Document ID: chunk:federal_register_of_legislation:F2022L01041:reg:5:p1
Version: federal_register_of_legislation:F2022L01041
Segment Type: reg
Provision Reference: reg 5 (pt 1/2)
Character Range: 7466–14591

5              Paragraphs 2, 9C and 9D are added as follows:

        2 The following table identifies the disclosure requirements that, in accordance with this Standard, apply to each type of entity to which this Standard applies:

Type of entity to which the paragraph is applicable                                                                                                                                                                                                      Subject of paragraphs                            Paragraph numbers
Entities preparing general purpose financial statements
For-profit entities and not-for-profit entities, whether in the private sector or the public sector                                                                                                                                                      Compliance with Australian Accounting Standards  7
Reporting framework                                                                                                                                                                                                                                      8
General purpose or special purpose financial statements                                                                                                                                                                                                  9
Audit fees                                                                                                                                                                                                                                               10, 11
Imputation credits                                                                                                                                                                                                                                       12-15
Operating cash flow reconciliation                                                                                                                                                                                                                       16
IFRS Standard not yet issued in Australia                                                                                                                                                                                                                17
Entities preparing special purpose financial statements
For-profit private sector entities required only by their constituting document or another document (created before 1 July 2021 and not amended on or after that date) to prepare financial statements that comply with Australian Accounting Standards  Reporting framework                              8
General purpose or special purpose financial statements                                                                                                                                                                                                  9
Information about special purpose financial statements                                                                                                                                                                                                   9C, 9D
Not-for-profit private sector entities required to comply with this Standard                                                                                                                                                                             Compliance with Australian Accounting Standards  7
Reporting framework                                                                                                                                                                                                                                      8
General purpose or special purpose financial statements                                                                                                                                                                                                  9
Information about special purpose financial statements                                                                                                                                                                                                   9A, 9B
Audit fees                                                                                                                                                                                                                                               10, 11
Imputation credits                                                                                                                                                                                                                                       12-15
Operating cash flow reconciliation                                                                                                                                                                                                                       16
IFRS Standard not yet issued in Australia                                                                                                                                                                                                                17

        …

   General Purpose or Special Purpose Financial Statements

        …

         Information about special purpose financial statements

        …

        9C The special purpose financial statements of a for-profit private sector entity that is required only by its constituting document or another document (created before 1 July 2021 and not amended on or after that date) to prepare financial statements that comply with Australian Accounting Standards shall:
             (a) disclose the basis on which the decision to prepare special purpose financial statements was made;
             (b) disclose the following about the material accounting policies applied in the special purpose financial statements, if not already required by another Australian Accounting Standard:
                  (i) the measurement basis (or bases) applied in preparing the special purpose financial statements; and
                  (ii) the other accounting policies applied that are relevant to an understanding of the special purpose financial statements;
             (c) when a change in a material accounting policy has an effect on the current period or any prior period, disclose the following, if not already required by another Australian Accounting Standard:
                  (i) the nature of the change in accounting policy;
                  (ii) the reasons why applying the new accounting policy provides reliable and more relevant information;
                  (iii) to the extent practicable, the amount of the adjustment for each financial statement line item affected, shown separately:
                       (A) for the current period;
                       (B) for each prior period presented; and
                       (C) in the aggregate