{"id":"F2026L00037","name":"AUASB 2025-12 Amendments to AUASB Standards","slug":"auasb-2025-12-amendments-to-auasb-standards","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":107634,"registerId":"commonwealth-F2026L00037-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"Obtaining a Copy of this Standard","sectionType":"section","heading":"Obtaining a Copy of this Standard","content":"##### Obtaining a Copy of this Standard\n\nThis Standard is available on the Auditing and Assurance Standards Board (AUASB) website: www.auasb.gov.au","sortOrder":0},{"sectionNumber":"Contact Details","sectionType":"section","heading":"Contact Details","content":"##### Contact Details\n\n| Auditing and Assurance Standards BoardPhone: (03) 8080 7400E-mail: enquiries@auasb.gov.auPostal Address:PO Box 204, Collins Street WestMelbourne Victoria 8007AUSTRALIA | |\n| ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --- |","sortOrder":1},{"sectionNumber":"COPYRIGHT","sectionType":"section","heading":"COPYRIGHT","content":"##### COPYRIGHT\n\n© 2025 Auditing and Assurance Standards Board (AUASB). The text, graphics and layout of this Standard are protected by Australian copyright law and the comparable law of other countries. Reproduction within Australia in unaltered form (retaining this notice) is permitted for personal and non‑commercial use subject to the inclusion of an acknowledgment of the source as being the Australian Auditing and Assurance Standards Board (AUASB).\n\nRequests and enquiries concerning reproduction and rights for commercial purposes should be addressed to the Auditing and Assurance Standards Board, PO Box 204, Collins Street West, Melbourne, Victoria 8007 or sent to enquiries@auasb.gov.au. Otherwise, no part of this Standard may be reproduced, stored or transmitted in any form or by any means without the prior written permission of the AUASB except as permitted by law.\n\nISSN 1030-603X","sortOrder":2},{"sectionNumber":"CONTENTS","sectionType":"part","heading":"CONTENTS","content":"# CONTENTS\n\nPREFACE\n\nAUTHORITY STATEMENT\n\nCONFORMITY WITH INTERNATIONAL STANDARDS ON AUDITING\n\nParagraphs\n\nApplication...............................................................1-2\n\nOperative Date..............................................................3\n\nIntroduction\n\nScope of this Standard.........................................................4\n\nObjective..................................................................5\n\nDefinition..................................................................6\n\nAmendments to AUASB Standards..............................................7-8\n\nAmendments to ASA 200.....................................................9-11\n\nAmendments to ASA 450......................................................12\n\nAmendments to ASA 570....................................................13-16\n\nAmendments to ASA 700......................................................17\n\nAmendments to ASRE 2410..................................................18-19","sortOrder":3},{"sectionNumber":"preface","sectionType":"part","heading":"preface","content":"##### Obtaining a Copy of this Standard\n\nThis Standard is available on the Auditing and Assurance Standards Board (AUASB) website: www.auasb.gov.au\n\n##### Contact Details\n\n| Auditing and Assurance Standards BoardPhone: (03) 8080 7400E-mail: enquiries@auasb.gov.auPostal Address:PO Box 204, Collins Street WestMelbourne Victoria 8007AUSTRALIA | |\n| ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --- |\n\n##### COPYRIGHT\n\n© 2025 Auditing and Assurance Standards Board (AUASB). The text, graphics and layout of this Standard are protected by Australian copyright law and the comparable law of other countries. Reproduction within Australia in unaltered form (retaining this notice) is permitted for personal and non‑commercial use subject to the inclusion of an acknowledgment of the source as being the Australian Auditing and Assurance Standards Board (AUASB).\n\nRequests and enquiries concerning reproduction and rights for commercial purposes should be addressed to the Auditing and Assurance Standards Board, PO Box 204, Collins Street West, Melbourne, Victoria 8007 or sent to enquiries@auasb.gov.au. Otherwise, no part of this Standard may be reproduced, stored or transmitted in any form or by any means without the prior written permission of the AUASB except as permitted by law.\n\nISSN 1030-603X\n\n# CONTENTS\n\nPREFACE\n\nAUTHORITY STATEMENT\n\nCONFORMITY WITH INTERNATIONAL STANDARDS ON AUDITING\n\nParagraphs\n\nApplication...............................................................1-2\n\nOperative Date..............................................................3\n\nIntroduction\n\nScope of this Standard.........................................................4\n\nObjective..................................................................5\n\nDefinition..................................................................6\n\nAmendments to AUASB Standards..............................................7-8\n\nAmendments to ASA 200.....................................................9-11\n\nAmendments to ASA 450......................................................12\n\nAmendments to ASA 570....................................................13-16\n\nAmendments to ASA 700......................................................17\n\nAmendments to ASRE 2410..................................................18-19\n\n \n\n# preface\n\n#### Reasons for Issuing AUASB 2025-12\n\nThe AUASB issues AUASB 2025-12 Amendments to AUASB Standards pursuant to the requirements of the legislative provisions and the Strategic Direction explained below.\n\nThe AUASB was established under section 227A of the Australian Securities and Investments Commission Act 2001. Under section 336 of the Corporations Act 2001, the AUASB may make Auditing Standards for the purposes of the corporations legislation. These Auditing Standards are legislative instruments under the Legislation Act 2003.\n\nUnder the Strategic Direction given to the AUASB by the Financial Reporting Council, the AUASB is required, inter alia, to develop auditing standards that have a clear public interest focus and are of the highest quality.