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What Is a General Purpose Financial Statement?
A General Purpose Financial Statement (GPFS) is a financial report designed to meet regulatory standards and give a clear, transparent view of your organisation’s financial position. Generally, only listed entities or businesses exceeding a certain size are required to prepare GPFS. However, under Australian Accounting Standards Board (AASB 1060: Simplified Disclosures), some smaller entities are now required to prepare GPFS to meet updated regulatory demands.
These reports are essential for maintaining compliance and enabling informed decision-making. Their consistency and reliability make them invaluable to stakeholders such as regulators, investors, and creditors.
Unlike custom special-purpose statements, GPFS follows strict standards and typically includes:
- Balance Sheets
- Income Statements
- Cash Flow Statements
- Notes to the Financial Statements
If your business falls under industries like AFS licence holders, QBCC-regulated companies, or aged care providers, GPFS may already be a requirement. At Spark Accountants, we make preparing GPFS easy and hassle-free. We’ll handle the compliance, so you can focus on growing your business with confidence.
Strategic Tax Planning for Brisbane Businesses
Who Needs to Prepare General Purpose Financial Statements?
Reforms to the Australian Accounting Standards Board (AASB) have expanded the need for General Purpose Financial Statements (GPFS). Once limited to larger organisations, these requirements now apply to smaller entities with group turnovers under $10 million if specific criteria are met.
Must Prepare GPFS
- Australian Financial Services Licence (AFS) holders
- Medium or large charities reporting to the Australian Charities and Not-for-profits Commission (ACNC)
- QBCC-regulated companies in categories 4 to 7
- Aged care providers (required from 2024)
- Unions and employer organisations (required from 2024)
May Be Required
- Businesses raising funds through crowdfunding platforms
- Registered training organisations (RTOs)
- Licensed football clubs under Football NSW (required from 2024)
- Registered clubs affiliated with Clubs Australia, such as RSL or Leagues Clubs
If you’re unsure whether your organisation is required to prepare GPFS, our team can assess your obligations and guide you through the process.
Let us take the stress out of compliance – get in touch today.
Strategic Tax Planning for Brisbane Businesses
End-to-End Support for GPFS Preparation
At Spark Accountants, we simplify the preparation of General Purpose Financial Statements (GPFS) with a clear and efficient process:
Initial Consultation
We start with a thorough discussion to understand your business, industry requirements, and financial reporting obligations.
Data Collection
Project Management
We coordinate timelines, stakeholders, and resources to keep the preparation process on track from start to finish.
Statement Preparation
Collaborating with experienced professionals, we prepare GPFS that comply with AASB 1060, including balance sheets, income statements, and notes.
Tax Integration
We align your GPFS with your tax obligations to streamline the filing process and reduce discrepancies.
Compliance Review
A thorough review ensures your GPFS meets all regulatory standards specific to your industry or governing body.
Audit
An auditor will review the GPFS prior to lodging the income tax return or submitting to the relevant body.
Final Submission
Once approved, we assist with lodging your GPFS to meet reporting deadlines.
Let Spark Accountants manage your GPFS preparation with precision and care—leaving you free to focus on growing your business. Contact us today to get started!
Your Trusted Brisbane Tax Accountant
Why Choose Spark Accountants for Your GPFS?
At Spark Accountants, we bring extensive experience in preparing General Purpose Financial Statements (GPFS) for industries such as AFS licence holders, QBCC-regulated companies, and aged care providers, ensuring compliance with all regulatory standards. With Spark Accountants, you can trust that your GPFS are in expert hands, leaving you free to focus on growing your business.
Contact us today to discuss your GPFS needs and let us handle the complexities for you.
FAQs
Why do small businesses need GPFS?
Even small entities may require GPFS due to updated regulatory standards in AASB 1060, especially if they operate in regulated industries or meet specific criteria.
How does GPFS align with tax obligations?
We ensure your GPFS are fully aligned with your tax reporting, minimising discrepancies and streamlining the filing process.
Can Spark Accountants handle GPFS for my industry?
Yes, we have expertise in various industries, including AFS licence holders, QBCC companies, aged care, RTOs, charities, and clubs, ensuring tailored support for your needs.
What happens if I don’t comply with GPFS requirements?
Non-compliance can lead to penalties, reputational damage, and operational disruptions. We help you avoid these risks by ensuring full compliance.
How can I get started with Spark Accountants for GPFS?
Contact us today for a consultation, and we’ll guide you through the process of preparing compliant and accurate GPFS.