Date posted: 18/12/2020

Submission on simplifying transition to AASB 1060 for Tier 2 NFPs

Joint submission supports proposals to extend disclosure relief for Tier 2 NFPs transiting to AASB 1060

CA ANZ and CPA Australia’s joint submission supports the AASB’s proposals to amend the disclosure relief available to Not for profit (NFP) entities transitioning to the AASB’s Simplified Disclosure Regime for Tier 2 entities. We agree that the proposals, set out in ED 306 Transition Between Tier 2 Frameworks for Not-for-Profit Entities, are sensible and necessary amendments to AASB 1053 Application of Tiers of Australian Accounting Standards and AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities.

They will ensure that not-for-profit (NFP) entities are not disadvantaged, compared to their for-profit (FP) counterparts, when transitioning from the previous Reduced Disclosure Requirements regime, promoting consistency and comparability of Tier 2 financial statements in both the FP and NFP sectors.

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