Document ID: chunk:federal_register_of_legislation:F2025C00209:reg:221:p11
Version: federal_register_of_legislation:F2025C00209
Segment Type: reg
Provision Reference: reg 221 (pt 11/73)
Character Range: 186708–190827

and Joint Ventures respectively and are used in this Standard with the meanings specified in those Australian Accounting Standards.

Appendix B
Effective date

This appendix is an integral part of the Standard.

Effective date
     B1 An entity shall apply this Standard for annual reporting periods beginning on or after 1 July 2021. Earlier application is permitted. If an entity applies this Standard earlier:

           1.                     it shall disclose that fact; and
           2.                    if the entity is a for-profit private sector entity – it may elect to apply the short-term exemptions in AASB 1053 Application of Tiers of Australian Accounting Standards Appendix E, where applicable; or
           3.                     if the entity is a not-for-profit entity – notwithstanding paragraph 20, it may elect not to present comparative information in the notes to the financial statements if the entity did not disclose the comparable information in its most recent previous general purpose financial statements.

Appendix C
Amendments to other Standards
This appendix sets out the amendments to other Australian Accounting Standards that are a consequence of the AASB issuing this Standard.

[Deleted by the AASB – the amendments have been incorporated into the text of the relevant pronouncements.]

Implementation guidance
Disclosure and presentation requirements in other Standards and Interpretations

This implementation guidance accompanies, but is not part of, AASB 1060.

     IG1 The table below has been provided for ease of reference, and lists the Standards and specific disclosure paragraphs that do not apply to an entity that is applying AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities as well as specific presentation paragraphs or associated guidance paragraphs that still apply to the entity.

AASB Standard                                                                      Paragraphs superseded by this Standard                                                       Paragraphs that have not been superseded by this Standard and represent presentation requirements or associated guidance
AASB 1 First-time Adoption of Australian Accounting Standards                      Paragraphs Aus3.2 and 20–33                                                                  none
                                                                                   The text 'and present' in paragraph 6.
AASB 2 Share-based Payment                                                         Paragraphs 44–52                                                                             none
AASB 3 Business Combinations                                                       Paragraphs 59–63 and B64–B67                                                                 none
AASB 5 Non-current Assets Held for Sale and Discontinued Operations                Paragraphs 30, 33, 35, 36A, 41 and 42                                                        Paragraphs 31, 32, 33A, 34, 36, and 37–40
AASB 6 Exploration for and Evaluation of Mineral Resources                         Paragraphs 23–25                                                                             Paragraphs 15–17
AASB 7 Financial Instruments: Disclosures                                          Compliance with this Standard is not required, however it may be referred to for guidance    n/a
AASB 8 Operating Segments                                                          Paragraphs 5–34, unless elect to disclose segment information                                n/a
AASB 12 Disclosure of Interests in Other Entities                                  Compliance with this Standard is not required, however, it may be referred to for guidance.  n/a
AASB 13 Fair Value Measurement                                                     Paragraphs 91–99                                                                             none
AASB 15 Revenue from Contracts with Customers                                      Paragraphs 110–129 and