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Accounting Standard AASB 2022-4 Amendments to Australian Accounting Standards – Disclosures in Special Purpose Financial Statements of Certain For-Profit Private Sector Entities
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Turn the raw legal text into a practical explanation grounded in Accounting Standard AASB 2022-4 Amendments to Australian Accounting Standards – Disclosures in Special Purpose Financial Statements of Certain For-Profit Private Sector Entities.
1 This Standard amends AASB 1054 Australian Additional Disclosures (May 2011) and AASB 1057 Application of Australian Accounting Standards (July 2015) in relation to certain 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. Where those entities prepare special purpose financial statements, the amendments require disclosure of specified information. In particular, this Standard amends:
(a) AASB 1054, to require disclosure of particular information about the special purpose financial statements, including information that enables users of the financial statements to understand the material accounting policies applied in the financial statements, changes in those policies and whether or not the policies comply with all the recognition and measurement requirements in Australian Accounting Standards; and
(b) AASB 1057, to extend the set of entities to which AASB 1057 and AASB 1054 apply. This is necessary in order to give effect to the amendments described in paragraph (a).