ApplicationApplication

Application

Aus4.1 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.

Aus4.2 This Standard applies to annual reporting periods beginning on or after 1 January 2013, except that for not-for-profit entities it applies to annual reporting periods beginning on or after 1 January 2014.
[Note: For application dates of paragraphs changed or added by an amending Standard, see Compilation Details.]

Aus4.3 This Standard may be applied by:

(a) for-profit entities to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2013; and

(b) not-for-profit entities to annual reporting periods beginning on or after 1 January 2013 but before 1 January 2014.

If an entity applies this Standard to such an annual reporting period in accordance with paragraph (a) or (b), it shall disclose that fact and apply AASB 10 Consolidated Financial Statements, AASB 11 Joint Arrangements, AASB 127 Separate Financial Statements (August 2011) and AASB 128 Investments in Associates and Joint Ventures (August 2011), at the same time.

Aus4.4 A for-profit entity is encouraged to provide information required by this Standard earlier than annual periods beginning on or after 1 January 2013. Providing some of the disclosures required by this Standard does not compel the entity to comply with all the requirements of this Standard or to apply AASB 10, AASB 11, AASB 127 (as amended in 2011) and AASB 128 (as amended in 2011) early.

Aus4.5 [Deleted by the AASB]