Section 6A - Accounting Standard AASB 2020-2 Amendments to Australian Accounting Standards – Removal of Special Purpose Financial Statements for Certain For-Profit Private Sector Entities - AASB 17 Insurance Contracts applies as set out in paragraph 5,

6AAASB 17 Insurance Contracts applies as set out in paragraph 5,

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6A AASB 17 Insurance Contracts applies as set out in paragraph 5,
(a) each entity that is required to prepare financial reports in accordance with Part 2M.3 of the Corporations Act and that is a reporting entity;
(b) general purpose financial statements of each other reporting entity; and
except when the entity is:
(da) a superannuation entity applying AASB 1056; or
(eb) a not-for-profit public sector entity.
7 AASB 101 Presentation of Financial Statements, AASB 107 Statement of Cash Flows, AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors, AASB 1048 Interpretation of Standards and AASB 1054 Australian Additional Disclosures apply to:
(a) each not-for-profit entity that is required to prepare financial reports in accordance with Part 2M.3 of the Corporations Act;
(c) each entity that elects to prepare financial statements that are, or are held out to be, general purpose financial statements; and
(d) 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
(e) 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.
8 \[Deleted by the AASB\] AASB 120 Accounting for Government Grants and Disclosure of Government Assistance applies to:
(a) each for-profit entity that is required to prepare financial reports in accordance with Part 2M.3 of the Corporations Act and that is a reporting entity;
(c) financial statements of a for-profit entity that are, or are held out to be, general purpose financial statements; and
(d) for-profit private sector entities that have public accountability and are required by legislation to comply with Australian Accounting Standards.