPFS).\n\n##### Objective\n\n1.  The objective of this Auditing Standard is to make amendments to Australian Auditing Standard ASA 800 Special Considerations – Audits of Financial Reports Prepared in Accordance with Special Purpose Frameworks (Issued July 2016 and amended to June 2020).\n\n##### Definition\n\n1.  For the purposes of this Auditing Standard, the meanings of terms are set out in each Auditing Standard and in the AUASB Glossary. This Auditing Standard does not introduce new definitions.\n\n##### Amendments to Auditing Standard\n\n1.  This Standard uses underlining, striking out and other typographical material to identify the amendments to Auditing Standards, in order to make the amendments more understandable. However, the amendments made by this Standard do not include that underlining, striking out or other typographical material. Amended paragraphs are shown with deleted text struck through and new text underlined. Ellipses (…) are used to help provide the context within which amendments are made and also to indicate text that is not amended.\n\n###### Amendments to ASA 800\n\n1.  The existing text of paragraph Aus A1.1 is amended to read as follows:\n\nThe Corporations Act 2001, \\* other applicable law or regulation, or certain parties, may determine whether a financial report is required to be prepared and whether compliance with Australian Accounting Standards is required. Australian Accounting Standards set out requirements for General Purpose Financial Statements. Under the Corporations Act 2001, financial reports are required to be prepared in accordance with Australian Accounting Standards. Accounting Standard AASB 101 Presentation of Financial Statements defines a reporting entity and general purpose financial statements. In some circumstances, entities are permitted to prepare Special Purpose Financial Statements as defined in Accounting Standard AASB 1054 Australian Additional Disclosures. Such circumstances include for-profit private sector entities required only by their constituting document or another document (e.g., a loan agreement) to prepare financial statements that comply with Australian Accounting Standards, provided that the relevant document was created or last amended before 1 July 2021, as well as not-for-profit entities that assess themselves to be non-reporting entities. defines special purpose financial statements. Australian Accounting Standards set out requirements for general purpose financial statements. “Reporting entities” are required to prepare general purpose financial statements. “Non-reporting entities” may prepare general purpose financial statements or apply a special purpose framework for their financial reporting.\n\nAmendments to ASA 800 Appendix 1\n\n1.  Existing Appendix 1 of this Auditing Standard is amended to read as follows:\n\nIllustrations of Independent Auditor’s Reports on a Special Purpose Financial Report\n\nIllustration 1: An auditor’s report on a financial report of an entity other than a listed entity prepared in accordance with the financial reporting provisions of a contract (for purposes of this illustration, a compliance framework).\n\n…\n\n\\[Aus\\] Illustration 4: An auditor’s report on a financial report prepared by a non-reporting entity under the Corporations Act 2001 (for purposes of this illustration, a fair presentation framework). \\[Deleted by the AUASB as a result of changes to the Australian Accounting Standards impacting the ability for certain for-profit entities to prepare Special Purpose Financial Statements.[\\[#\\]](#_ftn1)\\]\n\n…\n\n1.  As a result of the amendment above, existing \\[Aus\\] Illustration 4 is deleted.","sortOrder":10},{"sectionNumber":"Application","sectionType":"section","heading":"Application","content":"##### Application\n\n1.  This Auditing Standard applies to:\n\n-   an audit of a financial report for a financial year, or an audit of a financial report for a half-year, in accordance with the Corporations Act 2001; and\n-   an audit of a financial report, or a complete set of financial statements, for any other purpose.\n\n1.  This Auditing Standard also applies, as appropriate, to an audit of other historical financial information.","sortOrder":11},{"sectionNumber":"Operative Date","sectionType":"section","heading":"Operative Date","content":"##### Operative Date\n\n1.  This Auditing Standard is operative for financial reporting periods commencing on or after 1 July 2021.","sortOrder":12},{"sectionNumber":"Introduction","sectionType":"section","heading":"Introduction","content":"## Auditing Standard ASA 2021-4\n\n### Amendments to Australian Auditing Standard ASA 800 Special Considerations – Audits of Financial Reports Prepared in Accordance with Special Purpose Frameworks\n\n##### Application\n\n1.  