AASB 1060 General Purpose Financial Statements Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities 106-110: Accounting policies, estimates and errors: disclose the nature and line-item effect of a new Standard's initial application (or the Standard's own transition disclosures), the nature, reasons and effects of a voluntary policy change, the nature and effect of estimate changes, and the nature and line-item correction of prior period errors

What does 106-110 require?

When first applying a Standard that affects the current, prior or future periods, the entity discloses the nature of the change, the adjustment to each affected line item for the current period and every prior period shown, the adjustment for periods before those presented, and an explanation where any amount is impracticable to determine; where the entity used a transition option carrying its own disclosure rules, those rules apply instead, and the AASB 2020-8 and AASB 2025-1 first-year reliefs waive the quantitative line-item disclosure. A voluntary policy change requires the nature of the change, why the new policy is reliable and more relevant, the line-item adjustments for the current period, each prior period and the aggregate of earlier periods, and an explanation of any impracticability. A change in estimate requires its nature and current-period effect on assets, liabilities, income and expense, plus estimated future effects where practicable. A prior period error requires its nature, the correction to each line item for each prior period presented, the correction at the start of the earliest period, and an explanation where impracticable. None of these disclosures need be repeated in later periods.