Document ID: chunk:federal_register_of_legislation:F2025C00209:front:0:p1
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Character Range: 0–3355

Compiled AASB Standard  AASB 1060

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

This compiled Standard applies to annual periods beginning on or after 1 January 2025.  Earlier application is permitted for annual periods beginning before 1 January 2025.  It incorporates relevant amendments made up to and including 7 March 2024.

Prepared on 5 March 2025 by the staff of the Australian Accounting Standards Board.

Compilation no. 7

Compilation date:  31 December 2024

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COPYRIGHT

© Commonwealth of Australia 2025
This compiled AASB Standard contains IFRS Foundation copyright material.  Reproduction within Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use subject to the inclusion of an acknowledgment of the source.  Requests and enquiries concerning reproduction and rights for commercial purposes within Australia should be addressed to The Managing Director, Australian Accounting Standards Board, PO Box 204, Collins Street West, Victoria 8007.
All existing rights in this material are reserved outside Australia.  Reproduction outside Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use only.  Further information and requests for authorisation to reproduce IFRS Foundation copyright material for commercial purposes outside Australia should be addressed to the IFRS Foundation at www.ifrs.org.

Contents

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

from paragraph
OBJECTIVE 1
SCOPE 3
TIER 2 DISCLOSURES
Financial Statement Presentation 8
Statement of Financial Position 34
Statement of Profit or Loss and Other Comprehensive Income 48
Statement of Changes in Equity and Statement of Income and Retained Earnings 59
Statement of Cash Flows 64
Notes to the Financial Statements 90
Consolidated and Separate Financial Statements 104
Accounting Policies, Estimates and Errors 106
Basic Financial Instruments 111
Other Financial Instrument Issues – Hedging Disclosures 120
Inventories 123
Investments in Associates 125
Investments in Joint Ventures 129
Investment Property at Fair Value 132
Property, Plant and Equipment and Investment Property at Cost 134
Intangible Assets other than Goodwill 137
Business Combinations and Goodwill 142
Leases 144
Provisions and Contingencies 153
Revenue 157
Government Grants of For-Profit Entities 160
Borrowing Costs 161
Share-based 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 –