Document ID: chunk:federal_register_of_legislation:F2024L00708:body:0:p4
Version: federal_register_of_legislation:F2024L00708
Segment Type: other
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Character Range: 9276–12643

Accounting Standards, including AASB 107 Statement of Cash Flows, AASB 133 Earnings per Share and AASB 134 Interim Financial Reporting.

Application date
This Standard applies to annual reporting periods beginning on or after 1 January 2027 (see paragraph C1). Earlier application is permitted.
However, the Standard applies to the following entities for annual reporting periods beginning on or after 1 January 2028 (see paragraph AusC1.1):
     (a)                    not-for-profit private sector entities;
     (b)                   not-for-profit public sector entities; and
     (c)                    superannuation entities applying AASB 1056 Superannuation Entities.
Earlier application is also permitted for these entities.

Tier 2 simplified disclosure requirements
Disclosure requirements under Tier 2 will be determined through a separate due process with amendments being made subsequently to AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-For-Profit Tier 2 Entities as required.

Comparison with IFRS 18
AASB 18 Presentation and Disclosure in Financial Statements incorporates IFRS 18 Presentation and Disclosure in Financial Statements issued by the International Accounting Standards Board (IASB).  Australian-specific paragraphs (which are not included in IFRS 18) 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 18 also comply with IFRS 18.
Not-for-profit entities' compliance with IFRS 18 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 IFRS 18.
AASB 1053 Application of Tiers of Australian Accounting Standards explains the two tiers of reporting requirements.

Accounting Standard AASB 18

The Australian Accounting Standards Board makes Accounting Standard AASB 18 Presentation and Disclosure in Financial Statements under section 334 of the Corporations Act 2001.

Keith Kendall
Dated 7 June 2024 Chair – AASB

Accounting Standard AASB 18
Presentation and Disclosure in Financial Statements

Objective
1 This Standard sets out requirements for the presentation and disclosure of information in general purpose financial statements (financial statements) to help ensure they provide relevant information that faithfully represents an entity's assets, liabilities, equity, income and expenses.
          AusCF1 AusCF paragraphs and footnotes included in this Standard apply only to:
               (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).
          Such entities are referred to as 'AusCF entities'. 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 (as set out in paragraph Aus1.1 of the Conceptual Framework) shall not apply AusCF paragraphs or footnotes.

Scope
2 An entity shall apply this Standard in presenting