Document ID: chunk:federal_register_of_legislation:F2022C01110:front:0:p2
Version: federal_register_of_legislation:F2022C01110
Segment Type: other
Provision Reference: 
Character Range: 2962–4847

A are in italics the first time they appear in the Standard.  AASB 1053 is to be read in the context of other Australian Accounting Standards, including AASB 1048 Interpretation of Standards, which identifies the Australian Accounting Interpretations, and AASB 1057 Application of Australian Accounting Standards.  In the absence of explicit guidance, AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies.

Comparison with IFRS for SMEs

The disclosures required by Tier 2 and the disclosures required by the IASB's International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs) are highly similar.  However, Tier 2 requirements and the IFRS for SMEs are not directly comparable as a consequence of Tier 2 including recognition and measurement requirements corresponding to those in IFRS Standards, whereas the IFRS for SMEs includes limited modifications to those requirements.

In addition, the recognition, measurement and disclosure requirements that apply in accordance with Tier 2 are revised as Australian Accounting Standards are revised, whereas the IFRS for SMEs is expected to be revised only periodically for revisions of IFRS Standards.

Accounting Standard AASB 1053

The Australian Accounting Standards Board made Accounting Standard AASB 1053 Application of Tiers of Australian Accounting Standards under section 334 of the Corporations Act 2001 on 30 June 2010.

This compiled version of AASB 1053 applies to annual reporting periods beginning on or after 1 July 2021 that end on or after 30 June 2022.  It incorporates relevant amendments contained in other AASB Standards made by the AASB up to and including 2 May 2022 (see Compilation Details).

Accounting Standard AASB 1053

Application of Tiers of Australian Accounting Standards

Objective