Document ID: chunk:federal_register_of_legislation:F2021C00954:body:0:p2
Version: federal_register_of_legislation:F2021C00954
Segment Type: other
Provision Reference: 
Character Range: 2988–6050

of risks 29
Commencement of the legislative instrument
Withdrawal of AASB pronouncements Aus31.2
Appendices
A  Defined terms
B  Application guidance
C  Effective date and transition
E  Australian implementation guidance for not-for-profit entities
F  Australian simplified disclosures for Tier 2 entities
COMPILATION DETAILS
Deleted IFRS 12 text

available on the AASB website
Basis for Conclusions on IFRS 12

Australian Accounting Standard AASB 12 Disclosure of Interests in Other Entities (as amended) is set out in paragraphs 1 – Aus31.2 and Appendices A – C and E – F.  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 12 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.

Comparison with IFRS 12
AASB 12 Disclosure of Interests in Other Entities as amended incorporates IFRS 12 Disclosure of Interests in Other Entities as issued and amended by the International Accounting Standards Board (IASB).  Australian‑specific paragraphs (which are not included in IFRS 12) are identified with the prefix "Aus".  Paragraphs that apply only to not-for-profit entities begin by identifying their limited applicability.

Tier 1
For-profit entities complying with AASB 12 also comply with IFRS 12.
Not-for-profit entities' compliance with IFRS 12 will depend on whether any "Aus" paragraphs that specifically apply to not-for-profit entities provide additional guidance or contain applicable requirements that are inconsistent with IFRS 12.
AASB 1053 Application of Tiers of Australian Accounting Standards explains the two tiers of reporting requirements.

Accounting Standard AASB 12

The Australian Accounting Standards Board made Accounting Standard AASB 12 Disclosure of Interests in Other Entities under section 334 of the Corporations Act 2001 on 7 August 2015.

This compiled version of AASB 12 applies to annual periods beginning on or after 1 July 2021. It incorporates relevant amendments contained in other AASB Standards made by the AASB up to and including 6 March 2020 (see Compilation Details).

Accounting Standard AASB 12

Disclosure of Interests in Other Entities

Objective
1 The objective of this Standard is to require an entity to disclose information that enables users of its financial statements to evaluate:
(a) the nature of, and risks associated with, its interests in other entities; and
(b) the effects of those interests on its financial position, financial performance and cash flows.
AusCF1 AusCF entities are:
               (a) not-for-profit entities; and
               (b) for-profit entities that are not applying the