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Which tier of general purpose financial statements do I have to prepare?
Unlock financial reporting clarity and understand the changes to the tiers of general purpose financial statements.
1 min read
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 publicly 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
