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AASB 1060 General Purpose Financial Statements Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities
Australia (Commonwealth)
vCompiled AASB 1060 General Purpose Financial Statements Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities, Compilation No. 8, Authorised Version F2026C00248 registered 26 March 2026 (compilation date 31 December 2025; incorporating amendments to 19 August 2025; applies to annual periods starting from 1 January 2026); principal Standard F2020L00288 made 6 March 2020
4 domains
41 controls
The Australian Tier 2 disclosure Standard: the complete set of financial statements and their minimum line items, the notes, the compliance statement and going concern disclosures, the Australian audit fee and imputation credit disclosures, the topic-by-topic disclosures that replace the Tier 1 disclosure Standards (financial instruments, leases, revenue, income tax, employee benefits, related parties and the rest), the transition reconciliations, and the extra disclosures for the public sector and for not-for-profit entities.
Verified
AASB 1060 General Purpose Financial Statements Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities is a compliance framework from Australia (Commonwealth) with 4 domains and 41 controls. The largest domains are Topic disclosures replacing the full Tier 1 disclosure sets (paragraphs 104 to 205) – AASB 1060 General Purpose Financial Statements Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities (22 controls), Presentation and the primary statements: fair presentation, compliance statement, going concern, the position, performance, equity and cash flow statements, notes, audit fees and imputation credits (paragraphs 8 to 103) – AASB 1060 General Purpose Financial Statements Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities (13 controls), Not-for-profit and public sector disclosures (paragraphs 214 to 243) – AASB 1060 General Purpose Financial Statements Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities (5 controls). Every control below carries what it requires and what an assessor expects to see.
Maintained by Gerard Blokdyk
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Framework Domains (4)
Not-for-profit and public sector disclosures (paragraphs 214 to 243) – AASB 1060 General Purpose Financial Statements Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities
5 controls
| Code | Title |
|---|---|
| aasb-1060-general-purpose-financial-statements-simplified-disclosures-for-for-profit-and-not-for-profit-tier-2-entities::215-221 | Government department and public sector disclosures: liabilities assumed by the government or another entity, the income, expenses, assets and liabilities (by class, with counterparties) transferred in a restructure of administrative arrangements, administered income, expenses, assets and liabilities by major class with the recipients and amounts transferred, and the land under roads policy for pre-2008 acquisitions |
| aasb-1060-general-purpose-financial-statements-simplified-disclosures-for-for-profit-and-not-for-profit-tier-2-entities::222-225 | Budgetary reporting under AASB 1055: where a budgeted statement for controlled items, or budgeted administered information for a GGS entity, was presented to parliament and identified with the entity, present that original budget on a basis consistent with the actual statements and explain major variances, without prior period budget comparatives, complying with AASB 1055 |
| aasb-1060-general-purpose-financial-statements-simplified-disclosures-for-for-profit-and-not-for-profit-tier-2-entities::226-237 | Income of not-for-profit entities: disclose enough to show the effects of volunteer services and significantly below-fair-value asset acquisitions, disaggregating income (grants, bequests and donations, volunteer services, appropriations by class) and statutory income such as taxes, rates and fines; consider disclosing statutory receivables with interest and impairment, prepaid tax liabilities and unreliably measurable taxation income; and for transfers to acquire or construct a controlled non-financial asset disclose balances, obligations, judgements, the methods for over-time recognition and the point-in-time judgements |
| aasb-1060-general-purpose-financial-statements-simplified-disclosures-for-for-profit-and-not-for-profit-tier-2-entities::238-241 | Compliance with parliamentary appropriations: an entity funded wholly or partly by appropriation summarises the recurrent, capital and other categories authorised, separating original appropriations from supplementary and other authorisations, the expenditure against each, and the reasons for material variances and the financial consequences of any unauthorised expenditure |
| aasb-1060-general-purpose-financial-statements-simplified-disclosures-for-for-profit-and-not-for-profit-tier-2-entities::242-243 | Service concession arrangements of public sector grantors: disclose enough qualitative and quantitative information to show the amount, timing, nature and uncertainty of the related assets, liabilities, revenue and cash flows, covering a description, significant terms, rights to services and assets, service concession asset carrying amounts, renewal and termination options, other rights and obligations and access obligations, and changes in the period, individually for material arrangements or in aggregate for similar ones |
Presentation and the primary statements: fair presentation, compliance statement, going concern, the position, performance, equity and cash flow statements, notes, audit fees and imputation credits (paragraphs 8 to 103) – AASB 1060 General Purpose Financial Statements Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities
13 controls
| Code | Title |
|---|---|
| aasb-1060-general-purpose-financial-statements-simplified-disclosures-for-for-profit-and-not-for-profit-tier-2-entities::14-15 | Going concern: assess the entity's ability to continue for at least twelve months from the reporting date, disclose material uncertainties, and explain any non-going-concern basis |
| aasb-1060-general-purpose-financial-statements-simplified-disclosures-for-for-profit-and-not-for-profit-tier-2-entities::16-19 | Reporting frequency and consistency: present a complete set at least annually, explain any period longer or shorter than a year, keep presentation and classification stable, and reclassify comparatives (or explain why that is impracticable) |
| aasb-1060-general-purpose-financial-statements-simplified-disclosures-for-for-profit-and-not-for-profit-tier-2-entities::20-24 | Comparatives, materiality, aggregation and offsetting: give prior-period comparatives for every amount and for relevant narrative, present each material class separately, omit immaterial specific disclosures, and never offset unless a Standard requires or permits it |
| aasb-1060-general-purpose-financial-statements-simplified-disclosures-for-for-profit-and-not-for-profit-tier-2-entities::25-33 | The complete set and its identification: position statement, a single or two-statement performance presentation (or an income and retained earnings statement where allowed), changes in equity, cash flows and notes, two of each with equal prominence, clearly identified with entity name, group or single entity, period, currency and rounding, plus domicile, legal form and nature of operations |
| aasb-1060-general-purpose-financial-statements-simplified-disclosures-for-for-profit-and-not-for-profit-tier-2-entities::35-43 | Position statement content: the minimum line items, extra items and subtotals where relevant, a current and non-current split (or liquidity order where more relevant) using the twelve-month and operating-cycle tests, and the settlement-in-own-equity rule for classifying liabilities |
| aasb-1060-general-purpose-financial-statements-simplified-disclosures-for-for-profit-and-not-for-profit-tier-2-entities::44-47A | Position statement and note detail: subclassifications of line items, share capital and reserve information (or the equivalent for entities without share capital), held-for-sale descriptions, and the covenant-risk disclosure for loans classified as non-current |
| aasb-1060-general-purpose-financial-statements-simplified-disclosures-for-for-profit-and-not-for-profit-tier-2-entities::49-58 | Performance presentation: choose the single-statement or two-statement approach (a change is an AASB 108 policy change), show the minimum line items including OCI grouped by whether it will be reclassified, allocate profit and total comprehensive income between owners and non-controlling interests, add subtotals where relevant, never label items extraordinary, and analyse expenses by nature or by function |
| aasb-1060-general-purpose-financial-statements-simplified-disclosures-for-for-profit-and-not-for-profit-tier-2-entities::60-63 | Changes in equity and the income and retained earnings statement: reconcile each component of equity showing profit or loss, OCI, owner transactions and retrospective adjustments; or, where the simplified statement is permitted, show opening and closing retained earnings with dividends and restatements |
| aasb-1060-general-purpose-financial-statements-simplified-disclosures-for-for-profit-and-not-for-profit-tier-2-entities::64-78 | Cash flow statement structure: classify cash flows as operating, investing or financing, treat qualifying short-term investments and repayable-on-demand overdrafts as cash equivalents, report operating flows by the direct or indirect method, show gross investing and financing flows and the aggregate for acquisitions and disposals of businesses, and net only the permitted customer, quick-turnover and financial institution flows |
| aasb-1060-general-purpose-financial-statements-simplified-disclosures-for-for-profit-and-not-for-profit-tier-2-entities::79-89 | Cash flow supporting disclosures: foreign currency translation at transaction-date rates with the unrealised exchange effect shown separately, interest and dividends shown separately and classified consistently, income tax flows separately, non-cash investing and financing transactions disclosed outside the statement, supplier finance arrangement terms, amounts and due-date ranges, components reconciled to the position statement, and restricted cash explained |
| aasb-1060-general-purpose-financial-statements-simplified-disclosures-for-for-profit-and-not-for-profit-tier-2-entities::9-13 | Fair presentation and the compliance statement: present fairly, state explicit and unreserved compliance with Simplified Disclosures only when every requirement is met, disclose the statutory basis and for-profit or not-for-profit status, never depart from a Standard, and give the misleading-compliance disclosures in the rare case a departure is prohibited |
| aasb-1060-general-purpose-financial-statements-simplified-disclosures-for-for-profit-and-not-for-profit-tier-2-entities::91-97 | Notes: basis of preparation and material accounting policy information, systematic ordering with cross-references from each statement line, the judgements with the most significant effect on recognised amounts, and the key sources of estimation uncertainty with the nature and carrying amount of the affected assets and liabilities |