\n\n#### Main Features\n\nThis Standard makes minor amendments to the requirements, application and other explanatory material and appendices of the following AUASB Standards:\n\nASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards (Issued 27 October 2009 and amended to 12 November 2025)\n\nASA 450 Evaluation of Misstatements Identified during the Audit (Issued 27 October 2009 and amended to 30 May 2017)\n\nASA 570 Going Concern (Issued 14 May 2025)\n\nASA 700 Forming an Opinion and Reporting on a Financial Report (Issued 1 December 2015 and amended to 12 November 2025)\n\nASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity (Issued 9 June 2020 and amended to 12 November 2025)\n\nThe amendments arise from a new standard issued by the Australian Accounting Standards Board AASB 18 Presentation and Disclosure in Financial Statements which supersedes AASB 101 Presentation of Financial Statements.\n\n \n\n## AUTHORITY STATEMENT\n\nThe Auditing and Assurance Standards Board makes this Standard AUASB 2025-12 Amendments to AUASB Standards pursuant to section 227B of the Australian Securities and Investments Commission Act 2001 and section 336 of the Corporations Act 2001.\n\nDated: 12 November 2025 D Niven \nChair - AUASB\n\n##### Conformity with International Standards on Auditing\n\nThis Standard has been made for Australian legislative purposes and accordingly there is no equivalent International Standard on Auditing issued by the International Auditing and Assurance Standards Board.","sortOrder":4},{"sectionNumber":"Reasons for Issuing AUASB 2025-12","sectionType":"subdivision","heading":"Reasons for Issuing AUASB 2025-12","content":"#### Reasons for Issuing AUASB 2025-12\n\nThe AUASB issues AUASB 2025-12 Amendments to AUASB Standards pursuant to the requirements of the legislative provisions and the Strategic Direction explained below.\n\nThe AUASB was established under section 227A of the Australian Securities and Investments Commission Act 2001. Under section 336 of the Corporations Act 2001, the AUASB may make Auditing Standards for the purposes of the corporations legislation. These Auditing Standards are legislative instruments under the Legislation Act 2003.\n\nUnder the Strategic Direction given to the AUASB by the Financial Reporting Council, the AUASB is required, inter alia, to develop auditing standards that have a clear public interest focus and are of the highest quality.","sortOrder":5},{"sectionNumber":"Main Features","sectionType":"subdivision","heading":"Main Features","content":"#### Main Features\n\nThis Standard makes minor amendments to the requirements, application and other explanatory material and appendices of the following AUASB Standards:\n\nASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards (Issued 27 October 2009 and amended to 12 November 2025)\n\nASA 450 Evaluation of Misstatements Identified during the Audit (Issued 27 October 2009 and amended to 30 May 2017)\n\nASA 570 Going Concern (Issued 14 May 2025)\n\nASA 700 Forming an Opinion and Reporting on a Financial Report (Issued 1 December 2015 and amended to 12 November 2025)\n\nASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity (Issued 9 June 2020 and amended to 12 November 2025)\n\nThe amendments arise from a new standard issued by the Australian Accounting Standards Board AASB 18 Presentation and Disclosure in Financial Statements which supersedes AASB 101 Presentation of Financial Statements.\n\n \n\n## AUTHORITY STATEMENT\n\nThe Auditing and Assurance Standards Board makes this Standard AUASB 2025-12 Amendments to AUASB Standards pursuant to section 227B of the Australian Securities and Investments Commission Act 2001 and section 336 of the Corporations Act 2001.\n\nDated: 12 November 2025 D Niven \nChair - AUASB\n\n##### Conformity with International Standards on Auditing\n\nThis Standard has been made for Australian legislative purposes and accordingly there is no equivalent International Standard on Auditing issued by the International Auditing and Assurance Standards Board.","sortOrder":6},{"sectionNumber":"AUTHORITY STATEMENT","sectionType":"part","heading":"AUTHORITY STATEMENT","content":"## AUTHORITY STATEMENT\n\nThe Auditing and Assurance Standards Board makes this Standard AUASB 2025-12 Amendments to AUASB Standards pursuant to section 227B of the Australian Securities and Investments Commission Act 2001 and section 336 of the Corporations Act 2001.","sortOrder":7},{"sectionNumber":"Conformity with International Standards ","sectionType":"section","heading":"Conformity with International Standards on Auditing","content":"##### Conformity with International Standards on Auditing\n\nThis Standard has been made for Australian legislative purposes and accordingly there is no equivalent International Standard on Auditing issued by the International Auditing and Assurance Standards Board.","sortOrder":8},{"sectionNumber":"AUASB 2025-12","sectionType":"part","heading":"AUASB 2025-12","content":"## AUASB 2025-12\n\n### Amendments to AUASB Standards\n\n##### Application\n\n1. This Standard applies to:\n 1. an audit of a financial report for a financial year, or an audit of a financial report for a half-year, in accordance with the Corporations Act 2001; and\n 2. an audit of a financial report, or a complete set of financial statements, for any other purpose.\n2. This Standard also applies, as appropriate, to an audit of other historical financial information.\n\n##### Operative Date\n\n1. This Standard is operative for financial reporting periods commencing on or after 15 December 2026.\n\n##### Introduction\n\n###### Scope of this Standard\n\n1. This Standard makes minor amendments to AUASB Standards as a result of amendments arising from a new standard issued by the Australian Accounting Standards Board AASB 18 Presentation and Disclosure in Financial Statements which supersedes AASB 101 Presentation of Financial Statements.\n\n##### Objective\n\n1. The objective of this Standard is to make amendments to the following Auditing Standards:\n 1. ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards (Issued 27 October 2009 and amended to 12 November 2025)\n 2. ASA 450 Evaluation of Misstatements Identified during the Audit (Issued 27 October 2009 and amended to 30 May 2017)\n 3. ASA 570 Going Concern (Issued 14 May 2025)\n 4. ASA 700 Forming an Opinion and Reporting on a Financial Report (Issued 1 December 2015 and amended to 12 November 2025)\n 5. ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity (Issued 9 June 2020 and amended to 12 November 2025)\n\n##### Definition\n\n1. For the purposes of this Standard, the meanings of terms are set out in each AUASB Standard. This Standard does not introduce new definitions.\n\n###### Amendments to AUASB Standards\n\n1. Where relevant, this Standard uses underlining, striking out and other typographical material to identify the amendments to a Standard, in order to make the amendments more understandable. However, the amendments made by this Standard do not include that underlining, striking out or other typographical material. Amended paragraphs are shown with deleted text struck through and new text underlined. Ellipses (…) are used to help provide the context within which amendments are made and also to indicate text that is not amended.