Document ID: chunk:federal_register_of_legislation:F2025C00207:front:0:p1
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Character Range: 0–3372

Compiled AASB Standard  AASB 1

First-time Adoption of Australian Accounting Standards

This compiled Standard applies to annual periods beginning on or after 1 January 2025 but before 1 January 2026.  Earlier application is permitted for for-profit entities for annual periods beginning on or after 1 January 2018 but before 1 January 2025.  Earlier application is permitted for not-for-profit entities for annual periods beginning on or after 1 January 2019 but before 1 January 2025.  It incorporates relevant amendments made up to and including 9 October 2023.

Prepared on 5 March 2025 by the staff of the Australian Accounting Standards Board.

Compilation no. 7

Compilation date:  31 December 2024

Obtaining copies of Accounting Standards
Compiled versions of Standards, original Standards and amending Standards (see Compilation Details) are available on the AASB website: aasb.gov.au and standards.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 2025
This compiled AASB Standard contains IFRS Foundation copyright material.  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 for commercial purposes within Australia should be addressed to The Managing Director, Australian Accounting Standards Board, PO Box 204, Collins Street West, Victoria 8007.
All existing rights in this material are reserved outside Australia.  Reproduction outside Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use only.  Further information and requests for authorisation to reproduce IFRS Foundation copyright material for commercial purposes outside Australia should be addressed to the IFRS Foundation at www.ifrs.org.

Contents

COMPARISON WITH IFRS 1
ACCOUNTING STANDARD
AASB 1 FIRST-TIME ADOPTION OF AUSTRALIAN ACCOUNTING STANDARDS

from paragraph
Objective 1
Scope 2
Recognition and measurement
Opening Australian-Accounting-Standards statement of financial position 6
Accounting policies 7
Exceptions to the retrospective application of other Australian Accounting Standards 13
Estimates 14
Exemptions from other Australian Accounting Standards 18
Presentation and disclosure 20
Comparative information 21
Non-Australian-Accounting-Standards comparative information and historical summaries 22
Explanation of transition to Australian Accounting Standards 23
Reconciliations 24
Designation of financial assets or financial liabilities 29
Use of fair value as deemed cost 30
Use of deemed cost for investments in subsidiaries, joint ventures and associates 31
Use of deemed cost for oil and gas assets 31A
Use of deemed cost for operations subject to rate regulation 31B
Use of deemed cost after severe hyperinflation 31C
Interim financial reports 32
Effective date 34
Withdrawal of IFRS 1 (issued 2003)
Commencement of the legislative instrument
Withdrawal of AASB pronouncements Aus40.2
Appendices
A  Defined