CTHRepealedLegislation
Accounting Standard AASB 2020-2 Amendments to Australian Accounting Standards – Removal of Special Purpose Financial Statements for Certain For-Profit Private Sector Entities
2This Standard applies to:
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Turn the raw legal text into a practical explanation grounded in Accounting Standard AASB 2020-2 Amendments to Australian Accounting Standards – Removal of Special Purpose Financial Statements for Certain For-Profit Private Sector Entities.
2 This Standard applies to:
(b) general purpose financial statements of each not-for-profit reporting entity;
(c) each entity that elects to prepare financial statements that are, or are held out to be, general purpose financial statements;
(d) financial statements of General Government Sectors (GGSs) prepared in accordance with AASB 1049 Whole of Government and General Government Sector Financial Reporting; and
(e) for-profit private sector entities that have public accountability and are required by legislation\* to prepare financial statements that comply with either Australian Accounting Standards or accounting standards; and
(f) other for-profit private sector entities that are required only by their constituting document or another document to prepare financial statements that comply with Australian Accounting Standards, provided that the relevant document was created or amended on or after 1 July 2021.
\* References in this Standard to ‘legislation’ mean legislation of a government in Australia.
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