cOMPARISON WITH IFRS 1

AASB 1 First-time Adoption of Australian Accounting Standards as amended incorporates IFRS 1 First-time Adoption of International Financial Reporting Standards as issued and amended by the International Accounting Standards Board (IASB). Paragraphs that have been added to this Standard (and do not appear in the text of IFRS 1) are identified with the prefix “Aus” or “RDR”, followed by the number of the preceding IASB paragraph and decimal numbering. Paragraphs that apply only to not-for-profit entities begin by identifying their limited applicability.

Entities that comply with AASB 1 as amended will simultaneously be in compliance with IFRS 1 as amended, with the exception of not-for-profit public sector entities applying paragraph Aus3.2 and entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements.