Australian Government
Australian Accounting Standards Board
Wednesday, June 17, 2026
AASB 1061 General Purpose Financial Statements – Not-for-Profit Private Sector Tier 3 Entities (the Tier 3 Standard) focuses on information that matters most to users of smaller NFP financial statements, cutting unnecessary complexity. The result is a more proportionate general purpose reporting option that helps smaller NFPs prepare financial statements more efficiently, freeing up time and resources to stay focused on mission and service delivery.
The package also includes AASB 2026-2, which amends Australian Accounting Standards to extend the application of the Conceptual Framework and limit the ability of NFP entities to prepare special purpose financial statements.
The Tier 3 Standard and related amendments were developed through extensive consultation and due process, including multiple rounds of public consultation, so the final requirements reflect real-world NFP reporting needs and can be implemented with confidence. The Standards will be effective for annual reporting periods beginning on or after 1 July 2029 with early application permitted.
The AASB will continue working with regulators, legislative bodies and relevant government agencies to support consistent and effective implementation across the NFP sector.
Visit the AASB 1061 Knowledge Hub for further information