Document ID: chunk:federal_register_of_legislation:F2025C00173:body:0:p25
Version: federal_register_of_legislation:F2025C00173
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Character Range: 64412–67470

on the same basis as for any other for-profit parent, investor or venturer.

Other changes
BC18 The AASB also decided that, consistent with paragraph 10(d) of AASB 127, the references to 'Australian equivalents to IFRSs' in paragraph 13(c)(iv) of AASB 128 and paragraph 2(c)(iv) of AASB 131 should be amended to 'International Financial Reporting Standards'.
BC19 The AASB decided to include the summary table set out in the Basis for Conclusions in the Exposure Draft as Australian application guidance accompanying, but not part of, the amended AASB 127.  Whereas the table in the Exposure Draft addressed relief in relation to both not-for-profit entities and entities applying reduced disclosure requirements under AASB 1053 Application of Tiers of Australian Accounting Standards, the table added to the AASB 127 guidance by AASB 2011-5 addresses not-for-profit entities but not reduced disclosure requirements.

Reduced disclosure requirements
BC20 Exposure Draft ED 205, in addition to addressing relief for not-for-profit entities, also proposed the extension of relief to entities applying Australian Accounting Standards – Reduced Disclosure Requirements under AASB 1053.  The AASB decided that relief should be extended to Tier 2 entities, either on the same basis as for not-for-profit entities or as addressed in paragraphs BC14 and BC15.  Accounting Standard AASB 2011‑6 provides this relief.  That Standard also expands the table in the Australian application guidance accompanying AASB 127 to address entities applying reduced disclosure requirements.
BC21 Whereas AASB 2011-5 applies to annual reporting periods beginning on or after 1 July 2011, AASB 2011‑6 applies to annual reporting periods beginning on or after 1 July 2013, being the application date of the reduced disclosure requirements under AASB 1053.  Accordingly, two amending Standards were prepared to reflect the different application dates.  Early application of each Standard is permitted.  Early application of AASB 2011-6 requires early application of AASB 1053.

Basis for Conclusions on AASB 2015-4
This Basis for Conclusions accompanies, but is not part of, AASB 128. The Basis for Conclusions was originally published with AASB 2015-4 Amendments to Australian Accounting Standards – Financial Reporting Requirements for Australian Groups with a Foreign Parent.

Introduction
BC1 This Basis for Conclusions summarises the Australian Accounting Standards Board's considerations in reaching the conclusions in AASB 2015-4 Amendments to Australian Accounting Standards – Financial Reporting Requirements for Australian Groups with a Foreign Parent.  Individual Board members gave greater weight to some factors than to others.
BC2 In September 2014, the Board identified that the requirements of AASB 10 Consolidated Financial Statements and AASB 128 Investments in Associates and Joint Ventures in relation to the requirement for an Australian parent entity to apply the requirements of AASB 10 and/or AASB 128 when either the parent or the group is a reporting entity,