This amending standard updates a set of AUASB auditing standards to reflect a new Australian Accounting Standard (AASB 18) that replaces AASB 101. It changes wording, footnotes and cross‑references in ASA 200, ASA 450, ASA 570, ASA 700 and ASRE 2410 and is operative for reporting periods starting on or after 15 December 2026.
Who it affects and why it matters: auditors and entities that prepare audited or reviewed financial statements must adopt the updated references and any related disclosure guidance; audit firms and preparers bear the compliance effort to align documentation and procedures.
This instrument, AUASB 2025-12 Amendments to AUASB Standards, makes targeted editorial and cross‑reference changes to five AUASB standards so that the auditing literature aligns with a new accounting standard issued by the Australian Accounting Standards Board, AASB 18 Presentation and Disclosure in Financial Statements, which supersedes AASB 101 Presentation of Financial Statements. The Standard identifies the specific AUASB documents amended: ASA 200, ASA 450, ASA 570, ASA 700 and ASRE 2410 (see Objective paragraph). The amendments are described as minor; they primarily replace or update references, footnotes and explanatory paragraphs to reflect the accounting-board changes and to harmonise terminology and cross‑references within the AUASB suite.
Mechanically, the instrument:
Amends Aus 13.1 of ASA 200 to redefine or restate what a “complete set of financial statements” includes, listing components (a) to (g) as shown in Aus 13.1 (see Amendments to ASA 200, Aus 13.1).
Updates footnotes and references in multiple AUASB paragraphs to cite the new AASB standard or corrected cross‑references (for example Aus A10.2 footnote, A53 footnote, ASA 450 A1 footnote 7, ASA 570 paragraphs 3, A4, A5 and related footnotes, ASA 700 footnote 24 and ASRE 2410 paragraph A31 and Appendix 3 paragraph 15).
Clarifies that the AUASB uses typographical conventions in the amending standard to show deletions and insertions but that the underlining and strike‑through themselves are not part of the amended texts (Amendments to AUASB Standards paragraph 1).
Confirms the Standard does not introduce new definitions and that meanings remain those set out in each AUASB Standard (Definition paragraph 1).
Legal and timing mechanics are explicit in the instrument:
Current sections
Direct links to the current provisions in AUASB 2025-12 Amendments to AUASB Standards.
23
Obtaining a Copy of this Standard
Obtaining a Copy of this Standard
Obtaining a Copy of this Standard
This Standard is available on the Auditing and Assurance Standards Board (AUASB) website: www.auasb.gov.au
Contact Details
Contact Details
Contact Details
Auditing and Assurance Standards BoardPhone: (03) 8080 7400E-mail: enquiries@auasb.gov.auPostal Address:PO Box 204, Collins Street WestMelbourne Victoria 8007AUSTRALIA
Requests and enquiries concerning reproduction and rights for commercial purposes should be addressed to the Auditing and Assurance Standards Board, PO Box 204, Collins Street West, Melbourne, Victoria 8007 or sent to enquiries@auasb.gov.au. Otherwise, no part of this Standard may be reproduced, stored or transmitted in any form or by any means without the prior written permission of the AUASB except as permitted by law.
ISSN 1030-603X
CONTENTS
CONTENTS
CONTENTS
PREFACE
AUTHORITY STATEMENT
CONFORMITY WITH INTERNATIONAL STANDARDS ON AUDITING
Requests and enquiries concerning reproduction and rights for commercial purposes should be addressed to the Auditing and Assurance Standards Board, PO Box 204, Collins Street West, Melbourne, Victoria 8007 or sent to enquiries@auasb.gov.au. Otherwise, no part of this Standard may be reproduced, stored or transmitted in any form or by any means without the prior written permission of the AUASB except as permitted by law.
ISSN 1030-603X
CONTENTS
PREFACE
AUTHORITY STATEMENT
CONFORMITY WITH INTERNATIONAL STANDARDS ON AUDITING
Amendments to AUASB Standards..............................................7-8
Amendments to ASA 200.....................................................9-11
Amendments to ASA 450......................................................12
Amendments to ASA 570....................................................13-16
Amendments to ASA 700......................................................17
Amendments to ASRE 2410..................................................18-19
preface
Reasons for Issuing AUASB 2025-12
The AUASB issues AUASB 2025-12 Amendments to AUASB Standards pursuant to the requirements of the legislative provisions and the Strategic Direction explained below.
