The tiers of general purpose financial statements have changed from 30 June 2022:
- Tier 1 remains IFRS compliant financial statements which include all recognition, measurement, presentation and disclosure requirements from the Australian Accounting Standards (AASB’s)
- Tier 2 is Simplified Disclosures which requires all recognition and measurement from the AASB’s, however presentation and disclosure requirements are included in AASB 1060 which is a stand-alone standard for this purpose.
Tier 1 financial statements are required for publicaly accountable entities or other entities specifically required by a regulator to prepare Tier 1 financial statements.
The decision trees below will assist entities in determining which tier of general purpose financial statements they need to prepare.
For-Profit Private Sector Entities
Not-For-Profit Private Sector Entities
Other Caseware reference documents on this topic:
- Confirm and clarify the removal of special purpose financial statements
- AASB 2022-4 Amendments to Australian Accounting Standards — Disclosures in Special Purpose Financial Statements of Certain For-Profit Private Sector Entities
- Simplified Disclosures
- RDR to SDS comparison document:
- Do the Special Purpose financial reporting changes affect Not-for-Profit entities?
- 2021 Caseware Customer Conference session SDS – what now?
- Webinar – Removal of Special Purpose Financial Statements
If you have any queries on this topic then please contact our support team or reach out directly to Carmen Ridley via email@example.com