AASB 1 - First-time Adoption of Australian Accounting Standards - May 2009
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Application
Aus1.1 This Standard applies to:
(a) each entity that is required to prepare financial reports in accordance with Part 2M.3 of the Corporations Act and that is a reporting entity;
(b) general purpose financial statements of each other reporting entity; and
(c) financial statements that are, or are held out to be, general purpose financial statements.
Aus1.2 This Standard applies to annual reporting periods beginning on or after 1 July 2009.
[Note: For application dates of paragraphs changed or added by an amending Standard, see Compilation Details.]
Aus1.3 This Standard may be applied to annual reporting periods beginning on or after 1 January 2005 but before 1 July 2009. If an entity applies this Standard to an annual reporting period beginning before 1 July 2009, it shall disclose that fact.
Aus1.4 [Deleted by the AASB]
Aus1.5 When applied or operative, this Standard supersedes AASB 1 First-time Adoption of Australian Equivalents to International Financial Reporting Standards issued in July 2004, as amended.