1053 kjams1/29/2024 (a) Tier 1: Australian Accounting Standards and When an entity applies this Standard to such an annual reporting period it shall disclose that fact.ĥ When an entity elects to early adopt this Standard for an annual reporting period beginning on or after 1 July 2009 but before 1 July 2013 and prepares Tier 2 general purpose financial statements, it shall also adopt the relevant Standards that specify Tier 2 reporting requirements.ħ Australian Accounting Standards consist of two Tiers of reporting requirements for preparing general purpose financial statements: (e) for-profit private sector entities that have public accountability and are required by legislation to comply with Australian Accounting Standards.ģ This Standard applies to annual reporting periods beginning on or after 1 July 2013.Ĥ This Standard may be applied to annual reporting periods beginning on or after 1 July 2009 but before 1 July 2013. (d) financial statements of General Government Sectors (GGSs) prepared in accordance with AASB 1049 Whole of Government and General Government Sector Financial Reporting and (c) financial statements that are, or are held out to be, general purpose financial statements (b) general purpose financial statements of each reporting entity (a) each entity that is required to prepare financial reports in accordance with Part 2M.3 of the Corporations Act Further information and requests for authorisation to reproduce for commercial purposes outside Australia should be addressed to the IFRS Foundation at Application Reproduction outside Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use only. Requests and enquiries concerning reproduction and rights for commercial purposes within Australia should be addressed to The National Director, Australian Accounting Standards Board, PO Box 204, Collins Street West, Victoria 8007.Īll existing rights in this material are reserved outside Australia. 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. This compiled AASB Standard contains IFRS Foundation copyright material. Compiled versions of Standards, original Standards and amending Standards (see Compilation Details) are available on the AASB website: Australian Accounting Standards Board
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