Compliance with IFRS 3Compliance with IFRS 3

Compliance with IFRS 3

For-profit entities that comply with AASB 3 as amended will simultaneously be in compliance with IFRS 3 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 IFRS 3. Whether a not-for-profit entity will be in compliance with IFRS 3 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 IFRS 3.