Australia
18 August 2021 | Minutes to read: < 1

NFP Financial reporting insights | August 2021

By William Buck

Transitioning to simplified disclosures

The Australian Accounting Standards Board has issued AASB 2021-1 Amendments To Australian Accounting Standards – Transition To Tier 2: Simplified Disclosures For Not-For-Profit Entities.

It provides entities with optional relief from presenting comparative information in the notes to financial statements where they failed to disclose comparable information in their most recent general-purpose financial statements.

The standard amends AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities.

Relief is available for not-for-profit entities transitioning from either Tier 1: Australian Accounting Standards and Tier 2: Australian Accounting Standards – Reduced Disclosure Requirements to Tier 2: Australian Accounting Standards – Simplified Disclosures for a reporting period before entities’ mandatory application of AASB 1060.

The standard applies to annual periods beginning on or after 1 July. Earlier application is permitted, provided that AASB 1060 is also applied in the same period.

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