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Compiled AASB Standard  AASB 1039

Concise Financial Reports

This compiled Standard applies to annual reporting periods beginning on or after 1 January 2022.  Earlier application is permitted for annual reporting periods beginning on or after 1 January 2014 but before 1 January 2022. It incorporates relevant amendments made up to and including 20 December 2021.

Prepared on 7 April 2022 by the staff of the Australian Accounting Standards Board.

Compilation no. 6

Compilation date:  31 December 2021

Obtaining copies of Accounting Standards
Compiled versions of Standards, original Standards and amending Standards (see Compilation Details) are available on the AASB website: www.aasb.gov.au.

Australian Accounting Standards Board
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Collins Street West
Victoria   8007
AUSTRALIA

Phone: (03) 9617 7600
E-mail: standard@aasb.gov.au
Website: www.aasb.gov.au

Other enquiries
Phone: (03) 9617 7600
E-mail: standard@aasb.gov.au

COPYRIGHT

© Commonwealth of Australia 2022

This work is copyright.  Apart from any use as permitted under the Copyright Act 1968, no part may be reproduced by any process without prior written permission.  Reproduction within Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use subject to the inclusion of an acknowledgment of the source. Requests and enquiries concerning reproduction and rights for commercial purposes should be addressed to The National Director, Australian Accounting Standards Board, PO Box 204, Collins Street West, Victoria 8007.

Contents

Accounting Standard

AASB 1039 Concise Financial Reports

from paragraph
Application 1
Operative Date 6
Purpose of Standard 9
Preparation and Presentation 12
Financial Statements 18
Specific Disclosures 28
Relationship to Financial Report 33
Comparative Information 34
Definitions 36
COMPILATION DETAILS

Australian Accounting Standard AASB 1039 Concise Financial Reports (as amended) is set out in paragraphs 1 – 37.  All the paragraphs have equal authority.  Paragraphs in bold type state the main principles.  AASB 1039 is to be read in the context of other Australian Accounting Standards, including AASB 1048 Interpretation of Standards, which identifies the Australian Accounting Interpretations, and AASB 1057 Application of Australian Accounting Standards.  In the absence of explicit guidance, AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies.

Accounting Standard AASB 1039

The Australian Accounting Standards Board made Accounting Standard AASB 1039 Concise Financial Reports under section 334 of the Corporations Act 2001 on 27 August 2008.

This compiled version of AASB 1039 applies to annual reporting periods beginning on or after 1 January 2022.  It incorporates relevant amendments contained in other AASB Standards made by the AASB up to and including 20 December 2021 (see Compilation Details).

Accounting Standard AASB 1039

Concise Financial Reports

Application

1 This Standard applies to a concise financial report prepared by an entity in accordance with paragraph 314(2)(a) in Part 2M.3 of