Document ID: chunk:federal_register_of_legislation:F2025C00209:front:0:p2
Version: federal_register_of_legislation:F2025C00209
Segment Type: other
Provision Reference: 
Character Range: 3081–6296

Payment 164
Impairment of Assets 169
Employee Benefits 171
Income Tax 176
Foreign Currency Translation 179
Hyperinflation 183
Events after the End of the Reporting Period 185
Related Party Disclosures 189
Biological Assets 204
Transition to Australian Accounting Standards – Simplified Disclosures 206
Specific Disclosures for Not-For-Profit Entities and Public Sector Entities  214
COMMENCEMENT OF THE LEGISLATIVE INSTRUMENT
APPENDICES
A  Defined terms
B  Effective date
C  Amendments to other Standards

IMPLEMENTATION GUIDANCE
COMPILATION DETAILS

BASIS FOR CONCLUSIONS
BASIS FOR CONCLUSIONS ON aasb 2020-7
BASIS FOR CONCLUSIONS ON aasb 2020-9
BASIS FOR CONCLUSIONS ON aasb 2021-1
Basis for conclusions on AASB 2021-6
Basis for conclusions on AASB 2023-3
Basis for conclusions on AASB 2023-4
Basis for conclusions on AASB 2024-1

Australian Accounting Standard AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities (as amended) is set out in paragraphs 1 – 243 and Appendices A – C.  All the paragraphs have equal authority.  Paragraphs in bold type state the main principles.  Terms defined in Appendix A are in italics the first time they appear in the Standard.  AASB 1060 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.

Accounting Standard AASB 1060

The Australian Accounting Standards Board made Accounting Standard AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities under section 334 of the Corporations Act 2001 on 6 March 2020.

This compiled version of AASB 1060 applies to annual periods beginning on or after 1 January 2025.  It incorporates relevant amendments contained in other AASB Standards made by the AASB up to and including 7 March 2024 (see Compilation Details).

Accounting Standard AASB 1060
General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities

Objective
      1.                         This Standard establishes disclosure requirements applicable to entities that are preparing general purpose financial statements and elect to apply the Tier 2 reporting requirements under AASB 1053 Application of Tiers of Australian Accounting Standards.
      2.                         Except to the extent specifically addressed in this Standard, the definitions and presentation requirements of other Australian Accounting Standards continue to apply. Entities are permitted to refer to other Standards for guidance on the requirements in this Standard, including AASB 7 Financial Instruments: Disclosures, AASB 12 Disclosure of Interests in Other Entities, AASB 101 Presentation of Financial Statements, AASB 107 Statement of Cash Flows and AASB 124 Related Party Disclosures.

Scope
      1.                         This