#10252
Awan Hammad
Participant

    Hi Ronald

     

    It is hard to comment without knowing the overall value of the Fund’s assets and whether the change is material to the financial statements as at 30 June 2021.

    As the value of the asset is now known as being $1 then it is reasonable to expect that the financial statements should be revised to reflect the correct carrying valuation.

    Depending on materiality and if the financial statements are not adjusted you may need to issue a Part A financial qualification and a Part B compliance qualification re SIS reg 8.02B re assets at market value. You would need to consider requirements of if an ACR is required.

    Thanks

    SMSF AAA

    LOGIN

    New to this site? Sign Up

    We have upgraded our website for a better experience.

    Because of this upgrade, all members need to change their password to access their account by clicking the Forgot Password button below.

    Thank you and we look forward to your continued support!