The AUASB was established under section 227A of the Australian Securities and Investments Commission Act 2001. Under section 336 of the Corporations Act 2001, the AUASB may make Auditing Standards for the purposes of the corporations legislation. These Auditing Standards are legislative instruments under the Legislation Act 2003.
Under the Strategic Direction given to the AUASB by the Financial Reporting Council, the AUASB is required, inter alia, to develop auditing standards that have a clear public interest focus and are of the highest quality.
Main Features
This Standard makes minor amendments to the requirements, application and other explanatory material and appendices of the following AUASB Standards:
ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards (Issued 27 October 2009 and amended to 12 November 2025)
ASA 450 Evaluation of Misstatements Identified during the Audit (Issued 27 October 2009 and amended to 30 May 2017)
ASA 570 Going Concern (Issued 14 May 2025)
ASA 700 Forming an Opinion and Reporting on a Financial Report (Issued 1 December 2015 and amended to 12 November 2025)
ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity (Issued 9 June 2020 and amended to 12 November 2025)
The amendments arise from a new standard issued by the Australian Accounting Standards Board AASB 18 Presentation and Disclosure in Financial Statements which supersedes AASB 101 Presentation of Financial Statements.
AUTHORITY STATEMENT
The Auditing and Assurance Standards Board makes this Standard AUASB 2025-12 Amendments to AUASB Standards pursuant to section 227B of the Australian Securities and Investments Commission Act 2001 and section 336 of the Corporations Act 2001.
Dated: 12 November 2025 D Niven
Chair - AUASB
Conformity with International Standards on Auditing
This Standard has been made for Australian legislative purposes and accordingly there is no equivalent International Standard on Auditing issued by the International Auditing and Assurance Standards Board.
Reasons for Issuing AUASB 2025-12
Reasons for Issuing AUASB 2025-12
Reasons for Issuing AUASB 2025-12
The AUASB issues AUASB 2025-12 Amendments to AUASB Standards pursuant to the requirements of the legislative provisions and the Strategic Direction explained below.
The AUASB was established under section 227A of the Australian Securities and Investments Commission Act 2001. Under section 336 of the Corporations Act 2001, the AUASB may make Auditing Standards for the purposes of the corporations legislation. These Auditing Standards are legislative instruments under the Legislation Act 2003.
Under the Strategic Direction given to the AUASB by the Financial Reporting Council, the AUASB is required, inter alia, to develop auditing standards that have a clear public interest focus and are of the highest quality.
Main Features
Main Features
Main Features
This Standard makes minor amendments to the requirements, application and other explanatory material and appendices of the following AUASB Standards:
ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards (Issued 27 October 2009 and amended to 12 November 2025)
ASA 450 Evaluation of Misstatements Identified during the Audit (Issued 27 October 2009 and amended to 30 May 2017)
ASA 570 Going Concern (Issued 14 May 2025)
ASA 700 Forming an Opinion and Reporting on a Financial Report (Issued 1 December 2015 and amended to 12 November 2025)
ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity (Issued 9 June 2020 and amended to 12 November 2025)
The amendments arise from a new standard issued by the Australian Accounting Standards Board AASB 18 Presentation and Disclosure in Financial Statements which supersedes AASB 101 Presentation of Financial Statements.
AUTHORITY STATEMENT
The Auditing and Assurance Standards Board makes this Standard AUASB 2025-12 Amendments to AUASB Standards pursuant to section 227B of the Australian Securities and Investments Commission Act 2001 and section 336 of the Corporations Act 2001.
Dated: 12 November 2025 D Niven
Chair - AUASB
Conformity with International Standards on Auditing
This Standard has been made for Australian legislative purposes and accordingly there is no equivalent International Standard on Auditing issued by the International Auditing and Assurance Standards Board.
AUTHORITY STATEMENT
AUTHORITY STATEMENT
AUTHORITY STATEMENT
The Auditing and Assurance Standards Board makes this Standard AUASB 2025-12 Amendments to AUASB Standards pursuant to section 227B of the Australian Securities and Investments Commission Act 2001 and section 336 of the Corporations Act 2001.
