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Paragraphs superseded by this Standard

Paragraphs that have not been superseded by this Standard and represent presentation requirements or associated guidance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 79–88D

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