Application of this Standard (AASB1057_07-15_COMPjun22_07-21)

This Standard applies to:

(a) each entity that is required to prepare financial reports in accordance with Part 2M.3 of the Corporations Act;

(b) general purpose financial statements of each not-for-profit reporting entity;

(c) each entity that elects to prepare financial statements that are, or are held out to be, general purpose financial statements;

(d) financial statements of General Government Sectors (GGSs) prepared in accordance with AASB 1049 Whole of Government and General Government Sector Financial Reporting;

(e) for-profit private sector entities that are required by legislation^[*] to prepare financial statements that comply with either Australian Accounting Standards or accounting standards; and

(f) 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.

This Standard applies to annual periods beginning on or after 1 January 2016.

This Standard may be applied to annual periods beginning before 1 January 2016.