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Post implementation review of AASB 1060

The AASB have the review scheduled for 2025 reporting season

From AASB:

Coming soon: Post–implementation Review (PIR) of AASB 1060: The AASB will soon issue a PIR of AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities and AASB 2020-2 Removal of Special Purpose Financial Statements for Certain For-Profit Private Sector Entities.

In addition, AASB 1060 needs to be reviewed when the IFRS for SMEs Standard, which was used as a base for AASB 1060, is updated by the IASB or when a new Australian Accounting Standard is issued.

The AASB has decided to conduct the PIR together with consultation on the potential effects of AASB 18 Presentation and Disclosure in Financial Statements, updates to IFRS for SMEs Standard and IFRS 19 Subsidiaries without Public Accountability: Disclosures.