Document ID: chunk:federal_register_of_legislation:F2021L01793:reg:6
Version: federal_register_of_legislation:F2021L01793
Segment Type: reg
Provision Reference: reg 6
Character Range: 7911–10133

6                        Paragraph 9B is amended. In the implementation guidance and illustrative examples accompanying AASB 1054, paragraphs IG1 and IG5 and the heading above paragraph IG5 are also amended. Deleted text is struck through and new text is underlined:

          9B Implementation guidance and illustrative examples for not-for-profit private sector entities accompanies this Standard. It illustrates the application of the requirements in paragraph 9A and their relationship to the requirements in AASB 101 Presentation of Financial Statements for the disclosure of an entity's material significant accounting policy information policies.

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     Implementation guidance and illustrative examples for not-for-profit private sector entities

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          IG1 The AASB has prepared this guidance and examples to explain and illustrate the application of the requirements in paragraph 9A of this Standard and their relationship to the requirements in AASB 101 Presentation of Financial Statements for the disclosure of a not-for-profit private sector entity's material significant accounting policy information policies. These requirements apply to entities applying this Standard, including those required by legislation to comply. An entity preparing special purpose financial statements that is not specifically required to comply with AASB 1054 may elect not to comply with these requirements, however, is encouraged to do so.

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     Disclosure of accounting policy information policies

          IG5  Not-for-profit private sector entities required to apply AASB 1054 in their special purpose financial statements (including those lodged with ASIC or the ACNC), whether consolidated or unconsolidated, are also required to apply AASB 101 and AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors, including:

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               (c) paragraph 117 of AASB 101, which requires disclosure of material significant accounting policy information policies comprising the measurement basis (or bases) and the other accounting policies used that are relevant to an understanding of the financial statements.
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Amendments to AASB 1060