Document ID: chunk:federal_register_of_legislation:F2025C00209:front:0:p50
Version: federal_register_of_legislation:F2025C00209
Segment Type: other
Provision Reference: 
Character Range: 151666–154626

date of transition to Australian Accounting Standards – Simplified Disclosures; and
                2.                    the end of the latest period presented in the entity's most recent annual financial statements determined in accordance with its previous financial reporting framework; and
           1.                    a reconciliation of the profit or loss determined in accordance with its previous financial reporting framework for the latest period in the entity's most recent annual financial statements to its profit or loss determined in accordance with Australian Accounting Standards – Simplified Disclosures for the same period.
     [IFRS for SMEs Standard paragraph 35.13]

      1.                  If an entity becomes aware of errors made under its previous financial reporting framework, the reconciliations required by paragraph 210(b) and (c) shall, to the extent practicable, distinguish the correction of those errors from changes in accounting policies. [IFRS for SMEs Standard paragraph 35.14]
      2.                  If an entity did not present financial statements for previous periods, it shall disclose that fact in its first financial statements that conform to Australian Accounting Standards – Simplified Disclosures. [IFRS for SMEs Standard paragraph 35.15]
      3.                  In rare circumstances, a not-for-profit public sector entity may experience extreme difficulties in complying with the requirements of certain Australian Accounting Standards due to information deficiencies that have caused the entity to state non-compliance with previous GAAP. In these cases, the conditions specified in paragraph 3 of AASB 1 for the application of AASB 1 are taken to be satisfied provided the entity:
           1.                    discloses in its first Australian-Accounting-Standards-Simplified-Disclosures financial statements:
                1.                      an explanation of information deficiencies and its strategy for rectifying those deficiencies; and
                2.                    the Australian Accounting Standards that have not been complied with; and
           1.                    makes an explicit and unreserved statement of compliance with other Australian Accounting Standards for which there are no information deficiencies.

Specific Disclosures for Not-for-Profit Entities and Public Sector Entities
      1.                  The following table identifies which paragraphs in this Standard are applicable only to not-for-profit private sector entities and public sector entities.
Para     Disclosure                                                                                           Not-for-profit (NFP) entities  NFP public sector entities  Public sector entities (whether for-profit or NFP)  Govern-ment depart-ments  Govern-ment depart-ments and certain other public sector entities[35]  Entities in scope of AASB 1051[36]  Entities in scope of AASB 1055[37]