Document ID: chunk:federal_register_of_legislation:F2023C00190:reg:17
Version: federal_register_of_legislation:F2023C00190
Segment Type: reg
Provision Reference: reg 17
Character Range: 19254–21698

17                    When an IFRS Standard has been issued by the International Accounting Standards Board but the equivalent Australian Accounting Standard has yet to be issued by the AASB, an entity intending to comply with IFRS Standards shall disclose the information specified in paragraphs 30 and 31 of AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors in relation to that IFRS Standard.

Appendix A
Australian simplified disclosures for Tier 2 entities

This appendix is an integral part of the Standard.

AusA1 Paragraphs 7–16 do not apply to entities preparing general purpose financial statements that apply AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities.

Implementation guidance and illustrative examples for not-for-profit private sector entities

The following implementation guidance and illustrative examples accompany, but are not part of, AASB 1054 Australian Additional Disclosures.  They illustrate aspects of AASB 1054 but are not intended to provide interpretative guidance.

     IG1                 The AASB has prepared this guidance and examples to explain and illustrate the application of the requirements in paragraph 9A of this Standard and their relationship to the requirements in AASB 101 Presentation of Financial Statements for the disclosure of a not-for-profit private sector entity's material accounting policy information.  These requirements apply to entities applying this Standard, including those required by legislation to comply.  An entity preparing special purpose financial statements that is not specifically required to comply with AASB 1054 may elect not to comply with these requirements, however, is encouraged to do so.

     IG2                 The table below has been provided for ease of reference to illustrate the types of entities that would be generally within the scope of the requirements in paragraph 9A of this Standard, but some entities may have different specific requirements.

#  Entity                                                                                                                                                                                                                                                                                                                                                                           In scope/out of scope