This Auditing Standard applies to:\n\n-   an audit of a financial report for a financial year, or an audit of a financial report for a half-year, in accordance with the Corporations Act 2001; and\n-   an audit of a financial report, or a complete set of financial statements, for any other purpose.\n\n1.  This Auditing Standard also applies, as appropriate, to an audit of other historical financial information.\n\n##### Operative Date\n\n1.  This Auditing Standard is operative for financial reporting periods commencing on or after 1 July 2021.\n\n##### Introduction\n\n###### Scope of this Auditing Standard\n\n1.  This Auditing Standard makes amendments to Australian Auditing Standard ASA 800 Special Considerations – Audits of Financial Reports Prepared in Accordance with Special Purpose Frameworks made under Section 336 of the Corporations Act 2001 as a result of changes to the Australian Accounting Standards (AAS) impacting the ability for certain for-profit entities to prepare Special Purpose Financial Statements (SPFS).\n\n##### Objective\n\n1.  The objective of this Auditing Standard is to make amendments to Australian Auditing Standard ASA 800 Special Considerations – Audits of Financial Reports Prepared in Accordance with Special Purpose Frameworks (Issued July 2016 and amended to June 2020).\n\n##### Definition\n\n1.  For the purposes of this Auditing Standard, the meanings of terms are set out in each Auditing Standard and in the AUASB Glossary. This Auditing Standard does not introduce new definitions.\n\n##### Amendments to Auditing Standard\n\n1.  This Standard uses underlining, striking out and other typographical material to identify the amendments to Auditing Standards, in order to make the amendments more understandable. However, the amendments made by this Standard do not include that underlining, striking out or other typographical material. Amended paragraphs are shown with deleted text struck through and new text underlined. Ellipses (…) are used to help provide the context within which amendments are made and also to indicate text that is not amended.\n\n###### Amendments to ASA 800\n\n1.  The existing text of paragraph Aus A1.1 is amended to read as follows:\n\nThe Corporations Act 2001, \\* other applicable law or regulation, or certain parties, may determine whether a financial report is required to be prepared and whether compliance with Australian Accounting Standards is required. Australian Accounting Standards set out requirements for General Purpose Financial Statements. Under the Corporations Act 2001, financial reports are required to be prepared in accordance with Australian Accounting Standards. Accounting Standard AASB 101 Presentation of Financial Statements defines a reporting entity and general purpose financial statements. In some circumstances, entities are permitted to prepare Special Purpose Financial Statements as defined in Accounting Standard AASB 1054 Australian Additional Disclosures. Such circumstances include for-profit private sector entities required only by their constituting document or another document (e.g., a loan agreement) to prepare financial statements that comply with Australian Accounting Standards, provided that the relevant document was created or last amended before 1 July 2021, as well as not-for-profit entities that assess themselves to be non-reporting entities. defines special purpose financial statements. Australian Accounting Standards set out requirements for general purpose financial statements. “Reporting entities” are required to prepare general purpose financial statements. “Non-reporting entities” may prepare general purpose financial statements or apply a special purpose framework for their financial reporting.\n\nAmendments to ASA 800 Appendix 1\n\n1.  Existing Appendix 1 of this Auditing Standard is amended to read as follows:\n\nIllustrations of Independent Auditor’s Reports on a Special Purpose Financial Report\n\nIllustration 1: An auditor’s report on a financial report of an entity other than a listed entity prepared in accordance with the financial reporting provisions of a contract (for purposes of this illustration, a compliance framework).\n\n…\n\n\\[Aus\\] Illustration 4: An auditor’s report on a financial report prepared by a non-reporting entity under the Corporations Act 2001 (for purposes of this illustration, a fair presentation framework). \\[Deleted by the AUASB as a result of changes to the Australian Accounting Standards impacting the ability for certain for-profit entities to prepare Special Purpose Financial Statements.[\\[#\\]](#_ftn1)\\]\n\n…\n\n1.  As a result of the amendment above, existing \\[Aus\\] Illustration 4 is deleted.","sortOrder":13},{"sectionNumber":"Scope of this Auditing Standard","sectionType":"section","heading":"Scope of this Auditing Standard","content":"###### Scope of this Auditing Standard\n\n1.  