Document ID: chunk:federal_register_of_legislation:F2023C00381:reg:18
Version: federal_register_of_legislation:F2023C00381
Segment Type: reg
Provision Reference: reg 18
Character Range: 11896–13881

18                    AASB 1053 Application of Tiers of Australian Accounting Standards applies to:
(a)                   each not-for-profit entity that is required to prepare financial reports in accordance with Part 2M.3 of the Corporations Act;
(b)                   general purpose financial statements of each not-for-profit entity that is a reporting entity;
(c)                    each entity that elects to prepare financial statements that are, or are held out to be, general purpose financial statements;
(d)                   financial statements of GGSs prepared in accordance with AASB 1049;
(e)                    for-profit private sector entities that are required by legislation to prepare financial statements that comply with either Australian Accounting Standards or accounting standards; and
(f)                    other for-profit private sector entities that are required only by their constituting document or another document to prepare financial statements that comply with Australian Accounting Standards, provided that the relevant document was created or amended on or after 1 July 2021.

18A AASB 1054 Australian Additional Disclosures applies to:

          (a) each not-for-profit entity that is required to prepare financial reports in accordance with Part 2M.3 of the Corporations Act;

          (b) general purpose financial statements of each not-for-profit entity that is a reporting entity;

          (c) each entity that elects to prepare financial statements that are, or are held out to be, general purpose financial statements;

          (d) for-profit private sector entities that are required by legislation to prepare financial statements that comply with either Australian Accounting Standards or accounting standards; and

          (e) other for-profit private sector entities that are required only by their constituting document or another document to prepare financial statements that comply with Australian Accounting Standards.