Document ID: chunk:federal_register_of_legislation:F2023C00381:reg:8:p26
Version: federal_register_of_legislation:F2023C00381
Segment Type: reg
Provision Reference: reg 8 (pt 26/28)
Character Range: 250088–253208

Statement 2 Making Materiality Judgements (ie investors (and analysts), lenders and other creditors) and all other respondents are referred to as 'other users'.
  [5]  In this Basis for Conclusions, the reference to AAS in this phrase also includes accounting standards as referred to in legislation (this means legislation of a government in Australia).
  [6]  The Australian concept of the reporting entity would be retained for entities outside the scope of this Standard (and AASB 2019-1 Amendments to Australian Accounting Standards – References to the Conceptual Framework). The Board will consider the financial reporting framework for these entities in the future.
  [7]  Currently, Australian Accounting Standards consist of two Tiers of reporting requirements for preparing general purpose financial statements:
    (a) Tier 1: Australian Accounting Standards; and
    (b) Tier 2: Australian Accounting Standards – Reduced Disclosure Requirements.
  (See paragraph 7 of AASB 1053 Application of Tiers of Australian Accounting Standards.) However, the Board is considering what the most appropriate Tier 2 GPFS framework may be – see paragraph BC95.
  [8]  See AASB Research Report No. 7 Financial Reporting Requirements Applicable to For-Profit Private Sector Companies (May 2018) for a comparison of international financial reporting frameworks.
  [9]  AASB Research Report 12 Financial Reporting Practices of For-Profit Entities Lodging Special Purpose Financial Statements (August 2019). Research Report 12 examines the financial reporting practices of for-profit entities, including large proprietary companies, small foreign-controlled proprietary companies, for-profit unlisted public companies and other small proprietary companies, lodging financial statements with ASIC. The findings of Research Report 12 considered in this Standard are limited to those that relate to entities within the scope of the proposals in this Standard, that is large proprietary companies, small foreign-controlled proprietary companies and for-profit unlisted public companies limited by guarantee. These entities are referred to herein as the 'specified for-profit entities'.
  [10]  Specified for-profit entities are large proprietary companies, small foreign-controlled companies and unlisted public companies.
  [11]  Research Report No 12
  [12]  AASB 2019-4, paragraph BC43 and BC 44. At the time of making that decision, the effective date of this Standard was proposed as 1 July 2020.
  [13]  This is consistent with the view that the AASB's role and expertise is to determine the appropriate accounting framework and accounting standards that should apply where legislation, regulation or other authority requires the preparation of financial statements that comply with AAS.
  [14]  Paragraph 2 of RG 85.
  [15]  Paragraph 2.5 of RG 85.
  [16]  Paragraph 2.9 of RG 85.
  [17]  An entity is an SGE for a period if it is one of the following (as defined in Subdivision 960-U of the Income Tax Assessment Act 1997):
    (a)    a 'global parent entity' whose 'annual global income' is A$1 billion or more; or
    (b)