\n2. Where this amending standard inserts or deletes a paragraph or footnote, as a result of that insertion or deletion relevant paragraph numbers, cross-references and footnotes are updated.\n\n###### Amendments to ASA 200\n\n1. Existing paragraph Aus 13.1 and footnote \\* (as amended by AUASB 2025-8 Amendments to AUASB Standards) are amended to read as follows:\n\nA complete set of financial statements means financial statements and related notes as determined by the requirements of the applicable financial reporting framework. For example, a complete set of financial statements as described in Accounting Standard AASB 18101[\\[\\*\\]](#_ftn1) includes:\n\n(a) a statement (or statements) of financial performance for the reporting period;\n\n(ab) a statement of financial position as at the end of the reporting period;\n\n(b) a statement of profit or loss and other comprehensive income for the period;\n\n(c) a statement of changes in equity for the reporting period;\n\n(d) a statement of cash flows for the reporting period;\n\n(e) notes for the reporting period, comprising material accounting policy information and other explanatory information; and\n\n(f) comparative information in respect of the preceding period, where applicable; and\n\n(g) a statement of financial position as at the beginning of the preceding period, if required.\n\n1. Existing footnote § in paragraph Aus A10.2 is amended to read as follows:\n\nSee AASB 18101.\n\n1. Existing footnote \\* in paragraph A53 is amended to read as follows:\n\nIssued by the Australian Accounting Standards Board on 15 July 2004 and amended to 21 May 2019, (June 2014).\n\n###### Amendments to ASA 450\n\n1. Existing footnote 7 of paragraph A1 is amended to read as follows:\n\nFor example, Australian Accounting Standards require an entity to provide additional disclosures when compliance with the specific requirements in Australian Accounting Standards is insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity’s financial position and financial performance (See AASB 108101 Basis of Preparation Presentation of Financial Statements, paragraph 176C(c)).\n\n###### Amendments to ASA 570\n\n1. Existing paragraph 3 and footnote 1 are amended to read as follows:\n\nSome financial reporting frameworks contain an explicit requirement for management to make a specific assessment of the entity’s ability to continue as a going concern and include standards regarding matters to be considered and disclosures to be made in connection with going concern. For example, Australian Accounting Standard (AASB) 108101 requires management to make an assessment of an entity’s ability to continue as a going concern.[\\[1\\]](#_ftn2) The detailed requirements regarding management’s responsibility to assess the entity’s ability to continue as a going concern and related financial statement disclosures may also be set out in law or regulation. (Ref: Para. A4)\n\n1. Existing paragraph A4 and footnote 17 are amended to read as follows:\n\nThe circumstances in which entities prepare financial reports on a going concern basis of accounting may vary. For example, AASB 108101 explains that those circumstances could range from when an entity has a history of profitable operations and ready access to financial resources, to when management may need to consider a wide range of factors relating to current and expected profitability, debt repayment schedules and potential sources of replacement financing before it can satisfy itself that the going concern basis is appropriate.[\\[17\\]](#_ftn3)\n\n1. Existing paragraph A5 is amended to read as follows:\n\nThe applicable financial reporting framework may or may not explicitly use the term “material uncertainty” when describing the uncertainties that are required to be disclosed in the financial report related to events or conditions that may cast significant doubt on the entity's ability to continue as a going concern. For example, the term “material uncertainty” is used in AASB 108101 and IPSAS 1. In some other financial reporting frameworks, the term “significant uncertainty” is used in similar circumstances. The auditor is required by paragraph 31 to conclude whether a material uncertainty exists regardless of whether or how the applicable financial reporting framework defines a “material uncertainty.” The applicable financial reporting framework may also not define or describe the term “may cast significant doubt” or may use other terms or phrases.\n\n1. Existing footnote 26 in paragraph A50 is amended to read as follows:\n\nSee, for example, AASB 108101 defines this as a period that should be at least, but is not limited to, twelve months from the end of the reporting period and IPSAS 1 defines this as a period that should be at least, but is not limited to, twelve months from the approval of the financial statements.\n\n###### Amendments to ASA 700\n\n1. Existing footnote 24 in paragraph A7 is amended to read as follows:\n\nFor example, Australian Accounting Standards require an entity to provide additional disclosures when compliance with the specific requirements in Australian Accounting Standards is insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity’s financial position and financial performance (See AASB 108101 PresentationBasis of Preparation of Financial Statements, paragraph 6C17(c)).\n\n###### Amendments to ASRE 2410\n\n1. Existing paragraph A31 is amended to read as follows:\n\nAccounting Standard AASB 18101 Presentation and Disclosure inof Financial Statements provides requirements and explanatory guidance relating to comparative information included in a financial report prepared in accordance with Australian Accounting Standards. Accounting Standard AASB 1 First-time Adoption of Australian Accounting Standards provides requirements and guidance relating to comparative information when an entity adopts Australian Accounting Standards for the first time.\n\n1. Existing paragraph 15 of Appendix 3 is amended to read as follows:\n\nForm and Content of Interim Financial Reports – AASB 134 paragraph 9 states:\n\n“If an entity publishes a complete set of financial statements in its interim financial report, the form and content of those statements shall conform to the requirements of AASB 18101 for a complete set of financial statements”.\n\n \n\n#### Commencement of the legislative instrument\n\nFor legal purposes, each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.\n\n```html\n

