ApplicationApplication

Application

Aus1.2 Subject to paragraph Aus1.3, paragraphs 1 to 22 of this Standard apply 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.

Aus1.3 Paragraphs 1 to 22 of this Standard do not apply to general purpose financial statements of not-for-profit public sector entities.

Aus1.4 Subject to paragraphs Aus1.4.1 and Aus1.5, paragraphs Aus25.1 to Aus25.9.3 of this Standard apply to each disclosing entity, or group of which a disclosing entity is the parent, that is required to prepare financial reports in accordance with Part 2M.3 of the Corporations Act.

Aus1.4.1 Paragraphs Aus25.2 to Aus25.6 and Aus25.7.1 and Aus25.7.2 of this Standard do not apply to disclosing entities that are companies.

Aus1.5 An entity that is the parent entity in a group and presents its separate financial statements together with the consolidated financial statements in accordance with AASB 127 need not provide in its separate financial statements the disclosures required by paragraphs Aus25.1 to Aus25.9.3 of this Standard.

Aus1.6 This Standard applies to annual reporting periods ending on or after 31 December 2005.

[Note: For application dates of paragraphs changed or added by an amending Standard, see Compilation Details.]

Aus1.7 This Standard shall not be applied to annual reporting periods beginning before 1 January 2005.

Aus1.8 This Standard may be applied to annual reporting periods beginning on or after 1 January 2005 that end before 31 December 2005. An entity that is required to prepare financial reports in accordance with Part 2M.3 of the Corporations Act may apply this Standard to such annual reporting periods when an election has been made in accordance with subsection 334(5) of the Corporations Act. When an entity applies this Standard to such an annual reporting period, it shall disclose that fact.

Aus1.9 The requirements specified in paragraphs 1 to 22 of this Standard apply to the financial statements where information resulting from their application is material in accordance with AASB 1031 Materiality.

Aus1.10 The disclosures required by paragraphs Aus25.1 to Aus25.9.3 of this Standard are deemed material.

Aus1.11 When applicable, this Standard supersedes:

(a) AASB 1046 Director and Executive Disclosures by Disclosing Entities as notified in the Commonwealth of Australia Gazette No S 66 on 28 January 2004;

(b) AASB 1046A Amendments to Accounting Standard AASB 1046 as notified in the Commonwealth of Australia Gazette No S 400 on 29 September 2004;