Implementation guidance (AASB1060_03-20_COMPdec21_01-23)

Implementation guidance -- Disclosure and presentation requirements in other Standards and Interpretations

This implementation guidance accompanies, but is not part of, AASB 1060.

IG1

The table below has been provided for ease of reference, and lists the Standards and specific disclosure paragraphs that do not apply to an entity that is applying AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities as well as specific presentation paragraphs or associated guidance paragraphs that still apply to the entity.

AASB Standard	Paragraphs superseded by this Standard	Paragraphs that have not been superseded by this Standard and represent presentation requirements or associated guidance
AASB 1 First-time Adoption of Australian Accounting Standards	Paragraphs Aus3.2 and 20–33 The text ‘and present’ in paragraph 6.	none
AASB 2 Share-based Payment	Paragraphs 44–52	none
AASB 3 Business Combinations	Paragraphs 59–63 and B64–B67	none
AASB 5 Non-current Assets Held for Sale and Discontinued Operations	Paragraphs 30, 33, 35, 36A, 41 and 42	Paragraphs 31, 32, 33A, 34, 36, and 37–40
AASB 6 Exploration for and Evaluation of Mineral Resources	Paragraphs 23–25	Paragraphs 15–17
AASB 7 Financial Instruments: Disclosures	Compliance with this Standard is not required, however it may be referred to for guidance	n/a
AASB 8 Operating Segments	Paragraphs 5–34, unless elect to disclose segment information	n/a
AASB 12 Disclosure of Interests in Other Entities	Compliance with this Standard is not required, however, it may be referred to for guidance.	n/a
AASB 13 Fair Value Measurement	Paragraphs 91–99	none
AASB 15 Revenue from Contracts with Customers	Paragraphs 110–129 and B87–B89	Paragraphs 105–109
AASB 16 Leases	Paragraphs 51–60, 89–92 and B48–B52	Paragraphs 47–50, 88
AASB 101 Presentation of Financial Statements	Compliance with this Standard is not required, however it may be referred to for guidance.	n/a
AASB 102 Inventories	Paragraphs 36–39	none
AASB 107 Statement of Cash Flows	Compliance with this Standard is not required, however it may be referred to for guidance.	n/a
AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors	Paragraphs 28–31, 39–40 and 49	none
AASB 110 Events after the Reporting Period	Paragraphs 13, 16 and 17–22	none
AASB 112 Income Taxes	Paragraphs 79–88	Paragraphs 71–78
AASB 116 Property, Plant and Equipment	Paragraphs 73–79	none
AASB 119 Employee Benefits	Paragraphs 25, 33(b), 34(b), 42, 53, 54, 135–152, 158, 171	Paragraphs 131–134
AASB 120 Accounting for Government Grants and Disclosure of Government Assistance	Paragraph 39	Paragraphs 24–31
AASB 121 The Effects of Changes in Foreign Exchange Rates	Paragraphs 51–57	none
AASB 123 Borrowing Costs	Paragraphs 26 and Aus26.1	none
AASB 124 Related Party Disclosures	Compliance with this Standard is not required, however it may be referred to for guidance.	n/a
AASB 127 Separate Financial Statements	Paragraphs 15–17	none
AASB 129 Financial Reporting in Hyperinflationary Economies	Paragraphs 39 and 40	none
AASB 132 Financial Instruments: Presentation		AASB 132 continues to apply
AASB 133 Earnings per Share	Paragraphs 3–73A and Appendix A, unless elect to disclose earnings per share.	n/a
AASB 136 Impairment of Assets	Paragraphs 126–137	none
AASB 137 Provisions, Contingent Liabilities and Contingent Assets	Paragraphs 84–92 and last sentence of paragraph 75	none
AASB 138 Intangible Assets	Paragraphs 118–128	none
AASB 140 Investment Property	Paragraphs 74–79	none
AASB 141 Agriculture	Paragraphs 40–57	none
AASB 1004 Contributions	Paragraph 43A, 57–59	none
AASB 1050 Administered Items	Paragraphs 7, 8 and 22	Paragraphs 9–21, and 23–25
AASB 1051 Land Under Roads	Paragraphs 11 and 12	none
AASB 1052 Disaggregated Disclosures	Paragraphs 15–21	none
AASB 1054 Australian Additional Disclosures	Paragraphs 7–16	none
AASB 1055 Budgetary Reporting	Paragraphs 6–8	Paragraphs 9–15
AASB 1058 Income of Not-for-Profit Entities	Paragraphs 23–41	none
AASB 1059 Service Concession Arrangements: Grantors	Paragraphs 28, 29, B79 and B80	none

IG2

The table below lists the specific disclosure paragraphs in Interpretations that do not apply to an entity that is applying AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities as well as specific presentation paragraphs or associated guidance paragraphs that still apply to the entity.

AASB Interpretations	Paragraphs superseded by this Standard	Paragraphs that have not been superseded by this Standard and represent presentation requirements or guidance
Interpretation 2 Members’ Shares in Co-operative Entities and Similar Instruments	Paragraph 13	none
Interpretation 5 Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds	Paragraphs 11–13	none
Interpretation 17 Distributions of Non-cash Assets to Owners	Paragraphs 16–17	Paragraph 15
Interpretation 23 Uncertainty over Income Tax Treatments	Paragraphs A4 and A5	none
Interpretation 129 Service Concession Arrangements: Disclosures	Paragraphs 6–7	none
Interpretation 1052 Tax Consolidation Accounting	Paragraphs 16, 59 and 60	none