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Column 2

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14 December 2026.

14 December 2026.

\n```\n\nNote: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.","sortOrder":9},{"sectionNumber":"Amendments to AUASB Standards","sectionType":"division","heading":"Amendments to AUASB Standards","content":"## AUASB 2025-12\n\n### Amendments to AUASB Standards\n\n##### Application\n\n1. This Standard applies to:\n 1. an audit of a financial report for a financial year, or an audit of a financial report for a half-year, in accordance with the Corporations Act 2001; and\n 2. an audit of a financial report, or a complete set of financial statements, for any other purpose.\n2. This Standard also applies, as appropriate, to an audit of other historical financial information.\n\n##### Operative Date\n\n1. This Standard is operative for financial reporting periods commencing on or after 15 December 2026.\n\n##### Introduction\n\n###### Scope of this Standard\n\n1. This Standard makes minor amendments to AUASB Standards as a result of amendments arising from a new standard issued by the Australian Accounting Standards Board AASB 18 Presentation and Disclosure in Financial Statements which supersedes AASB 101 Presentation of Financial Statements.\n\n##### Objective\n\n1. The objective of this Standard is to make amendments to the following Auditing Standards:\n 1. ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards (Issued 27 October 2009 and amended to 12 November 2025)\n 2. ASA 450 Evaluation of Misstatements Identified during the Audit (Issued 27 October 2009 and amended to 30 May 2017)\n 3. ASA 570 Going Concern (Issued 14 May 2025)\n 4. ASA 700 Forming an Opinion and Reporting on a Financial Report (Issued 1 December 2015 and amended to 12 November 2025)\n 5. ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity (Issued 9 June 2020 and amended to 12 November 2025)\n\n##### Definition\n\n1. For the purposes of this Standard, the meanings of terms are set out in each AUASB Standard. This Standard does not introduce new definitions.\n\n###### Amendments to AUASB Standards\n\n1. Where relevant, this Standard uses underlining, striking out and other typographical material to identify the amendments to a Standard, in order to make the amendments more understandable. However, the amendments made by this Standard do not include that underlining, striking out or other typographical material. Amended paragraphs are shown with deleted text struck through and new text underlined. Ellipses (…) are used to help provide the context within which amendments are made and also to indicate text that is not amended.\n2. Where this amending standard inserts or deletes a paragraph or footnote, as a result of that insertion or deletion relevant paragraph numbers, cross-references and footnotes are updated.\n\n###### Amendments to ASA 200\n\n1. Existing paragraph Aus 13.1 and footnote \\* (as amended by AUASB 2025-8 Amendments to AUASB Standards) are amended to read as follows:\n\nA complete set of financial statements means financial statements and related notes as determined by the requirements of the applicable financial reporting framework. For example, a complete set of financial statements as described in Accounting Standard AASB 18101[\\[\\*\\]](#_ftn1) includes:\n\n(a) a statement (or statements) of financial performance for the reporting period;\n\n(ab) a statement of financial position as at the end of the reporting period;\n\n(b) a statement of profit or loss and other comprehensive income for the period;\n\n(c) a statement of changes in equity for the reporting period;\n\n(d) a statement of cash flows for the reporting period;\n\n(e) notes for the reporting period, comprising material accounting policy information and other explanatory information; and\n\n(f) comparative information in respect of the preceding period, where applicable; and\n\n(g) a statement of financial position as at the beginning of the preceding period, if required.\n\n1. Existing footnote § in paragraph Aus A10.2 is amended to read as follows:\n\nSee AASB 18101.\n\n1. Existing footnote \\* in paragraph A53 is amended to read as follows:\n\nIssued by the Australian Accounting Standards Board on 15 July 2004 and amended to 21 May 2019, (June 2014).\n\n###### Amendments to ASA 450\n\n1. Existing footnote 7 of paragraph A1 is amended to read as follows:\n\nFor example, Australian Accounting Standards require an entity to provide additional disclosures when compliance with the specific requirements in Australian Accounting Standards is insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity’s financial position and financial performance (See AASB 108101 Basis of Preparation Presentation of Financial Statements, paragraph 176C(c)).\n\n###### Amendments to ASA 570\n\n1. Existing paragraph 3 and footnote 1 are amended to read as follows:\n\nSome financial reporting frameworks contain an explicit requirement for management to make a specific assessment of the entity’s ability to continue as a going concern and include standards regarding matters to be considered and disclosures to be made in connection with going concern. For example, Australian Accounting Standard (AASB) 108101 requires management to make an assessment of an entity’s ability to continue as a going concern.[\\[1\\]](#_ftn2) The detailed requirements regarding management’s responsibility to assess the entity’s ability to continue as a going concern and related financial statement disclosures may also be set out in law or regulation. (Ref: Para. A4)\n\n1. Existing paragraph A4 and footnote 17 are amended to read as follows:\n\nThe circumstances in which entities prepare financial reports on a going concern basis of accounting may vary. For example, AASB 108101 explains that those circumstances could range from when an entity has a history of profitable operations and ready access to financial resources, to when management may need to consider a wide range of factors relating to current and expected profitability, debt repayment schedules and potential sources of replacement financing before it can satisfy itself that the going concern basis is appropriate.[\\[17\\]](#_ftn3)\n\n1. Existing paragraph A5 is amended to read as follows:\n\nThe applicable financial reporting framework may or may not explicitly use the term “material uncertainty” when describing the uncertainties that are required to be disclosed in the financial report related to events or conditions that may cast significant doubt on the entity's ability to continue as a going concern. For example, the term “material uncertainty” is used in AASB 108101 and IPSAS 1. In some other financial reporting frameworks, the term “significant uncertainty” is used in similar circumstances. The auditor is required by paragraph 31 to conclude whether a material uncertainty exists regardless of whether or how the applicable financial reporting framework defines a “material uncertainty.” The applicable financial reporting framework may also not define or describe the term “may cast significant doubt” or may use other terms or phrases.\n\n1. Existing footnote 26 in paragraph A50 is amended to read as follows:\n\nSee, for example, AASB 108101 defines this as a period that should be at least, but is not limited to, twelve months from the end of the reporting period and IPSAS 1 defines this as a period that should be at least, but is not limited to, twelve months from the approval of the financial statements.\n\n###### Amendments to ASA 700\n\n1. Existing footnote 24 in paragraph A7 is amended to read as follows:\n\nFor example, Australian Accounting Standards require an entity to provide additional disclosures when compliance with the specific requirements in Australian Accounting Standards is insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity’s financial position and financial performance (See AASB 108101 PresentationBasis of Preparation of Financial Statements, paragraph 6C17(c)).\n\n###### Amendments to ASRE 2410\n\n1. Existing paragraph A31 is amended to read as follows:\n\nAccounting Standard AASB 18101 Presentation and Disclosure inof Financial Statements provides requirements and explanatory guidance relating to comparative information included in a financial report prepared in accordance with Australian Accounting Standards. Accounting Standard AASB 1 First-time Adoption of Australian Accounting Standards provides requirements and guidance relating to comparative information when an entity adopts Australian Accounting Standards for the first time.\n\n1. Existing paragraph 15 of Appendix 3 is amended to read as follows:\n\nForm and Content of Interim Financial Reports – AASB 134 paragraph 9 states:\n\n“If an entity publishes a complete set of financial statements in its interim financial report, the form and content of those statements shall conform to the requirements of AASB 18101 for a complete set of financial statements”.\n\n \n\n#### Commencement of the legislative instrument\n\nFor legal purposes, each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.\n\n```html\n

