Document ID: chunk:federal_register_of_legislation:F2025C00209:reg:221:p38
Version: federal_register_of_legislation:F2025C00209
Segment Type: reg
Provision Reference: reg 221 (pt 38/73)
Character Range: 267658–270825

entity disclosing segment information or earnings per share must comply with AASB 8 or AASB 133 respectively in full.

           2.                    AASB 134 Interim Financial Reporting is applicable for the specific purpose of preparing interim financial reports and AASB 1039 Concise Financial Reports is applicable for the specific purpose of preparing concise reports under the Corporations Act 2001. AASB 1060 is intended to be used in the preparation of annual GPFS. Accordingly, the Board considered that AASB 134 and AASB 1039 are not relevant in relation to this disclosure Standard.

           3.                     The majority of the disclosures from AASB 1054 are now covered in AASB 1060: paragraphs 7 and 8 of AASB 1054 are covered in paragraphs 10–11 of AASB 1060, paragraphs 10 and 11 of AASB 1054 are covered in paragraphs 98 and 99 of AASB 1060 as discussed in paragraph BC75 and paragraphs 12–15 of AASB 1054 are covered in paragraphs 100–103 of AASB 1060 as discussed in paragraphsBC83–BC84. Paragraph 9 of AASB 1054 will no longer be relevant as it refers to SPFS and paragraph 16 of AASB 1054 does not provide information about short-term cash flows, obligations, commitment, contingencies, liquidity or solvency and is therefore not required.

           4.                     AASB 1057 and AASB 1053 do not include any R&M or disclosure requirements and as a result have not been included in this Standard.

      1.             In assessing whether disclosure requirements of a particular AASB Interpretation would need to be added to AASB 1060, the Board has considered the following:

           1.                     If the Basis for Conclusions in the IFRS for SMEs Standard confirmed that particular interpretations had been incorporated in the IFRS for SMEs Standard, no further action was required.

           2.                    No action was required for interprations that have been superseded or do not have any disclosure requirements.

      1.             The Board further considered whether disclosure requirements from AASB Interpretations would need to be added to AASB 1060 but concluded this was not necessary for the following reasons:for the following reasons:

           1.                     AASB Interpretation 1019 The Superannuation Contributions Surcharge and AASB Interpretation 1047 Professional Indemnity Claims Liabilities in Medical Defence Organisations are not relevant for Tier 2 entities, as entities applying these interpretations would have public accountability by holding assets in a fiduciary capacity.

           2.                    The disclosures in AASB Interpretation 1052 Tax Consolidation Accounting Disclosure were excluded for RDR entities on the basis of cost-benefit considerations. In addition, as the interpretation is not creating any R&M differences to IAS 12, and therefore also not to the IFRS for SMEs Standard, the Board concluded that additional disclosures will not be required.

           3.                     The disclosure paragraphs in AASB Interpretation 23 Uncertainty over Income Tax Treatments do not introduce new disclosures, but refer to disclosures