Document ID: chunk:federal_register_of_legislation:F2025C00209:reg:221:p39
Version: federal_register_of_legislation:F2025C00209
Segment Type: reg
Provision Reference: reg 221 (pt 39/73)
Character Range: 270531–273576

also not to the IFRS for SMEs Standard, the Board concluded that additional disclosures will not be required.

           3.                     The disclosure paragraphs in AASB Interpretation 23 Uncertainty over Income Tax Treatments do not introduce new disclosures, but refer to disclosures in the AASB 112 that are captured in paragraphs 96, 97 and 154 of AASB 1060.

           4.                    Two of the three disclosure paragraphs in AASB Interpretation 5 Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds were already excluded for Tier 2 entities on the basis of cost-benefit considerations. However, as there are also no R&M differences to the IFRS for SMEs Standard, the Board concluded that no additional disclosures would be required.

Not-for-profit private sector entities and public sector entities

      1.             As explained in paragraph BC51, the Board decided that AASB 1060 should be equally applicable to both for-profit and NFP private sector entities and any public sector entities that are eligible to report under Tier 2 based on the requirements in AASB 1053. The Board therefore also considered any NFP private sector and public sector entity differences in AAS and to what extent, if any, additional disclosures would be required for such Tier 2 entities.

      2.             In summary, the Board decided to:

           1.                     include additional disclosures for AASB 1, AASB 16, AASB 102 and AASB 123 to address R&M differences that are specific to NFP entities; and

           2.                    include additional disclosures for AASB 1004, AASB 1050, AASB 1051, AASB 1055, AASB 1058 and AASB 1059 which are only applicable for NFP private sector and/or public sector entities.

     Consistent with the conclusions in paragraph BC53, the proposed disclosures reflect the fact that the relevant transactions and circumstances covered are unique to NFP private sector and/or public sector entities and that users would require information on non-financial accountability and stewardship, even if the broad principles in paragraph BC41 would not indicate such a need.

      1.             As a general rule, the Board considered that previous decisions made under the current RDR framework in relation to the cost vs the benefits of these disclosures in relation to Tier 2 NFP entities remain relevant.

Drafting conventions and future maintenance

      1.             While ED 295 used the numbering from the IFRS for SMEs Standard, the Board agreed to use consecutive paragraph numbers in this Standard consistent with the approach used in other AAS. To show the linkage to the IFRS for SMEs disclosures and allow easy comparison, equivalent IFRS for SMEs paragraph numbers are added at the end of each paragraph where applicable.  Where paragraphs from the IFRS for SMEs Standard have been amended, the words 'based on' are used.

      2.             The Board further decided that the analysis tables developed for ED 295