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Column 2

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Date/Details

The whole of this instrument

14 December 2026.

14 December 2026.

\n```\n\nNote: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.","sortOrder":10},{"sectionNumber":"Application","sectionType":"section","heading":"Application","content":"##### Application\n\n1. This Standard applies to:\n 1. an audit of a financial report for a financial year, or an audit of a financial report for a half-year, in accordance with the Corporations Act 2001; and\n 2. an audit of a financial report, or a complete set of financial statements, for any other purpose.\n2. This Standard also applies, as appropriate, to an audit of other historical financial information.","sortOrder":11},{"sectionNumber":"Operative Date","sectionType":"section","heading":"Operative Date","content":"##### Operative Date\n\n1. This Standard is operative for financial reporting periods commencing on or after 15 December 2026.","sortOrder":12},{"sectionNumber":"Introduction","sectionType":"section","heading":"Introduction","content":"## AUASB 2025-12\n\n### Amendments to AUASB Standards\n\n##### Application\n\n1. This Standard applies to:\n 1. an audit of a financial report for a financial year, or an audit of a financial report for a half-year, in accordance with the Corporations Act 2001; and\n 2. an audit of a financial report, or a complete set of financial statements, for any other purpose.\n2. This Standard also applies, as appropriate, to an audit of other historical financial information.\n\n##### Operative Date\n\n1. This Standard is operative for financial reporting periods commencing on or after 15 December 2026.\n\n##### Introduction\n\n###### Scope of this Standard\n\n1. This Standard makes minor amendments to AUASB Standards as a result of amendments arising from a new standard issued by the Australian Accounting Standards Board AASB 18 Presentation and Disclosure in Financial Statements which supersedes AASB 101 Presentation of Financial Statements.\n\n##### Objective\n\n1. The objective of this Standard is to make amendments to the following Auditing Standards:\n 1. ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards (Issued 27 October 2009 and amended to 12 November 2025)\n 2. ASA 450 Evaluation of Misstatements Identified during the Audit (Issued 27 October 2009 and amended to 30 May 2017)\n 3. ASA 570 Going Concern (Issued 14 May 2025)\n 4. ASA 700 Forming an Opinion and Reporting on a Financial Report (Issued 1 December 2015 and amended to 12 November 2025)\n 5. ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity (Issued 9 June 2020 and amended to 12 November 2025)\n\n##### Definition\n\n1. For the purposes of this Standard, the meanings of terms are set out in each AUASB Standard. This Standard does not introduce new definitions.\n\n###### Amendments to AUASB Standards\n\n1. Where relevant, this Standard uses underlining, striking out and other typographical material to identify the amendments to a Standard, in order to make the amendments more understandable. However, the amendments made by this Standard do not include that underlining, striking out or other typographical material. Amended paragraphs are shown with deleted text struck through and new text underlined. Ellipses (…) are used to help provide the context within which amendments are made and also to indicate text that is not amended.\n2. Where this amending standard inserts or deletes a paragraph or footnote, as a result of that insertion or deletion relevant paragraph numbers, cross-references and footnotes are updated.\n\n###### Amendments to ASA 200\n\n1. Existing paragraph Aus 13.1 and footnote \\* (as amended by AUASB 2025-8 Amendments to AUASB Standards) are amended to read as follows:\n\nA complete set of financial statements means financial statements and related notes as determined by the requirements of the applicable financial reporting framework. For example, a complete set of financial statements as described in Accounting Standard AASB 18101[\\[\\*\\]](#_ftn1) includes:\n\n(a) a statement (or statements) of financial performance for the reporting period;\n\n(ab) a statement of financial position as at the end of the reporting period;\n\n(b) a statement of profit or loss and other comprehensive income for the period;\n\n(c) a statement of changes in equity for the reporting period;\n\n(d) a statement of cash flows for the reporting period;\n\n(e) notes for the reporting period, comprising material accounting policy information and other explanatory information; and\n\n(f) comparative information in respect of the preceding period, where applicable; and\n\n(g) a statement of financial position as at the beginning of the preceding period, if required.\n\n1. Existing footnote § in paragraph Aus A10.2 is amended to read as follows:\n\nSee AASB 18101.