Appendix C (AASB18_06-24) (NFP-super)

An entity shall apply this Standard for annual reporting periods beginning on or after 1 January 2027. Earlier application is permitted. If an entity applies this Standard for an earlier period, it shall disclose that fact in the notes.

Notwithstanding paragraph C1, the following entities shall apply this Standard for annual reporting periods beginning on or after 1 January 2028: 

(a) not-for-profit private sector entities; 

(b) not-for-profit public sector entities; and 

(c) superannuation entities applying AASB 1056 Superannuation Entities. 

Earlier application is permitted. If such an entity applies this Standard for an earlier period, it shall disclose that fact in the notes.

An entity shall apply this Standard retrospectively applying AASB 108. However, an entity is not required to present the quantitative information specified in paragraph 28(f) of AASB 108.

In its annual financial statements an entity shall disclose, for the comparative period immediately preceding the period in which this Standard is first applied, a reconciliation for each line item in the statement of profit or loss between: 

(a) the restated amounts presented applying this Standard; and 

(b) the amounts previously presented applying AASB 101 Presentation of Financial Statements.

If an entity applies AASB 134 in preparing condensed interim financial statements in the first year of applying this Standard, the entity shall present in the condensed interim financial statements each heading it expects to use in applying the Standard and the subtotals required by paragraphs 69–74 of this Standard, despite the requirements in paragraph 10 of AASB 134. An entity shall not apply the requirements in paragraph 10 of AASB 134 for headings and subtotals in condensed interim financial statements until it has issued its first set of annual financial statements prepared in accordance with this Standard.

If an entity applies AASB 134 in preparing interim financial statements in the first year of applying this Standard, the entity shall, as part of the information required by paragraph 16A(a) of AASB 134, disclose reconciliations for each line item presented in the statement of profit or loss for the comparative periods immediately preceding the current and cumulative current periods. The reconciliations are required between: 

(a) the restated amounts presented applying the accounting policies for the comparative period and the cumulative comparative period when the entity applies this Standard; and 

(b) the amounts previously presented applying the accounting policies for the comparative period and cumulative comparative period when the entity applied AASB 101.

An entity is permitted, but not required, to disclose the reconciliations described in paragraphs C3 and C5 for the current period or earlier comparative periods.

At the date of initial application of this Standard, an entity eligible to apply paragraph 18 of AASB 128 is permitted to change its election for measuring an investment in an associate or joint venture from the equity method to fair value through profit or loss in accordance with AASB 9. If an entity makes such a change, the entity shall apply the change retrospectively applying AASB 108. An entity applying paragraph 11 of AASB 127 shall make the same change in its separate financial statements.

[Deleted by the AASB]

This Standard repeals AASB 101 Presentation of Financial Statements issued in July 2015. Despite the repeal, after the time this Standard starts to apply under section 334 of the Corporations Act (either generally or in relation to an individual entity), the repealed Standard continues to apply in relation to any period ending before that time as if the repeal had not occurred.

[Note: When this Standard applies under section 334 of the Corporations Act (either generally or in relation to an individual entity), it supersedes the application of the repealed Standard.]