Conformity with International Standards
Conformity with International Standards on Auditing
Conformity with International Standards on Auditing
This Standard has been made for Australian legislative purposes and accordingly there is no equivalent International Standard on Auditing issued by the International Auditing and Assurance Standards Board.
AUASB 2025-12
AUASB 2025-12
AUASB 2025-12
Amendments to AUASB Standards
Application
This Standard applies to:
an audit of a financial report for a financial year, or an audit of a financial report for a half-year, in accordance with the Corporations Act 2001; and
an audit of a financial report, or a complete set of financial statements, for any other purpose.
This Standard also applies, as appropriate, to an audit of other historical financial information.
Operative Date
This Standard is operative for financial reporting periods commencing on or after 15 December 2026.
Introduction
Scope of this Standard
This Standard makes minor amendments to AUASB Standards as a result of amendments arising from a new standard issued by the Australian Accounting Standards Board AASB 18 Presentation and Disclosure in Financial Statements which supersedes AASB 101 Presentation of Financial Statements.
Objective
The objective of this Standard is to make amendments to the following Auditing Standards:
ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards (Issued 27 October 2009 and amended to 12 November 2025)
ASA 450 Evaluation of Misstatements Identified during the Audit (Issued 27 October 2009 and amended to 30 May 2017)
ASA 570 Going Concern (Issued 14 May 2025)
ASA 700 Forming an Opinion and Reporting on a Financial Report (Issued 1 December 2015 and amended to 12 November 2025)
ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity (Issued 9 June 2020 and amended to 12 November 2025)
Definition
For the purposes of this Standard, the meanings of terms are set out in each AUASB Standard. This Standard does not introduce new definitions.
Amendments to AUASB Standards
Where relevant, this Standard uses underlining, striking out and other typographical material to identify the amendments to a Standard, in order to make the amendments more understandable. However, the amendments made by this Standard do not include that underlining, striking out or other typographical material. Amended paragraphs are shown with deleted text struck through and new text underlined. Ellipses (…) are used to help provide the context within which amendments are made and also to indicate text that is not amended.
Where this amending standard inserts or deletes a paragraph or footnote, as a result of that insertion or deletion relevant paragraph numbers, cross-references and footnotes are updated.
Amendments to ASA 200
Existing paragraph Aus 13.1 and footnote * (as amended by AUASB 2025-8 Amendments to AUASB Standards) are amended to read as follows:
A complete set of financial statements means financial statements and related notes as determined by the requirements of the applicable financial reporting framework. For example, a complete set of financial statements as described in Accounting Standard AASB 18101[*] includes:
(a) a statement (or statements) of financial performance for the reporting period;
(ab) a statement of financial position as at the end of the reporting period;
(b) a statement of profit or loss and other comprehensive income for the period;
(c) a statement of changes in equity for the reporting period;
(d) a statement of cash flows for the reporting period;
(e) notes for the reporting period, comprising material accounting policy information and other explanatory information; and
(f) comparative information in respect of the preceding period, where applicable; and
(g) a statement of financial position as at the beginning of the preceding period, if required.
Existing footnote § in paragraph Aus A10.2 is amended to read as follows:
See AASB 18101.
Existing footnote * in paragraph A53 is amended to read as follows:
Issued by the Australian Accounting Standards Board on 15 July 2004 and amended to 21 May 2019, (June 2014).
Amendments to ASA 450
Existing footnote 7 of paragraph A1 is amended to read as follows:
For example, Australian Accounting Standards require an entity to provide additional disclosures when compliance with the specific requirements in Australian Accounting Standards is insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity’s financial position and financial performance (See AASB 108101 Basis of Preparation Presentation of Financial Statements, paragraph 176C(c)).