\n\n1. Existing footnote \\* in paragraph A53 is amended to read as follows:\n\nIssued by the Australian Accounting Standards Board on 15 July 2004 and amended to 21 May 2019, (June 2014).\n\n###### Amendments to ASA 450\n\n1. Existing footnote 7 of paragraph A1 is amended to read as follows:\n\nFor example, Australian Accounting Standards require an entity to provide additional disclosures when compliance with the specific requirements in Australian Accounting Standards is insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity’s financial position and financial performance (See AASB 108101 Basis of Preparation Presentation of Financial Statements, paragraph 176C(c)).\n\n###### Amendments to ASA 570\n\n1. Existing paragraph 3 and footnote 1 are amended to read as follows:\n\nSome financial reporting frameworks contain an explicit requirement for management to make a specific assessment of the entity’s ability to continue as a going concern and include standards regarding matters to be considered and disclosures to be made in connection with going concern. For example, Australian Accounting Standard (AASB) 108101 requires management to make an assessment of an entity’s ability to continue as a going concern.[\\[1\\]](#_ftn2) The detailed requirements regarding management’s responsibility to assess the entity’s ability to continue as a going concern and related financial statement disclosures may also be set out in law or regulation. (Ref: Para. A4)\n\n1. Existing paragraph A4 and footnote 17 are amended to read as follows:\n\nThe circumstances in which entities prepare financial reports on a going concern basis of accounting may vary. For example, AASB 108101 explains that those circumstances could range from when an entity has a history of profitable operations and ready access to financial resources, to when management may need to consider a wide range of factors relating to current and expected profitability, debt repayment schedules and potential sources of replacement financing before it can satisfy itself that the going concern basis is appropriate.[\\[17\\]](#_ftn3)\n\n1. Existing paragraph A5 is amended to read as follows:\n\nThe applicable financial reporting framework may or may not explicitly use the term “material uncertainty” when describing the uncertainties that are required to be disclosed in the financial report related to events or conditions that may cast significant doubt on the entity's ability to continue as a going concern. For example, the term “material uncertainty” is used in AASB 108101 and IPSAS 1. In some other financial reporting frameworks, the term “significant uncertainty” is used in similar circumstances. The auditor is required by paragraph 31 to conclude whether a material uncertainty exists regardless of whether or how the applicable financial reporting framework defines a “material uncertainty.” The applicable financial reporting framework may also not define or describe the term “may cast significant doubt” or may use other terms or phrases.\n\n1. Existing footnote 26 in paragraph A50 is amended to read as follows:\n\nSee, for example, AASB 108101 defines this as a period that should be at least, but is not limited to, twelve months from the end of the reporting period and IPSAS 1 defines this as a period that should be at least, but is not limited to, twelve months from the approval of the financial statements.\n\n###### Amendments to ASA 700\n\n1. Existing footnote 24 in paragraph A7 is amended to read as follows:\n\nFor example, Australian Accounting Standards require an entity to provide additional disclosures when compliance with the specific requirements in Australian Accounting Standards is insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity’s financial position and financial performance (See AASB 108101 PresentationBasis of Preparation of Financial Statements, paragraph 6C17(c)).\n\n###### Amendments to ASRE 2410\n\n1. Existing paragraph A31 is amended to read as follows:\n\nAccounting Standard AASB 18101 Presentation and Disclosure inof Financial Statements provides requirements and explanatory guidance relating to comparative information included in a financial report prepared in accordance with Australian Accounting Standards. Accounting Standard AASB 1 First-time Adoption of Australian Accounting Standards provides requirements and guidance relating to comparative information when an entity adopts Australian Accounting Standards for the first time.\n\n1. Existing paragraph 15 of Appendix 3 is amended to read as follows:\n\nForm and Content of Interim Financial Reports – AASB 134 paragraph 9 states:\n\n“If an entity publishes a complete set of financial statements in its interim financial report, the form and content of those statements shall conform to the requirements of AASB 18101 for a complete set of financial statements”.\n\n \n\n#### Commencement of the legislative instrument\n\nFor legal purposes, each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.\n\n```html\n

