The AASB has issued ED 297 Removal of Special Purpose Financial Statements for Certain For-Profit Private Sector Entities. ED 297, if approved, will remove the ability of for-profit large proprietary, unlisted public (other than companies limited by guarantee) and small foreign-controlled companies to lodge special purpose financial statements (SPFS) with ASIC (i.e. directors can no longer self-assess that they are a non-reporting entity). Current estimates from the AASB predict 7,295 companies will be impacted by these changes.