Document ID: chunk:federal_register_of_legislation:F2023C00190:reg:9b:p1
Version: federal_register_of_legislation:F2023C00190
Segment Type: reg
Provision Reference: reg 9B (pt 1/41)
Character Range: 108787–112224

9B                    added         AASB 2019-4 [6]
                      amended       AASB 2021-6 [6]
9C-9D                 added         AASB 2022-4 [5]
17 (and heading)      added         AASB 2019-5 [6]
Appendix A            added         AASB 1060 [page 68]

Table of amendments to guidance
Paragraph affected        How affected  By … [paragraph/page]
IG1 (and headings)        added         AASB 2019-4 [7]
IG1                       amended       AASB 2021-6 [6]
IG2                       added         AASB 2019-4 [7]
                          amended       AASB 2022-7 [12]
IG3-IG4                   added         AASB 2019-4 [7]
IG5 (and heading)         added         AASB 2019-4 [7]
                          amended       AASB 2021-6 [6]
IG6-IG14 (and headings)   added         AASB 2019-4 [7]
IG15-IG31 (and headings)  added         AASB 2022-4 [6]

Basis for Conclusions
This Basis for Conclusions accompanies, but is not part of, AASB 1054.

Background

     BC1               This Basis for Conclusions summarises the considerations of the Australian Accounting Standards Board and the Financial Reporting Standards Board (FRSB) of the New Zealand Institute of Chartered Accountants (NZICA) in reaching the conclusions in AASB 1054.  It also provides a context for the Boards' decisions about harmonising the disclosure requirements.  It focuses on the issues that the Boards consider to be of greatest significance.  Individual Board members gave greater weight to some factors than to others.

Location of Additional Disclosures

     BC2               The Boards discussed the merits of locating the additional domestic disclosure requirements in a separate disclosure standard compared with locating them within topic-based standards, which is the current practice.  Some members supported a separate disclosure standard largely on the basis that it would facilitate the topic-based standards being identical to International Financial Reporting Standards (IFRSs).  Other members expressed a preference for locating additional disclosures within topic-based standards for ease of use.  On balance, with the benefit of constituent responses to AASB ED 200B / FRSB ED 122 Proposed Separate Disclosure Standards, the Boards decided to locate the additional disclosures in separate disclosure standards on the basis that they view bringing the wording of Australian and New Zealand Standards closer to IFRSs as one of the greatest benefits of the Trans-Tasman Convergence project.

Definitions

     BC3               The definition of 'annual reporting period' has been retained on the basis that it is used in application paragraphs of AASB Standards, consistent with terminology in the Australian Corporations Act 2001.

     BC4               The definition of 'special purpose financial statements' has been retained on the basis that it is used in a disclosure requirement related to the AASB's differential reporting framework.

Audit Fees

     BC5               The AASB and the FRSB have relocated and amended the audit fee disclosure requirements contained in AASB 101 Presentation of Financial Statements and NZ IAS 1 Presentation of Financial Statements to their respective separate disclosure Standards and harmonised the disclosure requirements across both jurisdictions.

     BC6               The AASB and the FRSB consider that the disclosure of audit fees is a matter of accountability and, given