| aasb-1060-general-purpose-financial-statements-simplified-disclosures-for-for-profit-and-not-for-profit-tier-2-entities::98-103 | Australian additional disclosures in the notes: fees paid to each auditor or reviewer (and network firm) for the audit or review and for other services, with the nature of those services; and the imputation credits available for future periods, separately for Australian and New Zealand credits, with class-based entitlement differences explained |
Topic disclosures replacing the full Tier 1 disclosure sets (paragraphs 104 to 205) – AASB 1060 General Purpose Financial Statements Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities
22 controls
| Code | Title |
|---|---|
| aasb-1060-general-purpose-financial-statements-simplified-disclosures-for-for-profit-and-not-for-profit-tier-2-entities::104-105 | Consolidated and separate statements: state that statements are consolidated, explain control held without a voting majority, differing subsidiary reporting dates and restrictions on subsidiaries transferring funds; separate statements say so, describe how investments are accounted for and identify the related consolidated statements |
| 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 |
| aasb-1060-general-purpose-financial-statements-simplified-disclosures-for-for-profit-and-not-for-profit-tier-2-entities::111-119C | Basic financial instruments: disclose material measurement policies, carrying amounts by AASB 9 category, the significance of instruments including the terms of long-term debt, the fair value basis and valuation assumptions by class, transferred assets not derecognised, pledged collateral, defaults and breaches on loans payable, the income, expense, gains and losses by category with interest income and expense and impairment by class, and contingent cash flow features by class |
| aasb-1060-general-purpose-financial-statements-simplified-disclosures-for-for-profit-and-not-for-profit-tier-2-entities::120-122C | Hedging and nature-dependent electricity contracts: describe each hedged risk category with its instruments, their fair values and the hedged item; give the fair value hedge gains and losses, and for cash flow and net investment hedges the timing of cash flows, discontinued forecast transactions, OCI movements, reclassifications and ineffectiveness; and for own-use contracts for nature-dependent electricity disclose the variability and unusable-electricity features, how onerous contract risk is assessed, and the effect on performance |
| aasb-1060-general-purpose-financial-statements-simplified-disclosures-for-for-profit-and-not-for-profit-tier-2-entities::123-124 | Inventories: disclose the material measurement policies including the cost formula, the carrying amount in total and by class, the amount expensed in the period, write-downs and reversals under AASB 102, and inventories pledged as security; not-for-profit entities add the basis for assessing lost service potential in distribution inventories |
| aasb-1060-general-purpose-financial-statements-simplified-disclosures-for-for-profit-and-not-for-profit-tier-2-entities::125-131 | Associates and joint ventures: disclose material policies, the carrying amounts, the fair value of equity-accounted investments with published price quotations, dividends from cost-model associates, the share of equity-accounted profit and discontinued operations, aggregate joint venture commitments, and the financial instrument disclosures for investments carried under AASB 9 |
| aasb-1060-general-purpose-financial-statements-simplified-disclosures-for-for-profit-and-not-for-profit-tier-2-entities::132-133 | Investment property at fair value: disclose the valuation methods and assumptions, whether and to what extent an independent qualified valuer was used, restrictions on realisation or remittance, contractual obligations to buy, build, develop, repair or enhance, and a current-period reconciliation of carrying amounts; owners and lessees also give the lease disclosures |
| aasb-1060-general-purpose-financial-statements-simplified-disclosures-for-for-profit-and-not-for-profit-tier-2-entities::134-136 | Property, plant and equipment and cost-model investment property: for each class disclose measurement bases, depreciation methods, useful lives or rates, gross carrying amount and accumulated depreciation at the opening and closing dates and a current-period movement reconciliation; also restricted title and pledged assets, capital commitments, investment property with no reliably measurable fair value, and revaluation details |
| aasb-1060-general-purpose-financial-statements-simplified-disclosures-for-for-profit-and-not-for-profit-tier-2-entities::137-141 | Intangible assets other than goodwill: for each class disclose useful lives or amortisation rates, methods, gross carrying amount and accumulated amortisation, the line items carrying amortisation, and a current-period movement reconciliation; also material individual intangibles, government-grant intangibles, restricted or pledged intangibles, commitments, research and development expense, revaluation details and the reasons for any indefinite useful life |
| aasb-1060-general-purpose-financial-statements-simplified-disclosures-for-for-profit-and-not-for-profit-tier-2-entities::142-143 | Business combinations and goodwill: for each combination in the period disclose the combining parties, acquisition date, voting interest acquired, cost and its components, amounts recognised by class of assets, liabilities and contingent liabilities, goodwill included, any bargain purchase gain and its line item, the factors making up goodwill and the non-controlling interest and its measurement basis; for all combinations reconcile goodwill from opening to closing |
