AASB 1039 Concise Financial Reports
The Australian standard for the concise financial report a company, scheme or disclosing entity may send members instead of the full financial report: everything derived from the audited report on the same policies, the four primary statements unchanged, discussion and analysis for unlisted entities, the specific disclosures (segments, revenue, dividends, earnings per share, currency, subsequent events, policy changes, first-time adoption, going concern), comparatives and the first-page advice that the full report is available free on request.
AASB 1039 Concise Financial Reports is a compliance framework from Australia (Commonwealth) with 3 domains and 12 controls that map to 3 other frameworks. The largest domains are Preparation, presentation and the financial statements in a concise financial report (paragraphs 12 to 27) – AASB 1039 Concise Financial Reports (5 controls), Specific disclosures (paragraphs 28 to 32) – AASB 1039 Concise Financial Reports (5 controls), Relationship to the financial report, comparative information and definitions (paragraphs 33 to 37) – AASB 1039 Concise Financial Reports (2 controls). Every control below carries what it requires and what an assessor expects to see.
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Framework Domains (3)
Preparation, presentation and the financial statements in a concise financial report (paragraphs 12 to 27) – AASB 1039 Concise Financial Reports
| Code | Title |
|---|---|
| aasb-1039-concise-financial-reports::12-15 | Derive the financial statements and specific disclosures from the financial report, keep any other information consistent with it, and apply the same recognition and measurement policies |
| aasb-1039-concise-financial-reports::16-17 | Disclose the nature and estimated magnitude of any item without which the concise report would be misleading, treating the prescribed content as a minimum and adding industry-specific information where significant |
| aasb-1039-concise-financial-reports::18-19 | Include a statement of profit or loss and other comprehensive income, a statement of financial position, a statement of cash flows and a statement of changes in equity |
| aasb-1039-concise-financial-reports::20-23 | Present each financial statement exactly as in the financial report, omitting only the note cross-references; the notes themselves are not required unless the Standard specifies them |
| aasb-1039-concise-financial-reports::24-27 | Entities other than listed companies must accompany the financial statements with discussion and analysis covering the principal factors behind performance, position, cash flows and equity |
Relationship to the financial report, comparative information and definitions (paragraphs 33 to 37) – AASB 1039 Concise Financial Reports
| Code | Title |
|---|---|
| aasb-1039-concise-financial-reports::33 | Display on the first page a prominent statement that the concise report is an extract derived from the financial report, gives a less complete understanding, and that the full report is available free on request |
| aasb-1039-concise-financial-reports::34-35 | Apply the comparative information requirements of the Standards adopted in the financial report and keep prior period comparatives for specific disclosures no longer required in the current period |
Specific disclosures (paragraphs 28 to 32) – AASB 1039 Concise Financial Reports
| Code | Title |
|---|---|
| aasb-1039-concise-financial-reports::28 | Disclose when the financial report was prepared on a basis other than going concern, or when the going concern basis became inappropriate after the reporting date |
| aasb-1039-concise-financial-reports::29 | Disclose for each AASB 8 reportable segment its external and inter-segment revenues, a measure of profit or loss, a measure of total assets and, where regularly provided to the chief operating decision maker, a measure of liabilities |
| aasb-1039-concise-financial-reports::30 | Disclose, even when zero, revenue recognised under AASB 15, dividends paid and proposed in aggregate and per share for each class with their dates, and basic and diluted earnings per share where AASB 133 applies |
| aasb-1039-concise-financial-reports::31 | Disclose the presentation currency, the AASB 110 information for each non-adjusting event after the reporting date, and the required information for material changes in accounting policies or estimates and corrections of prior period errors |
| aasb-1039-concise-financial-reports::32 | In the first year of applying Australian Accounting Standards, direct members to the AASB 1 reconciliations in the financial report and summarise them |
Your Compliance Coverage
If you comply with AASB 1039 Concise Financial Reports, you already cover:
Maps to 3 other frameworks
Coverage is not the same as your position
This page shows what AASB 1039 Concise Financial Reports overlaps with in general. Where your organisation actually stands, against the standard you are going for and the certifications you already hold, is a different question. Same graph and the same recorded refutations, scoped to you rather than to a pair.
The Compliance Position Diagnostic, $5,000 fixed, ten business daysWhat is AASB 1039 Concise Financial Reports and who does it apply to?
AASB 1039 Concise Financial Reports is a compliance framework from Australia (Commonwealth) with 3 domains and 12 controls. The Australian standard for the concise financial report a company, scheme or disclosing entity may send members instead of the full financial report: everything derived from the audited report on the same policies, the four primary statements unchanged, discussion and analysis for unlisted entities, the specific disclosures (segments, revenue, dividends, earnings per share, currency, subsequent events, policy changes, first-time adoption, going concern), comparatives and the first-page advice that the full report is available free on request. It is used by organisations to establish and maintain compliance with industry standards and regulatory requirements.
What does AASB 1039 Concise Financial Reports actually require?
AASB 1039 Concise Financial Reports has 12 controls organised across 3 domains. The largest domains are Preparation, presentation and the financial statements in a concise financial report (paragraphs 12 to 27) – AASB 1039 Concise Financial Reports (5 controls), Specific disclosures (paragraphs 28 to 32) – AASB 1039 Concise Financial Reports (5 controls), Relationship to the financial report, comparative information and definitions (paragraphs 33 to 37) – AASB 1039 Concise Financial Reports (2 controls). Each control defines specific requirements that organisations must implement to achieve compliance.
If I already comply with another framework, how much of AASB 1039 Concise Financial Reports do I already cover?
AASB 1039 Concise Financial Reports maps to 3 other compliance frameworks. The top mapping partners are AASB 18 Presentation and Disclosure in Financial Statements (42% coverage), Australia Corporations Act 2001 (Cth) (33% coverage), EU Accounting Directive (Directive 2013/34/EU) (17% coverage). Use our comparison tool to explore control-level mappings between frameworks.
How do I implement AASB 1039 Concise Financial Reports?
Start your AASB 1039 Concise Financial Reports 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 1039 Concise Financial Reports 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 12 controls and track your progress.
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