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AASB Standard  AASB 2021-6
               December 2021

Amendments to Australian Accounting Standards – Disclosure of Accounting Policies: Tier 2 and Other Australian Accounting Standards

[AASB 1049, AASB 1054 and AASB 1060]

Obtaining a copy of this Accounting Standard
This Standard is available on the AASB website: www.aasb.gov.au.

Australian Accounting Standards Board
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Victoria   8007
AUSTRALIA

Phone: (03) 9617 7600
E-mail: standard@aasb.gov.au
Website: www.aasb.gov.au

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E-mail: standard@aasb.gov.au

COPYRIGHT
© Commonwealth of Australia 2021
This work is copyright.  Apart from any use as permitted under the Copyright Act 1968, no part may be reproduced by any process without prior written permission.  Requests and enquiries concerning reproduction and rights should be addressed to The National Director, Australian Accounting Standards Board, PO Box 204, Collins Street West, Victoria 8007.

ISSN 1036-4803

Contents

PREFACE
ACCOUNTING STANDARD
AASB 2021-6 Amendments to Australian Accounting Standards – Disclosure of Accounting Policies: Tier 2 and Other Australian Accounting Standards

from paragraph
OBJECTIVE 1
APPLICATION 2
AMENDMENTS TO AASB 1049 5
AMENDMENTS TO AASB 1054 6
AMENDMENTS TO AASB 1060 7
COMMENCEMENT OF THE LEGISLATIVE INSTRUMENT 8

BASIS FOR CONCLUSIONS

Australian Accounting Standard AASB 2021-6 Amendments to Australian Accounting Standards – Disclosure of Accounting Policies: Tier 2 and Other Australian Accounting Standards is set out in paragraphs 1 – 8. All the paragraphs have equal authority.

Preface

Standards amended by AASB 2021-6
This Standard makes amendments to AASB 1049 Whole of Government and General Government Sector Financial Reporting (October 2007), AASB 1054 Australian Additional Disclosures (May 2011) and AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities (March 2020).

Main features of this Standard

Main requirements
AASB 2021-2 Amendments to Australian Accounting Standards – Disclosure of Accounting Policies and Definition of Accounting Estimates amended AASB 101 Presentation of Financial Statements and three other Standards to address disclosure of material accounting policy information rather than significant accounting policies. These amendments were designed to help entities provide accounting policy disclosures that are more useful to the users of their financial statements.
Consistent with the amendments made by AASB 2021-2, this Standard amends:
     (a)                    AASB 1049, to require entities to disclose their material accounting policy information rather than their significant accounting policies;
     (b)                   AASB 1054, to reflect the updated terminology used in AASB 101; and
     (c)                    AASB 1060, to require entities to disclose their material accounting policy information rather than their significant accounting policies and to clarify that information about measurement bases for financial instruments is expected to be material to an entity's financial statements.

Application date
This Standard applies to annual periods beginning on or after 1 January 2023, with earlier application permitted.

Accounting Standard AASB