Document ID: chunk:federal_register_of_legislation:F2022C01110:reg:1:p1
Version: federal_register_of_legislation:F2022C01110
Segment Type: reg
Provision Reference: reg 1 (pt 1/11)
Character Range: 4848–7931

1                        The objective of this Standard is to set out the application of Tiers of Australian Accounting Standards to different categories of entities preparing general purpose financial statements.
AusCF1 AusCF entities are:
(a) not-for-profit entities; and
(b) for-profit entities that are not applying the Conceptual Framework for Financial Reporting (as identified in AASB 1048 Interpretation of Standards).
For AusCF entities, the term 'reporting entity' is defined in AASB 1057 Application of Australian Accounting Standards and Statement of Accounting Concepts SAC 1 Definition of the Reporting Entity also applies.  For-profit entities applying the Conceptual Framework for Financial Reporting are set out in paragraph Aus1.1 of the Conceptual Framework.

Application
2 [Deleted by the AASB]
3 This Standard applies to annual reporting periods beginning on or after 1 July 2013.
[Note:  For application dates of paragraphs changed or added by an amending Standard, see Compilation Details.]
4 This Standard may be applied to annual reporting periods beginning on or after 1 July 2009 but before 1 July 2013.  When an entity applies this Standard to such an annual reporting period it shall disclose that fact.
5 When an entity elects to early adopt this Standard for an annual reporting period beginning on or after 1 July 2009 but before 1 July 2013 and prepares Tier 2 general purpose financial statements, it shall also adopt the relevant Standards that specify Tier 2 reporting requirements.
6 [Deleted by the AASB]

Tiers of Reporting Requirements
7 Australian Accounting Standards consist of two Tiers of reporting requirements for preparing general purpose financial statements:
(a) Tier 1: Australian Accounting Standards; and
(b) Tier 2: Australian Accounting Standards – Simplified Disclosures.
8 Tier 1 incorporates International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board (IASB) and include requirements that are specific to Australian entities.
9 Tier 2 comprises the recognition and measurement requirements of Tier 1 (including consolidation and the equity method of accounting) but substantially reduced disclosure requirements.  Except for the presentation of a third statement of financial position under Tier 1[1] and the option of not presenting a statement of changes in equity[2], the presentation requirements under Tier 1 and Tier 2 are the same.  Tier 2 disclosure requirements are set out in AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities.
10 Each Australian Accounting Standard specifies the entities to which it applies and, where necessary, sets out disclosure requirements from which Tier 2 entities are exempt.

Application of Australian Accounting Standards under the Differential Reporting Framework

Application of Tier 1 Reporting Requirements
11 The following types of entities shall prepare general purpose financial statements that comply with Tier 1 reporting requirements:
(a) for-profit private