Standards amended by AASB 2021-6Standards amended by AASB 2021-6

Standards amended by AASB 2021-6

This Standard makes amendments to AASB 1049 Whole of Government and General Government Sector Financial Reporting (October 2007), AASB 1054 Australian Additional Disclosures (May 2011) and AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities (March 2020).

Main features of this Standard

Main requirements

AASB 2021-2 Amendments to Australian Accounting Standards – Disclosure of Accounting Policies and Definition of Accounting Estimates amended AASB 101 Presentation of Financial Statements and three other Standards to address disclosure of material accounting policy information rather than significant accounting policies. These amendments were designed to help entities provide accounting policy disclosures that are more useful to the users of their financial statements.

Consistent with the amendments made by AASB 2021-2, this Standard amends:

(a) AASB 1049, to require entities to disclose their material accounting policy information rather than their significant accounting policies;

(b) AASB 1054, to reflect the updated terminology used in AASB 101; and

(c) AASB 1060, to require entities to disclose their material accounting policy information rather than their significant accounting policies and to clarify that information about measurement bases for financial instruments is expected to be material to an entity’s financial statements.

Application date

This Standard applies to annual periods beginning on or after 1 January 2023, with earlier application permitted.