Document ID: chunk:federal_register_of_legislation:F2022C01110:reg:20:p40
Version: federal_register_of_legislation:F2022C01110
Segment Type: reg
Provision Reference: reg 20 (pt 40/40)
Character Range: 148047–150161

not first-time application, of Tier 1 reporting requirements.
[7]  Legend:
SPFSs: special purpose financial statements;
R&M: recognition and measurement in Australian Accounting Standards;
T1: Tier 1;
T2: Tier 2; and
BC: Basis for Conclusions.
[8]  AASB 1053 Application of Tiers of Australian Accounting Standards (June 2010).
[9] This definition is included in paragraph Aus7.2 of AASB 101 Presentation of Financial Statements.
[10] Under Sections 292(2), 293 and 294 of the Corporations Act, small proprietary companies must prepare and lodge financial reports in certain circumstances such as when the Australian Securities and Investments Commission (ASIC) directs them, or they are controlled by a foreign company, or 5% of shareholders vote to have a financial report.
[11] ASIC Regulatory Guide 85 Reporting requirements for non-reporting entities.
[12] Except for presentation of a third balance sheet required under Tier 1.
[13] The outcome of the proposals in the Discussion Paper are included in the Corporations Amendment (Corporate Reporting Reform) Act 2010.
[14]  It is relevant to note that the term 'Australian Accounting Standards' encompasses both Tier 1 and Tier 2 requirements.
[15]  Paragraph 20 of AASB 1053 (June 2010) clarified that first-time transitioning to Tier 1 reporting requirements from SPFSs that applied applicable recognition and measurement requirements of Australian Accounting Standards (including those of AASB 1, where relevant) would entail application of the full disclosure requirements of AASB 1.  This clarification is no longer needed because paragraph 18 of AASB 1 is clear that Tier 1 reporting requirements would apply on first transition, irrespective of the degree of application of recognition and measurement requirements prior to transition.
[16]  These disclosures would be in addition to any other disclosures required by other Standards (including comparative information in accordance with AASB 101 Presentation of Financial Statements).
[17]  IFRS 1 Basis for Conclusions, paragraphs BC59–BC62.
[18]  AASB 2020-2 Basis for Conclusions, paragraph BC142.