Document ID: chunk:federal_register_of_legislation:F2022C00487:front:0:p2
Version: federal_register_of_legislation:F2022C00487
Segment Type: other
Provision Reference: 
Character Range: 3105–5221

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 14 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 14
AASB 14 Regulatory Deferral Accounts as amended incorporates IFRS 14 Regulatory Deferral Accounts as issued and amended by the International Accounting Standards Board (IASB).  Australian‑specific paragraphs (which are not included in IFRS 14) 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 14 also comply with IFRS 14.
Not-for-profit entities' compliance with IFRS 14 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 14.

Tier 2
Entities preparing general purpose financial statements under Australian Accounting Standards – Simplified Disclosures (Tier 2) will not be in compliance with IFRS Standards.
AASB 1053 Application of Tiers of Australian Accounting Standards explains the two tiers of reporting requirements.

Accounting Standard AASB 14

The Australian Accounting Standards Board made Accounting Standard AASB 14 Regulatory Deferral Accounts under section 334 of the Corporations Act 2001 on 4 June 2014.

This compiled version of AASB 14 applies to annual periods beginning on or after 1 January 2022.  It incorporates relevant amendments contained in other AASB Standards made by the AASB up to and including 20 December 2021 (see Compilation Details).

Accounting Standard AASB 14

Regulatory Deferral Accounts

Objective