This Auditing Standard makes amendments to Australian Auditing Standard ASA 800 Special Considerations – Audits of Financial Reports Prepared in Accordance with Special Purpose Frameworks made under Section 336 of the Corporations Act 2001 as a result of changes to the Australian Accounting Standards (AAS) impacting the ability for certain for-profit entities to prepare Special Purpose Financial Statements (SPFS).","sortOrder":14},{"sectionNumber":"Objective","sectionType":"section","heading":"Objective","content":"##### Objective\n\n1.  The objective of this Auditing Standard is to make amendments to Australian Auditing Standard ASA 800 Special Considerations – Audits of Financial Reports Prepared in Accordance with Special Purpose Frameworks (Issued July 2016 and amended to June 2020).","sortOrder":15},{"sectionNumber":"Definition","sectionType":"section","heading":"Definition","content":"##### Definition\n\n1.  For the purposes of this Auditing Standard, the meanings of terms are set out in each Auditing Standard and in the AUASB Glossary. This Auditing Standard does not introduce new definitions.","sortOrder":16},{"sectionNumber":"Amendments to Auditing Standard","sectionType":"section","heading":"Amendments to Auditing Standard","content":"##### Amendments to Auditing Standard\n\n1.  This Standard uses underlining, striking out and other typographical material to identify the amendments to Auditing Standards, in order to make the amendments more understandable. However, the amendments made by this Standard do not include that underlining, striking out or other typographical material. Amended paragraphs are shown with deleted text struck through and new text underlined. Ellipses (…) are used to help provide the context within which amendments are made and also to indicate text that is not amended.","sortOrder":17},{"sectionNumber":"Amendments to ASA 800","sectionType":"section","heading":"Amendments to ASA 800","content":"###### Amendments to ASA 800\n\n1.  The existing text of paragraph Aus A1.1 is amended to read as follows:\n\nThe Corporations Act 2001, \\* other applicable law or regulation, or certain parties, may determine whether a financial report is required to be prepared and whether compliance with Australian Accounting Standards is required. Australian Accounting Standards set out requirements for General Purpose Financial Statements. Under the Corporations Act 2001, financial reports are required to be prepared in accordance with Australian Accounting Standards. Accounting Standard AASB 101 Presentation of Financial Statements defines a reporting entity and general purpose financial statements. In some circumstances, entities are permitted to prepare Special Purpose Financial Statements as defined in Accounting Standard AASB 1054 Australian Additional Disclosures. Such circumstances include for-profit private sector entities required only by their constituting document or another document (e.g., a loan agreement) to prepare financial statements that comply with Australian Accounting Standards, provided that the relevant document was created or last amended before 1 July 2021, as well as not-for-profit entities that assess themselves to be non-reporting entities. defines special purpose financial statements. Australian Accounting Standards set out requirements for general purpose financial statements. “Reporting entities” are required to prepare general purpose financial statements. “Non-reporting entities” may prepare general purpose financial statements or apply a special purpose framework for their financial reporting.\n\nAmendments to ASA 800 Appendix 1\n\n1.  Existing Appendix 1 of this Auditing Standard is amended to read as follows:\n\nIllustrations of Independent Auditor’s Reports on a Special Purpose Financial Report\n\nIllustration 1: An auditor’s report on a financial report of an entity other than a listed entity prepared in accordance with the financial reporting provisions of a contract (for purposes of this illustration, a compliance framework).\n\n…\n\n\\[Aus\\] Illustration 4: An auditor’s report on a financial report prepared by a non-reporting entity under the Corporations Act 2001 (for purposes of this illustration, a fair presentation framework). \\[Deleted by the AUASB as a result of changes to the Australian Accounting Standards impacting the ability for certain for-profit entities to prepare Special Purpose Financial Statements.[\\[#\\]](#_ftn1)\\]\n\n…\n\n1.  As a result of the amendment above, existing \\[Aus\\] Illustration 4 is deleted.","sortOrder":18}],"analysis":{"flash_summary":{"complexity_score":5,"scope_assessment":{"changed":true,"description":"The amendments narrow and clarify the circumstances in which SPFS may be used by certain for‑profit private entities (by introducing a 1 July 2021 document cut-off in Aus A1.1) and remove an illustrative auditor’s report for non‑reporting entities (Appendix 1). The standard’s overall remit (audits under the Corporations Act and other purposes) remains, but the population of entities able to apply SPFS is more clearly constrained."