Document ID: chunk:federal_register_of_legislation:F2025C00207:front:0:p3
Version: federal_register_of_legislation:F2025C00207
Segment Type: other
Provision Reference: 
Character Range: 5984–9221

after 1 January 2025 but before 1 January 2026.  It incorporates relevant amendments contained in other AASB Standards made by the AASB up to and including 9 October 2023 (see Compilation Details).

Accounting Standard AASB 1

First-time Adoption of Australian Accounting Standards

Objective
1 The objective of this Standard is to ensure that an entity's first Australian-Accounting-Standards financial statements, and its interim financial reports for part of the period covered by those financial statements, contain high quality information that:
(a) is transparent for users and comparable over all periods presented;
(b) provides a suitable starting point for accounting in accordance with Australian Accounting Standards[1]; and
(c) can be generated at a cost that does not exceed the benefits.

Scope
2 An entity shall apply this Standard in:
(a) its first Australian-Accounting-Standards financial statements; and
(b) each interim financial report, if any, that it presents in accordance with AASB 134 Interim Financial Reporting for part of the period covered by its first Australian-Accounting-Standards financial statements.
3 An entity's first Australian-Accounting-Standards financial statements are the first annual financial statements in which the entity adopts Australian Accounting Standards, by an explicit and unreserved statement in those financial statements of compliance with Australian Accounting Standards. Financial statements in accordance with Australian Accounting Standards are an entity's first Australian-Accounting-Standards financial statements if, for example, the entity:
(a) presented its most recent previous financial statements:
(i) in accordance with national requirements that are not consistent with Australian Accounting Standards or International Financial Reporting Standards (IFRSs) in all respects;
(ii) in conformity with Australian Accounting Standards or IFRSs in all respects, except that the financial statements did not contain an explicit and unreserved statement that they complied with Australian Accounting Standards or IFRSs;
(iii) containing an explicit statement of compliance with some, but not all, Australian Accounting Standards or IFRSs;
(iv) in accordance with national requirements inconsistent with Australian Accounting Standards or IFRSs, using some individual Australian Accounting Standards or IFRSs to account for items for which national requirements did not exist; or
(v) in accordance with national requirements, with a reconciliation of some amounts to the amounts determined in accordance with Australian Accounting Standards or IFRSs;
(b) prepared financial statements in accordance with Australian Accounting Standards or IFRSs for internal use only, without making them available to the entity's owners or any other external users;
(c) prepared a reporting package in accordance with Australian Accounting Standards or IFRSs for consolidation purposes without preparing a complete set of financial statements as defined in AASB 101 Presentation of Financial Statements (as revised in 2007); or
(d) did not present financial statements for previous periods.
Aus3.1 [Deleted by the AASB]
Aus3.2 In rare circumstances, a not-for-profit public sector entity