CTHIn ForceLegislation
Accounting Standard AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities
Finalisation of ED 325 proposalsFinalisation of ED 325 proposals
Start here
Get a plain-English read of Finalisation of ED 325 proposals
Turn the raw legal text into a practical explanation grounded in Accounting Standard AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities.
Finalisation of ED 325 proposals
- Following the consultation period, and after considering the comments received, the Board decided to proceed with issuing this Standard, with minimal changes from the proposals in ED 325.
Feedback from respondents on ED 325
- The Board received two formal comment letters on ED 325. The feedback received indicated that, in general, both stakeholders were supportive of the proposals. However, one stakeholder provided additional feedback.
- The stakeholder suggested that the proposed clarification to paragraph 176 was not necessary because it is already understood that the “transactions and other events” referred to in paragraph 176 include the enactment or substantive enactment of tax rates and laws. They also suggested that if the Board is concerned that this may not be the case, the clarification should be worded more broadly than specifically referring to Pillar Two legislation, or else the Board could consider clarifying this in the Basis for Conclusions.
- The Board considered this feedback, along with feedback received by the IASB on IASB/ED/2023/3 and decided to generalise the wording of the clarification to paragraph 176 and refer to the Pillar Two legislation as an example.