Document ID: chunk:federal_register_of_legislation:F2025C00209:reg:221:p27
Version: federal_register_of_legislation:F2025C00209
Segment Type: reg
Provision Reference: reg 221 (pt 27/73)
Character Range: 237206–240486

NFP entities possibly until the NFP private and public sector financial reporting frameworks have been finalised, the Board decided against different application dates to avoid the confusion for users that would come from having two Tier 2 reporting frameworks in operation at the same time.

      3.             In determining whether disclosures would need to be added to address any R&M differences that are specific to NFP private sector and public sector entities, the Board has applied paragraph 28 of the AASB's Not-for-Profit Entity Standard-Setting Framework and the principles listed in paragraphs BC41 and BC42 above. While those principles have been developed with a specific focus on the users of the financial statements of private sector entities, the Board considers that they are also relevant to the users of the financial statements of NFP entities. However, the Board also acknowledged that certain transactions or items in the financial statements are unique to NFP entities and may require additional information, as set out in the AASB's Not-for-Profit Entity Standard Setting Framework. A limited number of disclosures have been added to AASB 1060 for that reason. Further details about the decisions made in relation to specific disclosures are set out in paragraphs BC91–BC93.

Significant decisions made by the Board in developing the disclosures

Replacing entire Standards with AASB 1060

      1.             In considering the ease of application for Tier 2 entities, the Board decided to replace any Standards that deal exclusively with presentation and disclosure requirements in their entirety with the corresponding requirements in AASB 1060. New paragraphs 20A and 20B are added to AASB 1057 Application of Australian Accounting Standards to note that entities applying this Standard do not need to comply with AASB 7 Financial Instruments:Disclosures, AASB 12 Disclosure of Interests in Other Entities, AASB 101, AASB 107 and AASB 124. These Standards will be replaced with the following sections from the IFRS for SMEs Standard:

           1.                     Financial Statement Presentation (AASB 101): paragraphs 8 – 33

           2.                    Statement of Financial Position (AASB 101): paragraphs 34 – 47

           3.                     Statement of Profit or Loss and Other Comprehensive Income (AASB 101): paragraphs 48 – 58

           4.                    Statement of Changes in Equity and Statement of Income and Retained Earnings (AASB 101): paragraphs 59 – 63

           5.                     Statement of Cash Flows (AASB 107): paragraphs 64 – 89

           6.                     Notes to the Financial Statements (AASB 101): paragraphs 90 – 103

           7.                    Consolidated and Separate Financial Statements (AASB 12): paragraphs 104 – 105

           8.                    Basic Financial Instruments (AASB 7): paragraphs 111 – 119

           9.                      Other Financial Instruments Issues (AASB 7): paragraphs 120 – 122

          10.                      Investments in Associates (AASB 12): paragraphs 125 – 128

          11.                    Investments in Joint Ventures (AASB 12): paragraphs 129 – 131

          12.                      Related Party Disclosures