Document ID: chunk:federal_register_of_legislation:F2021L01793:reg:8:p4
Version: federal_register_of_legislation:F2021L01793
Segment Type: reg
Provision Reference: reg 8 (pt 4/4)
Character Range: 24694–26369

Standard was last updated in 2015, on balance the Board considered that including the proposed guidance paragraphs in AASB 1060 was not necessary. The Board noted that AASB 1060 paragraph 2 permits an entity applying AASB 1060 to refer to other Australian Accounting Standards (including AASB 101) for guidance where necessary; and
          (b)                   to clarify that the accounting policy disclosure requirements in AASB 1060 for specific transactions or balances apply only where the accounting policy information is material to the financial statements (i.e. the same basis as the general requirement to disclose accounting policy information in AASB 1060 paragraph 95).  The Board considered that the clarification would be helpful to users of AASB 1060.

Effective date and early application
     BC12            To ensure consistency between the amendments in this Standard and the amendments made in AASB 2021‑2, the Board decided that this Standard would be effective for annual periods beginning on or after 1 January 2023, with earlier application permitted.
   [1]  AASB 1053 Application of Tiers of Australian Accounting Standards outlines that Australian Accounting Standards consist of two tiers of reporting requirements for preparing general purpose financial statements:
   (a)  Tier 1: Australian Accounting Standards; and
   (b)  Tier 2: Australian Accounting Standards – Simplified Disclosures (for annual periods beginning on or after 1 July 2021).
[2]  For example, AASB 1060 paragraphs 123, 125, 129, 160, 163 and 221 require disclosure of accounting policy information for specific transactions and balances.
[3]  AASB 1060 paragraph BC55.