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Compiled AASB Standard  AASB 1057

Application of Australian Accounting Standards

This compiled Standard applies to annual periods beginning on or after 1 January 2023 but before 1 July 2026.  Earlier application is permitted for annual periods beginning before 1 January 2023.  It incorporates relevant amendments made up to and including 15 December 2022.

Prepared on 6 February 2023 by the staff of the Australian Accounting Standards Board.

Compilation no. 7

Compilation date:  31 December 2022

Obtaining copies of Accounting Standards
Compiled versions of Standards, original Standards and amending Standards (see Compilation Details) are available on the AASB website: www.aasb.gov.au.
Australian Accounting Standards Board
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Victoria   8007
AUSTRALIA
Phone: (03) 9617 7600
E-mail: standard@aasb.gov.au
Website: www.aasb.gov.au

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COPYRIGHT

© Commonwealth of Australia 2023

This work is copyright.  Apart from any use as permitted under the Copyright Act 1968, no part may be reproduced by any process without prior written permission.  Reproduction within Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use subject to the inclusion of an acknowledgment of the source.  Requests and enquiries concerning reproduction and rights should be addressed to The Managing Director, Australian Accounting Standards Board, PO Box 204, Collins Street West, Victoria 8007.

Contents

Accounting Standard
AASB 1057 Application of Australian Accounting Standards

from paragraph
Objective 1
Application of this Standard 2
Application of Australian Accounting Standards 5
Application of Australian Interpretations 22
Commencement of the legislative instrument
Appendix
Defined terms
COMPILATION DETAILS

BASIS FOR CONCLUSIONS
BASIS FOR CONCLUSIONS ON AASB 2019-1
BASIS FOR CONCLUSIONS ON AASB 2020-2

Australian Accounting Standard AASB 1057 Application of Australian Accounting Standards (as amended) is set out in paragraphs 1 – 25 and the Appendix.  All the paragraphs have equal authority.  Paragraphs in bold type state the main principles.  Terms defined in the Appendix are in italics the first time they appear in the Standard.  AASB 1057 is to be read in the context of other Australian Accounting Standards, including AASB 1048 Interpretation of Standards, which identifies the Australian Accounting Interpretations.  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.

Accounting Standard AASB 1057

The Australian Accounting Standards Board made Accounting Standard AASB 1057 Application of Australian Accounting Standards under section 334 of the Corporations Act 2001 on 24 July 2015.

This compiled version of AASB 1057 applies to annual periods beginning on or after 1 January 2023 but before 1 July 2026.  It incorporates relevant amendments contained in other AASB Standards made by the AASB up to and including 15 December 2022 (see Compilation Details).

Accounting Standard