Application

Aus1.1

The concepts in this Framework are not set out as requirements for the purpose of preparing general purpose financial statements.  This is consistent with the:

(a)            [deleted]

(b)            [deleted]

(c)            Australian Securities and Investments Commission Act 2001, section 227(1).

Aus1.2

This Framework applies to periods beginning on or after 1 January 2005.

[Note:  For application dates of paragraphs changed or added by an amending pronouncement, see Compilation Details.]

Aus1.2A

This Framework does not apply in relation to reporting periods beginning on or after 1 July 2021 to:

(a)            for-profit private sector entities that are required by legislation to prepare financial statements that comply with either                       Australian Accounting Standards or accounting standards;

(b)            other for-profit private sector entities that are required only by their constituting document or another document to prepare financial statements that comply with Australian Accounting Standards, provided that the relevant document was created or amended on or after 1 July 2021; and

(c)            other for-profit entities (private sector or public sector) that elect to prepare general purpose financial statements;

except as otherwise required by Australian Accounting Standards.

Aus1.2B

If an entity identified in paragraph Aus1.2A elects to apply the Conceptual Framework for Financial Reporting to an annual reporting period prior to its mandatory application for the entity, the entity shall not apply this Framework to that period, except as otherwise required by Australian Accounting Standards.

Aus1.3

This Framework shall not be applied to annual reporting periods beginning before 1 January 2005.

Aus1.4

When applicable, this Framework supersedes:

(a)            Statement of Accounting Concepts SAC 2 Objective of General Purpose Financial Reporting as issued in August 1990;

(b)            Statement of Accounting Concepts SAC 3 Qualitative Characteristics of Financial Information as issued in August 1990; and

(c)            Statement of Accounting Concepts SAC 4 Definition and Recognition of the Elements of Financial Statements as issued in March 1995.

Aus1.5

SAC 2, SAC 3 and SAC 4 remain applicable until superseded by this Framework.