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June 2022 model Tier 2 financial report

First-time adoption of Australian Accounting Standards – Simplified Disclosures for financial years ending on or after 30 June 2022

Our Model Tier 2 financial report can be used as a guide in achieving best practice outcomes full-year financial reporting when applying Australian Accounting Standards - Simplified Disclosures.


The model 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) on the basis the entity:

  • Has subsidiaries, joint ventures and associates
  • Is applying Australian Accounting Standards – Simplified Disclosures for the first time
  • Previously prepared special purpose financial statements as separate financial statements where investments in subsidiaries, joint ventures and associates were accounted for on the cost basis in accordance with AASB 127 Separate Financial Statements
  • Otherwise has complied with all relevant recognition and measurement requirements of Australian Accounting Standards in its previous special purpose financial statements
  • Has elected to apply AASB 1 First-time Adoption of Australian Accounting Standards (AASB 1) on transition, as it is transitioning from separate special purpose financial statements to consolidated Tier 2 general purpose financial statements.

This document does not illustrate early adoption of the Simplified Disclosures framework. Entities applying AASB 1060 to annual reporting periods beginning before 1 July 2021 should refer to our Tier 2 Simplified Disclosures model financial report illustrating early adoption.

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