Document ID: chunk:federal_register_of_legislation:F2022C01123:front:0:p9
Version: federal_register_of_legislation:F2022C01123
Segment Type: other
Provision Reference: 
Character Range: 22541–24338

Accounting Standards
   (1A) Reporting entities are subject to subsections (1) to (4) when applying AASB 1053 Application of Tiers of Australian Accounting Standards.
  (1) Subject to subsections (2), (3) and (4), a reporting entity must, in preparation of the entity's financial statements, apply Tier 2 reporting requirements (as a minimum).
  (2) A reporting entity must, in preparation of the entity's financial statements, apply Tier 1 reporting requirements when applying AASB 16 Leases.
  (3) The following reporting entities must, in preparation of their financial statements, apply Tier 1 reporting requirements:
       (a) Australian National University;
       (b) Australian Office of Financial Management;
       (c) Australian Postal Corporation;
       (d) Comcare;
       (e) Commonwealth Superannuation Corporation;
       (f) Defence Housing Australia;
       (g) Export Finance and Insurance Corporation;
       (h) Future Fund Management Agency;
       (ha) National Housing Finance and Investment Corporation;
       (i) Reserve Bank of Australia.
  (4) A reporting entity mentioned in an item of the following table must, in preparation of the entity's financial statements, apply Tier 1 reporting requirements when applying:
       (a) an AAS (the listed AAS) listed in that item in relation to a matter (the listed matter) listed in that item; and
       (b) any other AAS to the extent that it relates to the listed AAS.
         Note: When applying AAS other than those mentioned in paragraphs (4)(a) and (b), the entity must comply with subsections (1) and (2).
Tier 1 reporting requirements
Item                           Reporting entity                                                                            Listed matter                                Listed AAS