Tier 2 financial statements must give a faithful picture of financial position, performance and cash flows, applying the recognition and measurement rules of the other Standards together with this Standard's disclosures and any extra disclosure a user needs; the Standard is not available to an entity with public accountability (AASB 1053 paragraph 13). An entity may only label its statements as compliant with Australian Accounting Standards - Simplified Disclosures, and must then say so explicitly and without reservation in the notes, when it meets all of the recognition, measurement, modified presentation and disclosure requirements. The notes also state the statutory or other reporting framework used and whether the entity reports as for-profit or not-for-profit. Departure from any Standard is not allowed. Where management concludes that compliance would be so misleading as to defeat the objective of financial statements yet the regulatory framework forbids departure, the entity instead discloses the Standard and requirement concerned, why compliance misleads, and the adjustments to each line item for each period that would have achieved fair presentation. AusCF entities apply the same requirements framed against the earlier Framework for preparing and presenting financial statements.
The graph holds this control, the 0 it maps to, and the evidence behind each claim, over MCP and REST.