Practice Statements | Archival Version

This table lists the Practice Statements that have been issued by the International Accounting Standards Board and the AASB. These Practice Statements are not required to be complied with by entities preparing general purpose financial statements in accordance with Australian Accounting Standards or IFRS Accounting Standards.

New versions of Practice Statements that apply to periods beginning on or after 1 January 2025 are published only on the AASB’s Pronouncements Web Portal (standards.aasb.gov.au) – a.k.a. the Digital Standards Portal. The portal provides all the versions that apply to periods beginning on or after 1 July 2021, not just the versions applying from 1 January 2025 or later dates. The portal also links to supporting information, such as amending Standards.

Practice Statements

The Practice Statements period landing page on the Pronouncements Web Portal provides a listing of the versions of all AASB Practice Statements that apply to the presently specified “current reporting period”. The current reporting period is either a calendar year or a regular financial year, and is reset on the portal twice a year to support general usage of the portal.

The 2024/25 financial year is the presently specified current reporting period on the portal.

This page also has the following additional tabs:

the “Future Periods” tab – lists the available versions of the AASB Practice Statements that apply only to reporting periods later than the currently specified reporting period; and
the “By Reporting Period” tab – permits the portal user to set the beginning and ending dates of their own reporting period to obtain a listing of the relevant versions of the AASB Practice Statements.

The following superseded table provides links to the latest versions of the Practice Statements published on this website. The operative dates shown are for periods beginning on or after the specified date. The link for PS 1 goes to an AASB introductory comment page, which contains a link to IFRS PS 1. The December 2022 version of PS 2 has been superseded for periods beginning on or after 1 January 2027. This version is also available on the Pronouncements Web Portal, along with later versions.

Title	Issue Date	Operative Date
Management Commentary (IFRS Practice Statement 1)	Dec 2010	8 Dec 2010
Making Materiality Judgements (AASB Practice Statement 2)	Dec 2022	1 Jan 2024 to 1 Jan 2027

Amending Pronouncements affecting Practice Statements (not yet fully compiled)

The complete list of uncompiled amending Standards affecting Practice Statements (if any) is provided on the portal as the first item (“List PS”) in the Future Periods listing on the Practice Statements period landing page. Click first on the Future Periods tab and then on the “Amended By” downward arrowhead for the first item to open the current list of uncompiled amending Standards. The amending Standards are presented first in the order of their operative date and secondly in issue date order.

The Future Periods listing also provides a list of the uncompiled amending Standards for each Practice Statement that has uncompiled amendments (if any). Click on the “Amended By” downward arrowhead for the uncompiled amendments item for the Practice Statement of interest.

Amending Pronouncements affecting Practice Statements (fully compiled)

The last version of this listing on the website listed the amending Standards affecting Practice Statements issued from 2018 to 2022, with the latest operative date of 1 January 2024 (for AASB 2022-6).

In the portal, AASB 2022-6 is linked to the version of the amended PS 2 in which the amendments are first compiled – that is, the compiled version that applies to periods beginning on or after 1 January 2024 but before 1 January 2027. See the related documents shown in the right-hand panel for the amended PS 2, where the relevant amending Standard is linked under the heading “Amendments incorporated in this Version”.

All amending Standards affecting Practice Statements that apply for the first time from dates after 1 January 2024 will also be linked in this way to the versions of the amended Practice Statements in which the amendments are first compiled.

Amending Standards are also linked to the previous version of the amended Practice Statements in the All Versions listings in the portal, where they are shown as “Subsequent Amending Pronouncements” in the “Amended By” information (click on the downward arrowhead). This presentation is similar to the Browse for Pronouncements search on this website.