AASB 1 First-time Adoption of Australian Accounting Standards Aus3.2: Not-for-profit public sector entity with information deficiencies: treated as a first-time adopter if it explains the gaps, its plan to close them and the Standards not met, and states compliance with the rest

What does Aus3.2 require?

A public sector not-for-profit entity that, in rare cases, cannot meet certain Standards because missing information forced it to declare non-compliance with its previous GAAP is taken to satisfy the entry conditions in paragraph 3, provided its first statements under the Standards explain the information shortfalls and the strategy to fix them, name the Standards not complied with, and state explicitly and without reservation that every other Standard, where no shortfall exists, is complied with. Entities using Simplified Disclosures under AASB 1060 do not apply this paragraph.