AASB 2022-2 Amendments to Australian Accounting Standards – Extending Transition Relief under AASB 1

Wednesday, May 4, 2022

AASB 2022-2 amends AASB 1 and AASB 1053 to assist entities with the first-time preparation of general purpose financial statements (GPFS) in some circumstances.

This includes certain for-profit private sector entities that can no longer apply the reporting entity concept or prepare special purpose financial statements from 1 July 2021.

AASB 2022-2 amends:

*  AASB 1 First-time Adoption of Australian Accounting Standards – to allow:

*  AASB 1053 Application of Tiers of Australian Accounting Standards – to allow for-profit private sector entities transitioning from unconsolidated Tier 2 – Reduced Disclosure Requirements GPFS to consolidated Tier 2 – Simplified Disclosures GPFS to apply AASB 1 when preparing consolidated financial statements for the first time.

AASB 2022-2 applies to annual reporting periods ending on or after 30 June 2022.

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