December 2022 Tier 1 models and financial reporting considerations

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.