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AASB Standard  AASB 2022-4
               June 2022

Amendments to Australian Accounting Standards – Disclosures in Special Purpose Financial Statements of Certain For-Profit Private Sector Entities
[AASB 1054 & AASB 1057]

Obtaining a copy of this Accounting Standard
This Standard is available on the AASB website: www.aasb.gov.au.

Australian Accounting Standards Board
PO Box 204
Collins Street West
Victoria   8007
AUSTRALIA

Phone: (03) 9617 7600
E-mail: standard@aasb.gov.au
Website: www.aasb.gov.au

Other enquiries
Phone: (03) 9617 7600
E-mail: standard@aasb.gov.au

COPYRIGHT
© Commonwealth of Australia 2022
This work is copyright.  Apart from any use as permitted under the Copyright Act 1968, no part may be reproduced by any process without prior written permission.  Requests and enquiries concerning reproduction and rights should be addressed to The National Director, Australian Accounting Standards Board, PO Box 204, Collins Street West, Victoria 8007.

ISSN 1036-4803

Contents

Preface
Accounting Standard
AASB 2022-4 Amendments to Australian Accounting Standards – Disclosures in Special Purpose Financial Statements of Certain For-Profit Private Sector Entities

from paragraph
Objective 1
Application 2
Amendments to AASB 1054 5
Amendments to AASB 1057 7
COMMENCEMENT OF THE LEGISLATIVE INSTRUMENT 8

bASIS FOR CONCLUSIONS

Australian Accounting Standard AASB 2022-4 Amendments to Australian Accounting Standards – Disclosures in Special Purpose Financial Statements of Certain For-Profit Private Sector Entities is set out in paragraphs 1 – 8. All the paragraphs have equal authority.

Preface

Standards amended by AASB 2022-4
This Standard makes amendments to AASB 1054 Australian Additional Disclosures (May 2011) and AASB 1057 Application of Australian Accounting Standards (July 2015).

Main features of this Standard

Main requirements
This Standard amends AASB 1054 and AASB 1057 in relation to for-profit private sector entities that are required only by their constituting document or another document (being a document created before 1 July 2021 and not amended on or after that date) to prepare financial statements that comply with Australian Accounting Standards. The amendments require that when such entities prepare special purpose financial statements that refer to Australian Accounting Standards, the financial statements include disclosures that inform users of the basis upon which those financial statements were prepared.
In particular, the amendments made to AASB 1054 by this Standard require the special purpose financial statements to:
     (a)                    disclose the basis on which the decision to prepare special purpose financial statements was made;
     (b)                   disclose information about the material accounting policies applied in the special purpose financial statements, including information about changes in those policies;
     (c)                    where the entity has interests in other entities – disclose whether or not its subsidiaries and investments in associates or joint ventures have been consolidated or equity accounted in a manner consistent with the requirements set out in AASB 10 Consolidated Financial Statements or AASB 128 Investments in Associates