Application (Conceptual_Framework_05-19_COMPmar20_07-21)

This Conceptual Framework applies 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.

This Conceptual Framework applies to periods beginning on or after 1 July 2021. Earlier application is permitted if at the same time an entity also applies the amendments made by AASB 2019-1 Amendments to Australian Accounting Standards – References to the Conceptual Framework and AASB 2020-2 Amendments to Australian Accounting Standards – Removal of Special Purpose Financial Statements for Certain For-Profit Private Sector Entities.

When applicable, this Conceptual Framework supersedes:

(a)            the Framework for the Preparation and Presentation of Financial Statements (July 2004); and

(b)            Statement of Accounting Concepts SAC 1 Definition of the Reporting Entity (August 1990);

except as otherwise required by Australian Accounting Standards.