Appendix B -- Effective date

This appendix is an integral part of the Standard.

Effective date


An entity shall apply this Standard for annual reporting periods beginning on or after 1 July 2021. Earlier application is permitted. If an entity applies this Standard earlier:

(a) it shall disclose that fact; and

(b) if the entity is a for-profit private sector entity – it may elect to apply the short-term exemptions in AASB 1053 Application of Tiers of Australian Accounting Standards Appendix E, where applicable; or

(c) if the entity is a not-for-profit entity – notwithstanding paragraph 20, it may elect not to present comparative information in the notes to the financial statements if the entity did not disclose the comparable information in its most recent previous general purpose financial statements.