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Tier 2 Simplified Disclosures model financial statements

Early adoption of Simplified Disclosures for financial reporting periods ending before 30 June 2022

These model financial statements contain illustrative disclosures for companies preparing ‘Tier 2’ general purpose financial statements in compliance with Australian Accounting Standards – Simplified Disclosures for financial reporting periods ending before 30 June 2022.

This document 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 on the basis the entity:

  • Has subsidiaries, joint ventures and associates
  • Is applying Australian Accounting Standards – Simplified Disclosures for the first time before the mandatory application date
  • 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 on transition, as it is transitioning from separate special purpose financial statements to consolidated Tier 2 general purpose financial statements
  • Is not electing to use the optional relief for early adopters in Appendix E of AASB 1053 Application of Tiers of Australian Accounting Standards.

Not-for-profit appendix

We have also published a separate Appendix which provides Australian not-for-profit specific illustrative disclosures to be used as a guide, in conjunction with the Tier 2 model financial statements, to assist the majority of not-for-profit entities meet their general financial reporting requirements when applying AASB 1060. Click here to download the Appendix.

Entities applying AASB 1060 to annual reporting periods beginning on or after 1 July 2021 should refer to our Model Tier 2 financial report for financial years ending on or after 30 June 2022.

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