Document ID: chunk:federal_register_of_legislation:F2022L01041:front:0:p2
Version: federal_register_of_legislation:F2022L01041
Segment Type: other
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Character Range: 3040–6357

disclose whether or not its subsidiaries and investments in associates or joint ventures have been consolidated or equity accounted in a manner consistent with the requirements set out in AASB 10 Consolidated Financial Statements or AASB 128 Investments in Associates and Joint Ventures, as appropriate. If the entity has not consolidated its subsidiaries or equity accounted its investments in associates or joint ventures consistently with those requirements, also disclose the reasons why;
     (d)                   for each material accounting policy applied and disclosed in the financial statements that does not comply with all the recognition and measurement requirements in Australian Accounting Standards (except for AASB 10 and AASB 128) – disclose an indication of how it does not comply;
     (e)                    disclose whether or not the financial statements overall comply with all the recognition and measurement requirements in Australian Accounting Standards (except for AASB 10 and AASB 128); and
     (f)                    comply with the disclosure requirements in paragraphs 8 and 9 of AASB 1054 regarding the reporting framework and the type of financial statements.
The amendments to AASB 1057 ensure that the for-profit private sector entities addressed in this Standard are made subject to Australian Accounting Standards – explicitly only AASB 1054 (in addition to AASB 1057) – so that the relevant disclosure requirements in AASB 1054 are applicable to their special purpose financial statements that are required to comply with the Standards.

Application date
This Standard applies to annual periods ending on or after 30 June 2022.  Earlier application is permitted.

Accounting Standard AASB 2022-4
The Australian Accounting Standards Board makes Accounting Standard AASB 2022-4 Amendments to Australian Accounting Standards – Disclosures in Special Purpose Financial Statements of Certain For-Profit Private Sector Entities under section 334 of the Corporations Act 2001.
                     Keith Kendall
 Dated 23 June 2022  Chair – AASB

Accounting Standard AASB 2022-4
Amendments to Australian Accounting Standards – Disclosures in Special Purpose Financial Statements of Certain For-Profit Private Sector Entities

Objective
     1                        This Standard amends AASB 1054 Australian Additional Disclosures (May 2011) and AASB 1057 Application of Australian Accounting Standards (July 2015) in relation to certain for-profit private sector entities that are required only by their constituting document or another document to prepare financial statements that comply with Australian Accounting Standards. Where those entities prepare special purpose financial statements, the amendments require disclosure of specified information. In particular, this Standard amends:
          (a)                   AASB 1054, to require disclosure of particular information about the special purpose financial statements, including information that enables users of the financial statements to understand the material accounting policies applied in the financial statements, changes in those policies and whether or not the policies comply with all the recognition and measurement requirements in Australian Accounting Standards; and
          (b)                   AASB