Federal Register of Legislation
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 PO Box 204 Collins Street West Victoria 8007 AUSTRALIA Phone: (03) 9617 7600 E-mail: standard@aasb.gov.au Website: www.aasb.gov.au
Other enquiries Phone: (03) 9617 7600 E-mail: standard@aasb.gov.au
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
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