| aasb-1060-general-purpose-financial-statements-simplified-disclosures-for-for-profit-and-not-for-profit-tier-2-entities::144-152 | Leases: lessees disclose right-of-use asset carrying amounts by class, future lease payments in three maturity bands, a description of significant arrangements, the asset movement items, short-term and low-value lease expense and commitments, and any rent concession expedient; lessors give the finance lease reconciliation and maturity analysis, unearned income, residual values, loss allowance and variable income, and the operating lease maturity analysis and variable income; sale and leaseback terms are described; not-for-profit lessees with below-market leases at cost disclose their dependence on and the terms of those leases |
| aasb-1060-general-purpose-financial-statements-simplified-disclosures-for-for-profit-and-not-for-profit-tier-2-entities::153-156 | Provisions and contingencies: for each class of provision reconcile the period's movements and describe the obligation, timing, uncertainties and expected reimbursements; describe each class of contingent liability with its estimated effect, uncertainties and reimbursement prospects unless remote; describe probable contingent assets; and, where disclosure would seriously prejudice a dispute, disclose only the general nature and the reason for withholding |
| aasb-1060-general-purpose-financial-statements-simplified-disclosures-for-for-profit-and-not-for-profit-tier-2-entities::157-159 | Revenue: describe performance obligations (timing of satisfaction, payment terms, goods or services promised, return and refund obligations, warranties), disaggregate revenue by categories reflecting economic factors using the AASB 15 guidance, explain the methods used for obligations satisfied over time, and disclose closing contract asset and liability balances |
| aasb-1060-general-purpose-financial-statements-simplified-disclosures-for-for-profit-and-not-for-profit-tier-2-entities::160-163 | Government grants of for-profit entities and borrowing costs: disclose the nature and amount of grants recognised, unmet conditions and contingencies, other government assistance benefited from and the grant presentation policy; disclose borrowing costs capitalised in the period (finance costs and interest expense being disclosed under the performance and financial instrument sections), with public sector not-for-profit entities giving their borrowing cost policy |
| aasb-1060-general-purpose-financial-statements-simplified-disclosures-for-for-profit-and-not-for-profit-tier-2-entities::164-168 | Share-based payment: describe each type of arrangement and its terms, reconcile option counts and weighted average exercise prices across the groups from outstanding at the start to exercisable at the end, explain how equity-settled fair values and cash-settled liabilities were measured and any valuation method chosen, explain modifications, and disclose the total expense and the closing liability |
| aasb-1060-general-purpose-financial-statements-simplified-disclosures-for-for-profit-and-not-for-profit-tier-2-entities::169-170 | Impairment of assets: for property, plant and equipment, cost-model investment property, goodwill, other intangibles, associates and joint ventures, disclose the period's impairment losses and reversals taken to profit or loss and the line items carrying them |
| aasb-1060-general-purpose-financial-statements-simplified-disclosures-for-for-profit-and-not-for-profit-tier-2-entities::171-175 | Employee benefits: disclose the defined contribution expense and the treatment of multi-employer plans accounted for as defined contribution, the defined benefit plan description, obligation and asset reconciliations, total cost, asset classes, own instruments and property in plan assets, actual return and principal actuarial assumptions (with the group plan cross-reference option for subsidiaries), and the nature, obligation and funding of each category of termination benefit |
| aasb-1060-general-purpose-financial-statements-simplified-disclosures-for-for-profit-and-not-for-profit-tier-2-entities::176-178B | Income tax: disclose information on the nature and financial effect of current and deferred tax including enacted rate and law changes such as Pillar Two, the major components of tax expense, tax on OCI and equity items, the reconciliation of tax expense to accounting profit (or of effective to applicable rate) with the rate basis, changes in the applicable rate, deferred tax balances and movements by type of temporary difference and unused losses and credits, unrecognised deductible differences and losses with expiry dates, dividend tax consequences, and the Pillar Two exception and current tax |
| aasb-1060-general-purpose-financial-statements-simplified-disclosures-for-for-profit-and-not-for-profit-tier-2-entities::179-184 | Foreign currency and hyperinflation: disclose exchange differences in profit or loss (excluding those on instruments at fair value in profit or loss) and those accumulated in equity, the presentation currency, the functional currency and reasons where they differ, and any change of functional currency; an entity under AASB 129 discloses the restatement, the price index and its movements, the monetary gain or loss, and whether historical or current cost applies |
| aasb-1060-general-purpose-financial-statements-simplified-disclosures-for-for-profit-and-not-for-profit-tier-2-entities::185-188 | Events after the reporting period: adjust recognised amounts for adjusting events, disclose the date of authorisation for issue and who gave it (and any power of owners to amend after issue), and for every category of non-adjusting event disclose what happened and the estimated financial effect, or say that no estimate is possible |
