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AASB 1053 - Application of Tiers of Australian Accounting Standards - June 2010
21An entity transitioning from Tier 2 to Tier 1 shall:
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21 An entity transitioning from Tier 2 to Tier 1 shall:
(a) apply AASB 1[\[6\]](#_ftn6), if it is claiming compliance with IFRSs; and
(b) not apply AASB 1, if it is a not-for-profit entity not claiming compliance with IFRSs.
22 In relation to paragraph 21(a), entities claiming compliance with IFRSs (which would include for-profit entities applying Tier 1 reporting requirements) need to apply the relevant requirements of AASB 1. This is because, in previously applying Tier 2 reporting requirements, these entities have applied only some of the disclosure requirements of AASB 1 or were prohibited or exempted from applying AASB 1.