Document ID: chunk:federal_register_of_legislation:F2022C01110:reg:1:p8
Version: federal_register_of_legislation:F2022C01110
Segment Type: reg
Provision Reference: reg 1 (pt 8/11)
Character Range: 26635–30325

AASB 108 option in AASB 1)  IFRS adoption                         BC12&BC22
T1 non-IFRS                  T2                                         T1 non-IFRS               21(b)                              Not AASB 1                                  Continue R&M, & BC93 of AASB 1053     BC22
                                                                        Resume T2
T2                           SPFSs using R&M                            T2                        19B(e)                             Not AASB 1 or AASB 108 option in AASB 1     Continue R&M, & BC93 of AASB 1053     BC14
T2                           SPFSs not using R&M                        T2                        19B(d)                             AASB 1 or AASB 108 option in AASB 1         Consistent with IFRS
T2                           T1 IFRS                                    T2                        23                                 Not AASB 1 or AASB 108 option in AASB 1     Continue R&M, & BC93 of AASB 1053     BC22
T2                           T1 non-IFRS                                T2                        23                                 Not AASB 1 or AASB 108 option in AASB 1     Continue R&M, & BC93 of AASB 1053     BC22

Appendix E
Short-term exemptions for entities applying Tier 2 – Simplified Disclosures for periods beginning before 1 July 2022

This appendix is an integral part of AASB 1053

Short-term exemptions for for-profit private sector entities
     E1                    This appendix sets out optional short-term exemptions for for-profit private sector entities applying AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities to periods beginning before 1 July 2022, as follows:
          (a)                    relief from distinguishing the correction of errors and changes in accounting policy, for periods beginning before 1 July 2022 (see paragraph E3);
          (b)                   relief from providing comparative information not previously disclosed in the notes, for periods beginning before 1 July 2021 (see paragraph E4); and
          (c)                    relief from restating comparative information, for periods beginning before 1 July 2021 (see paragraphs E5–E7).
     E2                    If an entity applies one or more of the exemptions set out in this appendix, it shall disclose that fact.

Relief from distinguishing the correction of errors and changes in accounting policy
     E3                    For periods beginning before 1 July 2022, notwithstanding AASB 1060 paragraph 211 (for entities applying AASB 1 First-time Adoption of Australian Accounting Standards to the period) and AASB 1060 paragraph 110 (for entities applying AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors instead of AASB 1), an entity applying paragraph 18A(a) or (b) need not distinguish the correction of errors and changes in accounting policies if the entity becomes aware of errors made in its most recent previous special purpose financial statements.

Relief from presenting comparative information not previously disclosed in the notes
     E4                    Notwithstanding AASB 1060 paragraph 20, entities that elect to apply AASB 1060 to periods beginning before 1 July 2021 (ie early application) need not present comparative information in the notes if the entity did not disclose the comparable information in its most recent previous financial statements.

Relief from restating comparative information for certain for-profit private sector entities
     E5                    Paragraphs E6–E7 apply to a for-profit private sector entity