},"complexity_factors":["Interplay with other law and standards — cross-references to the Corporations Act 2001, AASB 101 and AASB 1054 require auditors to interpret multiple instruments together (Amendments to ASA 800 Aus A1.1).","Transitional timing — operative date for periods commencing on or after 1 July 2021 creates a cut-off that affects historic documents and reporting choices (Operative Date).","Guidance removal — deletion of Appendix 1 Illustration 4 removes a practical example, increasing reliance on interpretation rather than precedent (Amendments to ASA 800 Appendix 1).","Wide application contexts — standard applies to audits under the Corporations Act and audits for 'any other purpose', so effects span statutory and non‑statutory audits (Application paras 1–2).","No new definitions introduced — reliance on terms defined elsewhere (AUASB Glossary, AAS) shifts interpretive burden to cross-document reading (Definition).","Legislative instrument status and AUASB authority — the standard is made under specific Acts, giving it binding/regulatory effect that raises compliance stakes (Preface; Authority Statement)."],"plain_english_summary":"This instrument amends Auditing Standard ASA 800 to align auditing guidance with changes to Australian Accounting Standards that affect when entities may prepare Special Purpose Financial Statements (SPFS). It clarifies that certain for‑profit private entities may only rely on SPFS where the governing document requiring AAS compliance was created or last amended before 1 July 2021, and it removes one illustrative auditor’s report. Auditors and entities preparing financial reports are affected because the amendments change compliance requirements and the audit reporting examples for periods from 1 July 2021."},"kimi_summary":{"content_quality":"ok","complexity_score":4,"scope_assessment":{"changed":false,"description":"This amendment maintains the original scope of ASA 800. It does not expand the standard's reach; rather, it narrows the applicability of Special Purpose Financial Statements in response to external changes in accounting standards. The amendment remains tightly focused on updating ASA 800 to reflect the reduced circumstances in which SPFS may be used."},"complexity_factors":["Amendment structure requires cross-referencing with the base standard (ASA 800) and Australian Accounting Standards (AASB 101, AASB 1054) to understand full context","Nested conditional logic: the grandfathering provision applies only to for-profit private sector entities with specific document dates AND only if required by constituting documents","Multiple overlapping regulatory frameworks referenced: Corporations Act 2001, ASIC Act, Australian Accounting Standards, and AUASB standards","Technical terminology requiring domain knowledge: 'special purpose frameworks', 'fair presentation framework', 'compliance framework', 'reporting entity', 'non-reporting entity'","Deletion of illustrative material (Appendix 1, Illustration 4) creates interpretive gap requiring auditors to know what was removed and why","Operative date tied to financial reporting periods (1 July 2021) rather than simple calendar date, creating timing complexity"],"plain_english_summary":"This amendment updates ASA 800 to reflect tighter rules on who may prepare Special Purpose Financial Statements (SPFS), affecting auditors and many for‑profit private companies that can no longer use SPFS after 1 July 2021, while leaving not‑for‑profits that remain non‑reporting entities able to use simplified frameworks.\n\nIt introduces a grandfathering test for pre‑1 July 2021 governing documents, removes a now‑unneeded auditor report template, and clarifies reporting‑entity versus non‑reporting‑entity guidance—moving more entities toward full general‑purpose reporting for greater transparency."},"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"}},"importantCases":[],"_links":{"self":"/api/acts/auditing-standard-asa-2021-4-amendments-to-australian-auditing-standard-asa-800-special-consideratio","history":"/api/acts/auditing-standard-asa-2021-4-amendments-to-australian-auditing-standard-asa-800-special-consideratio/history","analysis":"/api/acts/auditing-standard-asa-2021-4-amendments-to-australian-auditing-standard-asa-800-special-consideratio/analysis","conflicts":"/api/acts/auditing-standard-asa-2021-4-amendments-to-australian-auditing-standard-asa-800-special-consideratio/conflicts","importantCases":"/api/acts/auditing-standard-asa-2021-4-amendments-to-australian-auditing-standard-asa-800-special-consideratio/important-cases","documents":"/api/acts/auditing-standard-asa-2021-4-amendments-to-australian-auditing-standard-asa-800-special-consideratio/documents"}}