Document ID: chunk:federal_register_of_legislation:F2023C00419:body:0:p2
Version: federal_register_of_legislation:F2023C00419
Segment Type: other
Provision Reference: 
Character Range: 3125–6323

disclosures for Tier 2 entities

IMPLEMENTATION GUIDANCE
A  Tables – Provisions, contingent liabilities, contingent assets and reimbursements
B  Decision tree
C  Examples: recognition
D  Examples: disclosures
COMPILATION DETAILS
Deleted IAS 37 text

available on the AASB website
Basis for Conclusions on IAS 37

Australian Accounting Standard AASB 137 Provisions, Contingent Liabilities and Contingent Assets (as amended) is set out in paragraphs 1 – 105 and Appendix A.  All the paragraphs have equal authority.  Paragraphs in bold type state the main principles.  AASB 137 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.

Comparison with IAS 37
AASB 137 Provisions, Contingent Liabilities and Contingent Assets as amended incorporates IAS 37 Provisions, Contingent Liabilities and Contingent Assets as issued and amended by the International Accounting Standards Board (IASB).  Australian‑specific paragraphs (which are not included in IAS 37) are identified with the prefix "Aus".  Paragraphs that apply only to not-for-profit entities begin by identifying their limited applicability.

Tier 1
For-profit entities complying with AASB 137 also comply with IAS 37.
Not-for-profit entities' compliance with IAS 37 will depend on whether any "Aus" paragraphs that specifically apply to not-for-profit entities provide additional guidance or contain applicable requirements that are inconsistent with IAS 37.

Tier 2
Entities preparing general purpose financial statements under Australian Accounting Standards – Simplified Disclosures (Tier 2) will not be in compliance with IFRS Standards.
AASB 1053 Application of Tiers of Australian Accounting Standards explains the two tiers of reporting requirements.

Accounting Standard AASB 137

The Australian Accounting Standards Board made Accounting Standard AASB 137 Provisions, Contingent Liabilities and Contingent Assets under section 334 of the Corporations Act 2001 on 14 August 2015.

This compiled version of AASB 137 applies to annual periods beginning on or after 1 January 2023 but before 1 July 2026.  It incorporates relevant amendments contained in other AASB Standards made by the AASB up to and including 15 December 2022 (see Compilation Details).

Accounting Standard AASB 137

Provisions, Contingent Liabilities and Contingent Assets

Objective
 The objective of this Standard is to ensure that appropriate recognition criteria and measurement bases are applied to provisions, contingent liabilities and contingent assets and that sufficient information is disclosed in the notes to enable users to understand their nature, timing and amount.

Scope
1 This Standard shall be applied by all entities in accounting for provisions, contingent liabilities and contingent assets, except:
(a) those resulting from executory contracts, except where the contract is