Commencement information

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

The whole of this instrument

14 December 2026.

14 December 2026.

\n```\n\nNote: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.","sortOrder":13},{"sectionNumber":"Scope of this Standard","sectionType":"section","heading":"Scope of this Standard","content":"###### Scope of this Standard\n\n1. This Standard makes minor amendments to AUASB Standards as a result of amendments arising from a new standard issued by the Australian Accounting Standards Board AASB 18 Presentation and Disclosure in Financial Statements which supersedes AASB 101 Presentation of Financial Statements.","sortOrder":14},{"sectionNumber":"Objective","sectionType":"section","heading":"Objective","content":"##### Objective\n\n1. The objective of this Standard is to make amendments to the following Auditing Standards:\n 1. ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards (Issued 27 October 2009 and amended to 12 November 2025)\n 2. ASA 450 Evaluation of Misstatements Identified during the Audit (Issued 27 October 2009 and amended to 30 May 2017)\n 3. ASA 570 Going Concern (Issued 14 May 2025)\n 4. ASA 700 Forming an Opinion and Reporting on a Financial Report (Issued 1 December 2015 and amended to 12 November 2025)\n 5. ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity (Issued 9 June 2020 and amended to 12 November 2025)","sortOrder":15},{"sectionNumber":"Definition","sectionType":"section","heading":"Definition","content":"##### Definition\n\n1. For the purposes of this Standard, the meanings of terms are set out in each AUASB Standard. This Standard does not introduce new definitions.","sortOrder":16},{"sectionNumber":"Amendments to ASA 200","sectionType":"section","heading":"Amendments to ASA 200","content":"###### Amendments to ASA 200\n\n1. Existing paragraph Aus 13.1 and footnote \\* (as amended by AUASB 2025-8 Amendments to AUASB Standards) are amended to read as follows:\n\nA complete set of financial statements means financial statements and related notes as determined by the requirements of the applicable financial reporting framework. For example, a complete set of financial statements as described in Accounting Standard AASB 18101[\\[\\*\\]](#_ftn1) includes:\n\n(a) a statement (or statements) of financial performance for the reporting period;\n\n(ab) a statement of financial position as at the end of the reporting period;\n\n(b) a statement of profit or loss and other comprehensive income for the period;\n\n(c) a statement of changes in equity for the reporting period;\n\n(d) a statement of cash flows for the reporting period;\n\n(e) notes for the reporting period, comprising material accounting policy information and other explanatory information; and\n\n(f) comparative information in respect of the preceding period, where applicable; and\n\n(g) a statement of financial position as at the beginning of the preceding period, if required.\n\n1. Existing footnote § in paragraph Aus A10.2 is amended to read as follows:\n\nSee AASB 18101.\n\n1. Existing footnote \\* in paragraph A53 is amended to read as follows:\n\nIssued by the Australian Accounting Standards Board on 15 July 2004 and amended to 21 May 2019, (June 2014).","sortOrder":18},{"sectionNumber":"Amendments to ASA 450","sectionType":"section","heading":"Amendments to ASA 450","content":"###### Amendments to ASA 450\n\n1. Existing footnote 7 of paragraph A1 is amended to read as follows:\n\nFor example, Australian Accounting Standards require an entity to provide additional disclosures when compliance with the specific requirements in Australian Accounting Standards is insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity’s financial position and financial performance (See AASB 108101 Basis of Preparation Presentation of Financial Statements, paragraph 176C(c)).","sortOrder":19},{"sectionNumber":"Amendments to ASA 570","sectionType":"section","heading":"Amendments to ASA 570","content":"###### Amendments to ASA 570\n\n1. Existing paragraph 3 and footnote 1 are amended to read as follows:\n\nSome financial reporting frameworks contain an explicit requirement for management to make a specific assessment of the entity’s ability to continue as a going concern and include standards regarding matters to be considered and disclosures to be made in connection with going concern. For example, Australian Accounting Standard (AASB) 108101 requires management to make an assessment of an entity’s ability to continue as a going concern.[\\[1\\]](#_ftn2) The detailed requirements regarding management’s responsibility to assess the entity’s ability to continue as a going concern and related financial statement disclosures may also be set out in law or regulation. (Ref: Para. A4)\n\n1. Existing paragraph A4 and footnote 17 are amended to read as follows:\n\nThe circumstances in which entities prepare financial reports on a going concern basis of accounting may vary. For example, AASB 108101 explains that those circumstances could range from when an entity has a history of profitable operations and ready access to financial resources, to when management may need to consider a wide range of factors relating to current and expected profitability, debt repayment schedules and potential sources of replacement financing before it can satisfy itself that the going concern basis is appropriate.[\\[17\\]](#_ftn3)\n\n1. Existing paragraph A5 is amended to read as follows:\n\nThe applicable financial reporting framework may or may not explicitly use the term “material uncertainty” when describing the uncertainties that are required to be disclosed in the financial report related to events or conditions that may cast significant doubt on the entity's ability to continue as a going concern. For example, the term “material uncertainty” is used in AASB 108101 and IPSAS 1. In some other financial reporting frameworks, the term “significant uncertainty” is used in similar circumstances. The auditor is required by paragraph 31 to conclude whether a material uncertainty exists regardless of whether or how the applicable financial reporting framework defines a “material uncertainty.” The applicable financial reporting framework may also not define or describe the term “may cast significant doubt” or may use other terms or phrases.\n\n1. Existing footnote 26 in paragraph A50 is amended to read as follows:\n\nSee, for example, AASB 108101 defines this as a period that should be at least, but is not limited to, twelve months from the end of the reporting period and IPSAS 1 defines this as a period that should be at least, but is not limited to, twelve months from the approval of the financial statements.","sortOrder":20},{"sectionNumber":"Amendments to ASA 700","sectionType":"section","heading":"Amendments to ASA 700","content":"###### Amendments to ASA 700\n\n1. Existing footnote 24 in paragraph A7 is amended to read as follows:\n\nFor example, Australian Accounting Standards require an entity to provide additional disclosures when compliance with the specific requirements in Australian Accounting Standards is insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity’s financial position and financial performance (See AASB 108101 PresentationBasis of Preparation of Financial Statements, paragraph 6C17(c)).","sortOrder":21},{"sectionNumber":"Amendments to ASRE 2410","sectionType":"section","heading":"Amendments to ASRE 2410","content":"###### Amendments to ASRE 2410\n\n1. Existing paragraph A31 is amended to read as follows:\n\nAccounting Standard AASB 18101 Presentation and Disclosure inof Financial Statements provides requirements and explanatory guidance relating to comparative information included in a financial report prepared in accordance with Australian Accounting Standards. Accounting Standard AASB 1 First-time Adoption of Australian Accounting Standards provides requirements and guidance relating to comparative information when an entity adopts Australian Accounting Standards for the first time.\n\n1. Existing paragraph 15 of Appendix 3 is amended to read as follows:\n\nForm and Content of Interim Financial Reports – AASB 134 paragraph 9 states:\n\n“If an entity publishes a complete set of financial statements in its interim financial report, the form and content of those statements shall conform to the requirements of AASB 18101 for a complete set of financial statements”.","sortOrder":22},{"sectionNumber":"Commencement of the legislative instrume","sectionType":"subdivision","heading":"Commencement of the legislative instrument","content":"#### Commencement of the legislative instrument\n\nFor legal purposes, each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.\n\n```html\n

