Document ID: chunk:federal_register_of_legislation:F2022L00704:body:0:p12
Version: federal_register_of_legislation:F2022L00704
Segment Type: other
Provision Reference: 
Character Range: 32171–33733

policy choice that would otherwise be unavailable; that is, they can choose whether to apply AASB 1 or AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors to their transition.
     BC38            Two stakeholders also provided feedback suggesting that the proposed paragraph 20A of AASB 1053 should also be available to NFP entities. The stakeholders suggested that broadening the scope of the amendment would avoid any unforeseen effects on NFP entities that are currently preparing unconsolidated Tier 2 – Reduced Disclosure Requirements GPFS and that might decide to transition to consolidated Tier 2 – Simplified Disclosures GPFS.
     BC39            The Board acknowledged this feedback but reconfirmed its view that as NFP entities are not affected by the removal of SPFS and the 'reporting entity' definition in Australian Accounting Standards at this stage, they can continue to consider themselves to be non-reporting entities and prepare single-entity Tier 2 – Simplified Disclosures GPFS, applying the exemption in AASB 10, if appropriate. For this reason, the Board decided no changes to the proposed AASB 1053 amendment were necessary.

Effective date
     BC40            The Board confirmed that, consistent with the effective date of AASB 2020-2 for most entities, the amendments would be effective for annual periods ending on or after 30 June 2022, with earlier application permitted, as proposed in ED 315.
[1]  IFRS 1 Basis for Conclusions, paragraphs BC59–BC62.
[2]  AASB 2020-2 Basis for Conclusions, paragraph BC142.