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Compiled AASB Standard  AASB 1053

Application of Tiers of Australian Accounting Standards

This compiled Standard applies to annual periods beginning on or after 1 July 2021 that end on or after 30 June 2022.  Earlier application is permitted for annual periods beginning on or after 1 January 2014 that end before 30 June 2022.  It incorporates relevant amendments made up to and including 2 May 2022.

Prepared on 15 September 2022 by the staff of the Australian Accounting Standards Board.

Compilation no. 6

Compilation date:  29 June 2022

Obtaining copies of Accounting Standards
Compiled versions of Standards, original Standards and amending Standards (see Compilation Details) are available on the AASB website: www.aasb.gov.au.
Australian Accounting Standards Board
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Collins Street West
Victoria   8007
AUSTRALIA
Phone: (03) 9617 7600
E-mail: standard@aasb.gov.au
Website: www.aasb.gov.au

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COPYRIGHT
© Commonwealth of Australia 2022
This work is copyright.  Apart from any use as permitted under the Copyright Act 1968, no part may be reproduced by any process without prior written permission.  Reproduction within Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use subject to the inclusion of an acknowledgment of the source.  Requests and enquiries concerning reproduction and rights should be addressed to The Managing Director, Australian Accounting Standards Board, PO Box 204, Collins Street West, Victoria 8007.

Contents

Comparison with ifrs for smes
Accounting Standard
AASB 1053 Application of Tiers of Australian Accounting Standards

from paragraph
Objective 1
Application 3
Tiers of Reporting Requirements 7
Application of Australian Accounting Standards under thE Differential Reporting Framework
Application of Tier 1 Reporting Requirements 11
Application of Tier 2 Reporting Requirements 13
Application of AASB 1 17
First-time Adoption of Australian Accounting Standards 18
Reapplication of Australian Accounting Standards other than Transitioning between Tiers 19
Reapplication of Tier 2 Reporting Requirements in Initial Consolidated Financial Statements 20A
Transition between Tiers 21
APPENDICES
A  Defined Terms
B  Public Accountability
C  Transition
D  Transition Scenarios
E  Short-term exemptions for entities applying Tier 2 – Simplified Disclosures for periods beginning before 1 July 2022
COMPILATION DETAILS

Basis for Conclusions
BASIS FOR CONCLUSIONS ON AASB 2014-2
BASIS FOR CONCLUSIONS ON AASB 2022-2

Australian Accounting Standard AASB 1053 Application of Tiers of Australian Accounting Standards (as amended) is set out in paragraphs 1 – 23 and Appendices A, B and E.  All the paragraphs have equal authority.  Paragraphs in bold type state the main principles.  Terms defined in Appendix A are in italics the first time they appear in the Standard.  AASB 1053 is to be read in the context of other Australian Accounting Standards, including AASB 1048 Interpretation of Standards, which identifies the Australian Accounting Interpretations, and AASB