Compliance with IAS 41Compliance with IAS 41

Compliance with IAS 41

For-profit entities that comply with AASB 141 as amended will simultaneously be in compliance with IAS 41 as amended. Not-for-profit entities using the added “Aus” paragraphs in the Standard that specifically apply to not-for-profit entities may not be simultaneously complying with IAS 41. Whether a not-for-profit entity will be in compliance with IAS 41 will depend on whether the “Aus” paragraphs provide additional guidance for not-for-profit entities or contain requirements that are inconsistent with the corresponding IASB Standard and will be applied by the not-for-profit entity.

Entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements will not be in compliance with IAS 41.