Application of this Standard

2

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.

3

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

4

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

*

References in this Standard to ‘legislation’ mean legislation of a government in Australia.