Which tier of general purpose financial statements do I have to prepare?

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:
  • For-profit
  • Not-for-profit
• 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 cridley@afrs.com.au