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December 2022 Tier 1 models and financial reporting considerations

Financial reporting periods ending on or after 31 December 2022

These models contain illustrative disclosures for companies preparing Tier 1 general purpose financial statements for financial reporting periods ending on or after 31 December 2022 and also outline the key financial reporting considerations for the December 2022 reporting season.

Alison White

NOTE: An updated version of this document for the June 2023 reporting period is available here.

This publication assists entities with public accountability and those choosing to prepare Tier 1 financial statements with an illustrative guide when developing their own disclosures for the December 2022 reporting season.

The publication also provides an easy-to-read and focused summary of key considerations for the December 2022 reporting season, including our popular ‘What’s new in financial reporting’ analysis.

The publication has the following sections:

  • Using this publication – provides an overview of using the document as a guide in achieving best practice outcomes in Tier 1 annual reports
  • Key considerations for 31 December 2022 – contains pertinent information for financial reporting at 31 December 2022, including what’s new for the current reporting season, a summary of new and revised pronouncements and reporting deadlines
  • Core model financial statements – contains the core disclosures that apply to financial statements prepared in accordance with IFRS® Accounting Standards (and their Australian equivalents)
  • Appendix 1 – gives an overview of the disclosure areas impacted by climate change
  • Appendix 2 - includes the various reports required under the Corporations Act 2001, additional Australian disclosures, ASX Listing Rules requirements and ACNC requirements.

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