June 2025 Tier 2 model financial report
Financial reporting periods ending on or after 30 June 2025
Unlock best practice outcomes in your full-year financial reporting with our Tier 2 model financial report. This comprehensive guide illustrates AASB 1060 'General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities' (AASB 1060), offering valuable insights and practical applications for achieving excellence in reporting
Our Tier 2 model financial report contains an illustrative example of general purpose financial statements prepared in accordance with AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities (AASB 1060).
This edition includes updates for:
- Revised requirements for the classification of liabilities as current or non-current and new disclosures about non-current liabilities with covenants
- New disclosures about supplier finance arrangements
- Clarified accounting requirements for measuring lease liabilities in certain sale and leaseback transactions
- For entities subject to Pillar Two top-up income taxes, separate disclosure of material current Pillar Two taxes
- For public companies, some minor changes to the consolidated entity disclosure statement, together with more guidance about determining the tax residency of consolidated entities.
Changes have been highlighted throughout the document using a blue bar in the left-hand margin.
Download the publication to learn more.
Alison White
Moana Overton
