Recent changes to Australian Accounting Standards will mean that many for-profit entities will need to prepare General Purpose Financial Statements (GPFS) for the first time, and are no longer able to prepare Special Purpose Financial Statements (SPFS). The changes have been introduced as part of AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities. These changes aim to clarify and improve financial reporting requirements, which should also support improvements in audit quality.