Document ID: chunk:federal_register_of_legislation:F2022C00529:front:0:p2
Version: federal_register_of_legislation:F2022C00529
Segment Type: other
Provision Reference: 
Character Range: 3003–5915

up to and including 20 December 2021 (see Compilation Details).

Accounting Standard AASB 1039

Concise Financial Reports

Application

1 This Standard applies to a concise financial report prepared by an entity in accordance with paragraph 314(2)(a) in Part 2M.3 of the Corporations Act.
2 Under the Corporations Act a company, registered scheme or disclosing entity can elect to send to its members for a financial year a concise report, which includes a concise financial report, instead of the financial report.
3 Where an entity is the parent of a group, this Standard applies to the consolidated financial statements of the entity and the notes to those statements, and does not require that parent financial information be provided.
4 If the entity provides parent financial information in addition to consolidated financial information, the parent financial information is also subject to the requirements of this Standard.
5 [Deleted by the AASB]

Operative Date

6 This Standard applies to annual reporting periods beginning on or after 1 January 2009.
          [Note:  For application dates of paragraphs changed or added by an amending Standard, see Compilation Details.]
7 This Standard may be applied to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2009 provided that AASB 101 Presentation of Financial Statements (September 2007) and AASB 8 Operating Segments are also applied to the period.  If an entity adopts this Standard for an earlier period, it shall disclose that fact.
8 When applied or operative, this Standard supersedes AASB 1039 Concise Financial Reports made on 14 April 2005.

Purpose of Standard

9 The purpose of this Standard is to specify the minimum content of a concise financial report.
10 The requirements of the Corporations Act relating to concise financial reports are based on the view that a concise financial report can provide members with information relevant to evaluating the business, without giving them fully detailed accounting disclosures.  For some members, the provision of less detailed information is expected to be sufficient to meet their needs for an understanding of the financial performance, financial position and financing and investing activities of the company, registered scheme or disclosing entity.
11 The minimum content required by this Standard is intended also to provide sufficient information to permit members to identify if and when they consider it would be useful to obtain more comprehensive and detailed information by requesting a copy of the financial report.

Preparation and Presentation

12 The financial statements and specific disclosures (identified in paragraphs 28 to 32 of this Standard) required in a concise financial report shall be derived from the financial report of the entity.  Any other information included in a concise financial report shall be consistent with the