Introduction to the Portal
New Standards for 2023/24 and earlier financial yearsAustralian Sustainability Reporting Standards set out the sustainability-related and climate-related financial disclosures for sustainability reports/ general purpose financial reports. Certain entities are required by the Corporations Act to comply with AASB S2. Entities may elect to apply the voluntary Standard AASB S1.
Australian Accounting Standards set out the required accounting for particular types of transactions and events. The accounting requirements affect the preparation and presentation of an entity’s financial statements.
Interpretations interpret the requirements of Standards in application to particular transactions or events. These are usually developed where there has been diversity in the application of the requirements of a Standard.
Concepts documents describe the objective of, and the concepts for, general purpose financial reporting, including the Australian concept of a "reporting entity" (see SAC 1), which is relevant only to some entities (see AASB 1057). The purpose of a Conceptual Framework is to (a) assist the AASB to develop Standards based on consistent concepts; (b) assist preparers to develop consistent accounting policies when no Standard applies to a particular transaction or event or when a Standard allows a choice of accounting policy; and (c) assist all parties to understand and interpret the Standards.
Practice Statements provide guidance to entities when preparing general purpose financial statements that comply with Australian Accounting Standards
Agenda Decisions report the AASB's reasoning when issues that are raised for consideration by the AASB are either not added to the agenda or else are removed from the agenda when it is decided that a domestic pronouncement or amendment will not be issued. Agenda Decisions cover matters of ongoing significance to general purpose financial statements.