AASB 1 First-time Adoption of Australian Accounting Standards
Effective date, commencement, withdrawal and the Tier 2 carve-out (paragraphs 34 to Aus40.2, Appendix A, Appendix F) – AASB 1 First-time Adoption of Australian Accounting Standards

AASB 1 First-time Adoption of Australian Accounting Standards AusF1: Tier 2 entities applying Simplified Disclosures do not apply the public sector deficiency paragraph or the presentation and disclosure paragraphs 20 to 33, and prepare but need not present the opening statement of financial position

What does AusF1 require?

An entity preparing general purpose financial statements under AASB 1060 leaves out paragraph Aus3.2 and paragraphs 20 to 33 of this Standard, and reads paragraph 6 without the requirement to present the opening position, so it prepares the opening statement of financial position as the starting point without presenting it. The AASB 1060 transition disclosures apply in place of the Tier 1 ones.

Maintained by Gerard Blokdyk

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The graph holds this control, the 0 it maps to, and the evidence behind each claim, over MCP and REST.

MCP endpointAll AASB 1 First-time Adoption of Australian Accounting Standards controls