Document ID: chunk:federal_register_of_legislation:F2023C01018:reg:6:p1
Version: federal_register_of_legislation:F2023C01018
Segment Type: reg
Provision Reference: reg 6 (pt 1/3)
Character Range: 69245–72366

6                     AASB 1054 Australian Additional Disclosures

 (3) The registered entity may, under this subsection, also apply accounting standard AASB 1060 General Purpose Financial Statements—Simplified Disclosures for For‑Profit and Not‑for‑Profit Tier 2 Entities (the simplified disclosures standard) in the preparation of the special purpose financial statement. If the registered entity does so, then in the preparation of that statement:
 (a) the simplified disclosures standard applies unless the Commissioner allows the registered entity not to comply with part of that standard; and
 (b) the simplified disclosures standard applies only to the extent that it deals with matters that are dealt with in an accounting standard mentioned in subsection (2); and
 (c) an accounting standard mentioned in subsection (2) (other than accounting standard AASB 1054 Australian Additional Disclosures) does not apply in relation to the registered entity to the same extent that the standard does not apply to entities preparing general purpose financial statements that apply the simplified disclosures standard; and
 (d) in relation to accounting standard AASB 1054 Australian Additional Disclosures—only paragraphs 1 to 6, 9, 9A, 9B and 17 of that standard apply in relation to the registered entity.
 (4) Subsection (2) or (3) does not apply in relation to the following entities and accounting standard AASB 124 Related Party Disclosures, or accounting standard AASB 1060 General Purpose Financial Statements—Simplified Disclosures for For‑Profit and Not‑for‑Profit Tier 2 Entities, to the extent that the standard relates to the disclosure of key management personnel compensation:
 (a) a medium registered entity;
 (b) a large registered entity whose key management personnel consists of only one individual.
 (5) Subsection (2) does not apply to any part of an accounting standard referred to in the table in that subsection that is expressed to apply only to a reporting entity.

Part 8‑1—Core concepts

Division 205—Core concepts

205.1  Small and medium registered entities

Small registered entities
 (1) For the purposes of subsection 205‑25(1) of the Act, the amount of $500,000 is prescribed.

Medium registered entities
 (2) For the purposes of paragraph 205‑25(2)(b) of the Act, the amount of $3,000,000 is prescribed.

Part 9-1—Application, saving and transitional provisions

Division 305—Application of this instrument as originally made

305.1  Application provision—information included on Register
  Division 40 of this instrument applies in relation to information required to be included on the Register in relation to:
 (a) the 2022‑23 financial year; and
 (b) each later financial year.

305.5  Application provision—review of overseas activities
  Section 50.25 of this instrument applies in relation to activities for:
 (a) the 2022‑23 financial year; and
 (b) each later financial year.

305.10  Application provision—financial reports
  Division 60 of this instrument applies in relation to financial reports required to be given for:
 (a) the 2022‑23 financial year; and
 (b) each later