Commencement information

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

The whole of this instrument

14 December 2026.

14 December 2026.

\n```\n\nNote: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.","sortOrder":23}],"analysis":{"kimi_summary":{"content_quality":"ok","complexity_score":4,"scope_assessment":{"changed":false,"description":"This is a housekeeping amendment that maintains the existing scope of the auditing standards. It does not expand or alter the substantive requirements of the standards; it merely updates cross-references to reflect a renamed and restructured accounting standard (AASB 18 replacing AASB 101). The scope remains limited to technical reference updates."},"complexity_factors":["Multiple cross-references to external standards (AASB 18, AASB 101, AASB 134, AASB 1, IPSAS 1)","Amendments span 5 different auditing standards (ASA 200, 450, 570, 700 and ASRE 2410)","Uses strikethrough and underlining conventions to show text changes, though these are noted as not forming part of the final standard","Requires understanding of the relationship between auditing standards and accounting standards","Contains some duplication of content (repeated sections) in the source document","Involves paragraph-level amendments with specific numbering references (e.g., Aus 13.1, footnote 7 of paragraph A1)"],"plain_english_summary":"This is a technical update aligning five Australian auditing standards with the new accounting standard AASB 18 (which replaces AASB 101). It updates cross‑references, paragraph citations and some terminology so auditors check and report against the current presentation and disclosure rules. It affects auditors and entities subject to audits or reviews and takes effect for financial years starting on or after 15 December 2026."},"flash_summary":{"complexity_score":2,"scope_assessment":{"changed":false,"description":"The amendments do not expand the legal or practical scope of auditors' obligations. They are narrowly focused on updating references, footnotes and explanatory wording to align AUASB material with the new AASB standard that supersedes AASB 101. No new auditing requirements, no new definitions and no widening of the application scope are introduced (see \"Objective\", \"Definition\" and the listed \"Amendments to ...\" sections). The instrument therefore stays within the original purpose of maintaining internal consistency between AUASB auditing guidance and the applicable accounting standards."},"complexity_factors":["Amendments limited to five AUASB pronouncements (ASA 200, ASA 450, ASA 570, ASA 700, ASRE 2410)","Changes are primarily editorial: updated cross‑references, footnotes and a small number of explanatory paragraphs rather than new substantive requirements","No new defined terms introduced (explicitly stated in \"Definition\")","Operative date clause and separate commencement table create a potential administrative inconsistency (15 Dec 2026 vs 14 Dec 2026)","Document contains repeated blocks and typographical/numbering anomalies (e.g. runs of 'AASB 18101', 'AASB 108101') which increase the effort to verify exact citations","Uses underlining/striking out notation to show edits (informational only) but requires users to refer to updated consolidated standards for the final text"],"plain_english_summary":"**What this instrument does (mechanically)\n\n- Updates a small number of AUASB auditing and review standards to align their wording, footnotes and cross-references with a new accounting standard issued by the Australian Accounting Standards Board (AASB 18 Presentation and Disclosure in Financial Statements), which supersedes AASB 101. (See \"Scope of this Standard\" and \"Main Features\".)\n- Makes targeted edits in five AUASB pronouncements: ASA 200, ASA 450, ASA 570, ASA 700 and ASRE 2410. These edits are limited to wording and footnote/cross‑reference changes; no new auditing requirements or new defined terms are introduced. (See \"Objective\" and the individual \"Amendments to ...\" sections.)\n- Sets the operative timing for application to financial reporting periods commencing on or after 15 December 2026, and includes a commencement table showing 14 December 2026 for legal commencement information. (See \"Operative Date\" and the \"Commencement information\" table.)\n\nWho this affects\n\n- Auditors performing:\n - statutory audits required by the Corporations Act 2001 (financial year or half‑year audits); and\n - audits or reviews of financial reports or complete sets of financial statements for other purposes. (See \"Application\" paras 1–2.)\n- Audit firms and in‑house technical teams that maintain audit methodology, templates and training material because a handful of cross‑references and explanatory paragraphs are altered. (See the list of amended paragraphs in the \"Amendments to ...\" sections.)\n\nWhy it matters (practical effect)\n\n- Operationally the change is low impact: auditors continue to apply the same audit procedures and judgments. The main change is where auditors look for the relevant accounting guidance and how that guidance is cited in AUASB explanatory material. (See \"Scope of this Standard\" and the specific amendments to definitions and footnotes.)\n- There is some administrative work: update firm documentation, working papers, reporting templates and training to ensure references point to AASB 18 (and updated paragraph/footnote numbers) rather than the superseded AASB 101. (See amended paragraphs in ASA 200, ASA 570 and ASRE 2410.)\n\nWho pays and who decides\n\n- The AUASB adopted and published the amending standard; the AUASB is the decision maker for these auditing standards (authority statement references the legislative basis). The practical compliance costs fall on audit firms and auditors who must update internal guidance and possibly retrain staff. (See \"Authority Statement\" and \"Application\".)\n\nIncentives, trade‑offs and implementation considerations\n\n- Incentives: keeps AUASB guidance aligned with current accounting standards so auditors and users cite consistent sources (see \"Reasons for Issuing\").\n- Trade‑offs: the amendment avoids substantive reworking of auditing requirements but creates a short window of administrative adjustment for practitioners.\n- Compliance burden: minimal substantive burden because no new auditor duties or definitions are imposed; the burden is largely one‑off document and systems updates. (See \"Definition\" stating no new definitions are introduced.)\n- Implementation risk: there are minor inconsistencies and typographical anomalies in the instrument (for example the instrument text repeatedly shows a combined label like \"AASB 18101\" and the operative date (15 December 2026) differs from the commencement table date (14 December 2026)). Those anomalies could cause short‑term confusion about exact citation and commencement if not clarified. This is an administrative risk that firms and regulators should note when updating references. (See \"Amendments\" and the \"Commencement information\" table.)\n\nNet effect (concise)\n\n- The instrument is an editorial alignment exercise: it replaces and updates references to reflect the new AASB accounting standard (AASB 18) across several AUASB pronouncements, without changing auditors' substantive responsibilities or introducing new definitions. The main cost is administrative (updating references, templates and guidance) and the main implementation risk is minor citation/commencement inconsistencies in the text. (See \"Main Features\", \"Amendments to AUASB Standards\" and \"Operative Date\".)"},"flash_summary_failed":{"failed":true,"reason":"Unauthenticated. Configure AI_GATEWAY_API_KEY or use a provider module. Learn more: https://ai-sdk.dev/unauthenticated-ai-gateway","source":"analysis-cron"}},"importantCases":[],"_links":{"self":"/api/acts/auasb-2025-12-amendments-to-auasb-standards","history":"/api/acts/auasb-2025-12-amendments-to-auasb-standards/history","analysis":"/api/acts/auasb-2025-12-amendments-to-auasb-standards/analysis","conflicts":"/api/acts/auasb-2025-12-amendments-to-auasb-standards/conflicts","importantCases":"/api/acts/auasb-2025-12-amendments-to-auasb-standards/important-cases","documents":"/api/acts/auasb-2025-12-amendments-to-auasb-standards/documents"}}