Objective (AASB1057_07-15_COMPmar20_07-21)

The objective of this Standard is to specify the types of entities and financial statements to which Australian Accounting Standards (including Interpretations) apply.  The term ‘Australian Accounting Standards’ refers to accounting standards (including Interpretations) made by the AASB.  Each reference to an Interpretation refers to that Interpretation as identified in AASB 1048 Interpretation of Standards.

AusCF entities are:

(a)    not-for-profit entities; and 

(b)    for-profit entities that are not applying the Conceptual Framework for Financial Reporting (as identified in AASB 1048 Interpretation of Standards).

For AusCF entities, the term ‘reporting entity’ is defined in this Standard and Statement of Accounting Concepts SAC 1 Definition of the Reporting Entity also applies.  For-profit entities applying the Conceptual Framework for Financial Reporting are set out in paragraph Aus1.1 of the Conceptual Framework.