Document ID: chunk:federal_register_of_legislation:F2025C00207:front:0:p6
Version: federal_register_of_legislation:F2025C00207
Segment Type: other
Provision Reference: 
Character Range: 14796–18025

by an entity that already uses Australian Accounting Standards; they do not apply to a first-time adopter's transition to Australian Accounting Standards, except as specified in Appendices B–E.
10 Except as described in paragraphs 13–19 and Appendices B–E, an entity shall, in its opening Australian-Accounting-Standards statement of financial position:
(a) recognise all assets and liabilities whose recognition is required by Australian Accounting Standards;
(b) not recognise items as assets or liabilities if Australian Accounting Standards do not permit such recognition;
(c) reclassify items that it recognised in accordance with previous GAAP as one type of asset, liability or component of equity, but are a different type of asset, liability or component of equity in accordance with Australian Accounting Standards; and
(d) apply Australian Accounting Standards in measuring all recognised assets and liabilities.
11 The accounting policies that an entity uses in its opening Australian-Accounting-Standards statement of financial position may differ from those that it used for the same date using its previous GAAP. The resulting adjustments arise from events and transactions before the date of transition to Australian Accounting Standards. Therefore, an entity shall recognise those adjustments directly in retained earnings (or, if appropriate, another category of equity) at the date of transition to Australian Accounting Standards.
12 This Standard establishes two categories of exceptions to the principle that an entity's opening Australian-Accounting-Standards statement of financial position shall comply with each Australian Accounting Standard:
(a) paragraphs 14–17 and Appendix B prohibit retrospective application of some aspects of other Australian Accounting Standards.
(b) Appendices C–E grant exemptions from some requirements of other Australian Accounting Standards.

          Aus12.1 Entities that elect to apply AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities to periods beginning before 1 July 2021 (ie early application) may also elect to apply the short-term exemptions from restating comparative information set out in AASB 1053 Application of Tiers of Australian Accounting Standards Appendix E, where applicable. For entities that apply that relief, references to the 'date of transition to Australian Accounting Standards' in this Standard shall mean the beginning of the first Australian-Accounting-Standards reporting period.

Exceptions to the retrospective application of other Australian Accounting Standards
13 This Standard prohibits retrospective application of some aspects of other Australian Accounting Standards. These exceptions are set out in paragraphs 14–17 and Appendix B.

Estimates
14 An entity's estimates in accordance with Australian Accounting Standards at the date of transition to Australian Accounting Standards shall be consistent with estimates made for the same date in accordance with previous GAAP (after adjustments to reflect any difference in accounting policies), unless there is objective evidence that those estimates were in error.
15 An entity may receive information after