SMSF Deed vs Accounting Standards

Question:

Can you please advise if your SMSF Deed makes any reference to the form of financial statements, or that they follow accounting standards or generally accepted accounting principles or the like? Following the introduction of new accounting standards which amend the difference between special purpose reporting and general purpose reporting, some SMSFs will be caught up in needing to prepare general purpose reports. I want to ensure that deeds updated with your service will not have that problem.

Answer: 

We do not require, in any of our documents for accounting to be based on Australian accounting standards or principles.  It is up to the Trustee or Board to accept the accounting methodology of the accounts prepared.

Please be advised this is general information only, and is not to be taken as legal advice. If you would like more information, or have a legal query, please contact Abbott & Mourly directly.
Reviewed: 17/01/2024