| aasb-1060-general-purpose-financial-statements-simplified-disclosures-for-for-profit-and-not-for-profit-tier-2-entities::189-203 | Related parties: assess relationships by substance, disclose parent and ultimate controlling party relationships regardless of transactions (and the next senior parent with public statements), disclose total key management personnel compensation and amounts paid to a management entity, and for related party transactions disclose the relationship, transaction amounts, outstanding balances with terms, security and guarantees, doubtful debt provisions and expense, by category of related party, with the government-related exemption and the arm's length claim restriction |
| aasb-1060-general-purpose-financial-statements-simplified-disclosures-for-for-profit-and-not-for-profit-tier-2-entities::204-205 | Biological assets: under the fair value model describe each class, the valuation methods and assumptions for produce at harvest and for the assets, and reconcile the period's carrying amount movements; under the cost model describe each class, explain why a reliable fair value is unavailable, and give the depreciation method, useful lives or rates and the gross carrying amount and accumulated depreciation at the opening and closing dates |
Transition to Simplified Disclosures (paragraphs 206 to 213) – AASB 1060 General Purpose Financial Statements Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities
1 controls
| Code | Title |
|---|---|
| aasb-1060-general-purpose-financial-statements-simplified-disclosures-for-for-profit-and-not-for-profit-tier-2-entities::206-213 | Transition to Simplified Disclosures: explain how the move from the previous framework affected position, performance and cash flows; a returning entity explains why it stopped and resumed and whether AASB 1 or AASB 108 applies (an entity resuming Tier 2 under AASB 1053 paragraph 19B(e) gives only the stop and resume reasons); first statements reconcile equity at the transition date and at the latest prior period end and profit for the latest period, separating error corrections from policy changes; a public sector not-for-profit entity with information deficiencies discloses them, its rectification strategy and the Standards not complied with |
What is AASB 1060 General Purpose Financial Statements Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities and who does it apply to?
AASB 1060 General Purpose Financial Statements Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities is a compliance framework from Australia (Commonwealth) with 4 domains and 41 controls. The Australian Tier 2 disclosure Standard: the complete set of financial statements and their minimum line items, the notes, the compliance statement and going concern disclosures, the Australian audit fee and imputation credit disclosures, the topic-by-topic disclosures that replace the Tier 1 disclosure Standards (financial instruments, leases, revenue, income tax, employee benefits, related parties and the rest), the transition reconciliations, and the extra disclosures for the public sector and for not-for-profit entities. It is used by organisations to establish and maintain compliance with industry standards and regulatory requirements.
What does AASB 1060 General Purpose Financial Statements Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities actually require?
AASB 1060 General Purpose Financial Statements Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities has 41 controls organised across 4 domains. The largest domains are Topic disclosures replacing the full Tier 1 disclosure sets (paragraphs 104 to 205) – AASB 1060 General Purpose Financial Statements Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities (22 controls), Presentation and the primary statements: fair presentation, compliance statement, going concern, the position, performance, equity and cash flow statements, notes, audit fees and imputation credits (paragraphs 8 to 103) – AASB 1060 General Purpose Financial Statements Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities (13 controls), Not-for-profit and public sector disclosures (paragraphs 214 to 243) – AASB 1060 General Purpose Financial Statements Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities (5 controls). Each control defines specific requirements that organisations must implement to achieve compliance.
If I already comply with another framework, how much of AASB 1060 General Purpose Financial Statements Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities do I already cover?
AASB 1060 General Purpose Financial Statements Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities does not currently have cross-framework mappings in our system. Check back as we continuously expand our mapping database.
How do I implement AASB 1060 General Purpose Financial Statements Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities?
Start your AASB 1060 General Purpose Financial Statements Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities compliance journey by running a self-assessment on our platform to identify your current compliance posture. Our AI advisory can answer specific questions about AASB 1060 General Purpose Financial Statements Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities requirements, and cross-framework mapping helps you leverage existing controls from other frameworks you may already comply with. Create a free account to access all 41 controls and track your progress.
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