20AA for-profit private sector entity that:

20A A for-profit private sector entity that: (a) prepared its most recent previous annual financial statements in compliance with Tier 2 reporting requirements, including an explicit and unreserved statement of compliance with Tier 2 reporting requirements; (b) did not present consolidated financial statements, on the basis that neither the parent nor the group was a reporting entity (as defined in AASB 1057); and (c) is preparing consolidated financial statements for the first time in compliance with Tier 2 – Simplified Disclosures; shall apply either: (d) all the relevant requirements of AASB 1; or (e) Tier 2 reporting requirements directly using the requirements in AASB 108. Transition between Tiers