Application and Operative Date

2

This Statement applies to each reporting entity in relation to its first reporting period that ends on or after 31 August 1990, and in relation to subsequent reporting periods.

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

2A

This Statement 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.

2B

If an entity identified in paragraph 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 Statement to that period.