AASB 9 - Financial Instruments - December 2014
Tier 1Tier 1
Start here
Get a plain-English read of Tier 1
Turn the raw legal text into a practical explanation grounded in AASB 9 - Financial Instruments - December 2014.
Tier 1
For-profit entities complying with AASB 9 also comply with IFRS 9.
Not-for-profit entities’ compliance with IFRS 9 will depend on whether any “Aus” paragraphs that specifically apply to not-for-profit entities provide additional guidance or contain applicable requirements that are inconsistent with IFRS 9.
Tier 2
Entities preparing general purpose financial statements under Australian Accounting Standards – Simplified Disclosures (Tier 2) will not be in compliance with IFRS Standards.
AASB 1053 Application of Tiers of Australian Accounting Standards explains the two tiers of reporting requirements.