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Compiled AASB Standard  AASB 1054

Australian Additional Disclosures

This compiled Standard applies to annual periods beginning on or after 1 January 2023.  Earlier application is permitted for annual periods beginning on or after 1 January 2014 but before 1 January 2023.  It incorporates relevant amendments made up to and including 15 December 2022.

Prepared on 6 February 2023 by the staff of the Australian Accounting Standards Board.

Compilation no. 7

Compilation date:  31 December 2022

Obtaining copies of Accounting Standards
Compiled versions of Standards, original Standards and amending Standards (see Compilation Details) are available on the AASB website: www.aasb.gov.au.
Australian Accounting Standards Board
PO Box 204
Collins Street West
Victoria   8007
AUSTRALIA
Phone: (03) 9617 7600
E-mail: standard@aasb.gov.au
Website: www.aasb.gov.au

Other enquiries
Phone: (03) 9617 7600
E-mail: standard@aasb.gov.au

COPYRIGHT
© Commonwealth of Australia 2023
This work is copyright.  Apart from any use as permitted under the Copyright Act 1968, no part may be reproduced by any process without prior written permission.  Reproduction within Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use subject to the inclusion of an acknowledgment of the source.  Requests and enquiries concerning reproduction and rights should be addressed to The Managing Director, Australian Accounting Standards Board, PO Box 204, Collins Street West, Victoria 8007.

Contents

Comparison with IFrs Standards
Accounting Standard
AASB 1054 Australian Additional Disclosures

from paragraph
Objective 1
Application 2
Definitions 6
Compliance with Australian Accounting Standards 7
Reporting Framework 8
General Purpose or Special Purpose Financial Statements 9
Information about special purpose financial statements 9A
Audit Fees 10
Imputation Credits 12
Reconciliation of Net Operating Cash Flow to Profit (Loss) 16
IFRS Standard Not Yet Issued in Australia 17
APPENDIX
A  Australian simplified disclosures for Tier 2 entities
IMPLEMENTATION GUIDANCE AND ILLUSTRATIVE EXAMPLES FOR
NOT-FOR-PROFIT PRIVATE SECTOR ENTITIES
Implementation guidance and illustrative examples for
certain for-profit private sector entities
COMPILATION DETAILS

BASIS FOR CONCLUSIONS
BASIS FOR CONCLUSIONS ON AASB 2019-4
BASIS FOR CONCLUSIONS ON AASB 2019-5
BASIS FOR CONCLUSIONS ON AASB 2022-4

Australian Accounting Standard AASB 1054 Australian Additional Disclosures (as amended) is set out in paragraphs 1 – 17 and Appendix A.  All the paragraphs have equal authority.  Paragraphs in bold type state the main principles.  AASB 1054 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 IFRS Standards

AASB 1054 Australian Additional Disclosures includes disclosure requirements and definitions which are additional to International Financial Reporting Standards