Document ID: chunk:federal_register_of_legislation:F2023C00381:reg:20
Version: federal_register_of_legislation:F2023C00381
Segment Type: reg
Provision Reference: reg 20
Character Range: 14392–16531

20                    AASB 1056 Superannuation Entities applies to:
(a)                   general purpose financial statements of each not-for-profit superannuation entity that is a reporting entity;
(b)                   each superannuation entity that elects to prepare financial statements that are held out to be general purpose financial statements;
(c)                    for-profit private sector superannuation entities that are required by legislation to prepare financial statements that comply with either Australian Accounting Standards or accounting standards; and
(d)                   other for-profit private sector superannuation entities that are required only by their constituting document or another document to prepare financial statements that comply with Australian Accounting Standards, provided that the relevant document was created or amended on or after 1 July 2021.
20A AASB 1058 Income of Not-for-Profit Entities applies to:

          (a)                   each not-for-profit entity that is required to prepare financial reports in accordance with Part 2M.3 of the Corporations Act and that is a reporting entity;
(b)                   general purpose financial statements of each other not-for-profit entity that is a reporting entity; and
(c)                    financial statements of a not-for-profit entity that are, or are held out to be, general purpose financial statements.
20B AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities applies as set out in paragraph 5, provided the entity is eligible to apply Tier 2 reporting requirements, as set out in AASB 1053, paragraph 13.
20C Entities applying AASB 1060 are not required to apply the following Australian Accounting Standards:

          (a) AASB 7 Financial Instruments: Disclosures;

          (b) AASB 12 Disclosure of Interests in Other Entities;

          (c) AASB 101 Presentation of Financial Statements;

          (d) AASB 107 Statement of Cash Flows; and

          (e) AASB 124 Related Party Disclosures.
21 [Deleted]

Application of Australian Interpretations