The Information needs of users of financial statements of non-publicly accountable entities

Although financial reporting for Australian non-publicly accountable entities has been a focus during the development of an Australian-specific ‘reduced disclosure reporting standard’ (RDR), the needs of users of these statements have not been investigated. In response, we surveyed 154 Australian users, preparers and auditors of financial statements of non-publicly accountable entities to determine what information is important to them. The opinions of comment letter writers, standard setters and practitioners were also sought in face-to-face interviews. We find that users, preparers and auditors all require similar information to assess cash flows, management performance and solvency.32 page(s