Amendments to ASA 570
Existing paragraph 3 and footnote 1 are amended to read as follows:
Some financial reporting frameworks contain an explicit requirement for management to make a specific assessment of the entity’s ability to continue as a going concern and include standards regarding matters to be considered and disclosures to be made in connection with going concern. For example, Australian Accounting Standard (AASB) 108101 requires management to make an assessment of an entity’s ability to continue as a going concern.[1] The detailed requirements regarding management’s responsibility to assess the entity’s ability to continue as a going concern and related financial statement disclosures may also be set out in law or regulation. (Ref: Para. A4)
Existing paragraph A4 and footnote 17 are amended to read as follows:
The circumstances in which entities prepare financial reports on a going concern basis of accounting may vary. For example, AASB 108101 explains that those circumstances could range from when an entity has a history of profitable operations and ready access to financial resources, to when management may need to consider a wide range of factors relating to current and expected profitability, debt repayment schedules and potential sources of replacement financing before it can satisfy itself that the going concern basis is appropriate.[17]
Existing paragraph A5 is amended to read as follows:
The applicable financial reporting framework may or may not explicitly use the term “material uncertainty” when describing the uncertainties that are required to be disclosed in the financial report related to events or conditions that may cast significant doubt on the entity's ability to continue as a going concern. For example, the term “material uncertainty” is used in AASB 108101 and IPSAS 1. In some other financial reporting frameworks, the term “significant uncertainty” is used in similar circumstances. The auditor is required by paragraph 31 to conclude whether a material uncertainty exists regardless of whether or how the applicable financial reporting framework defines a “material uncertainty.” The applicable financial reporting framework may also not define or describe the term “may cast significant doubt” or may use other terms or phrases.
Existing footnote 26 in paragraph A50 is amended to read as follows:
See, for example, AASB 108101 defines this as a period that should be at least, but is not limited to, twelve months from the end of the reporting period and IPSAS 1 defines this as a period that should be at least, but is not limited to, twelve months from the approval of the financial statements.
Amendments to ASA 700
Existing footnote 24 in paragraph A7 is amended to read as follows:
For example, Australian Accounting Standards require an entity to provide additional disclosures when compliance with the specific requirements in Australian Accounting Standards is insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity’s financial position and financial performance (See AASB 108101 PresentationBasis of Preparation of Financial Statements, paragraph 6C17(c)).
Amendments to ASRE 2410
Existing paragraph A31 is amended to read as follows:
Accounting Standard AASB 18101 Presentation and Disclosure inof Financial Statements provides requirements and explanatory guidance relating to comparative information included in a financial report prepared in accordance with Australian Accounting Standards. Accounting Standard AASB 1 First-time Adoption of Australian Accounting Standards provides requirements and guidance relating to comparative information when an entity adopts Australian Accounting Standards for the first time.
Existing paragraph 15 of Appendix 3 is amended to read as follows:
Form and Content of Interim Financial Reports – AASB 134 paragraph 9 states:
“If an entity publishes a complete set of financial statements in its interim financial report, the form and content of those statements shall conform to the requirements of AASB 18101 for a complete set of financial statements”.
Commencement of the legislative instrument
For legal purposes, each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.
Note: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.
Amendments to AUASB Standards
Amendments to AUASB Standards
AUASB 2025-12
Amendments to AUASB Standards
Application
This Standard applies to:
an audit of a financial report for a financial year, or an audit of a financial report for a half-year, in accordance with the Corporations Act 2001; and
an audit of a financial report, or a complete set of financial statements, for any other purpose.
This Standard also applies, as appropriate, to an audit of other historical financial information.
Operative Date
This Standard is operative for financial reporting periods commencing on or after 15 December 2026.
Introduction
Scope of this Standard
This Standard makes minor amendments to AUASB Standards as a result of amendments arising from a new standard issued by the Australian Accounting Standards Board AASB 18 Presentation and Disclosure in Financial Statements which supersedes AASB 101 Presentation of Financial Statements.
Objective
The objective of this Standard is to make amendments to the following Auditing Standards:
ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards (Issued 27 October 2009 and amended to 12 November 2025)
ASA 450 Evaluation of Misstatements Identified during the Audit (Issued 27 October 2009 and amended to 30 May 2017)
ASA 570 Going Concern (Issued 14 May 2025)
ASA 700 Forming an Opinion and Reporting on a Financial Report (Issued 1 December 2015 and amended to 12 November 2025)
ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity (Issued 9 June 2020 and amended to 12 November 2025)
Definition
For the purposes of this Standard, the meanings of terms are set out in each AUASB Standard. This Standard does not introduce new definitions.
Amendments to AUASB Standards
Where relevant, this Standard uses underlining, striking out and other typographical material to identify the amendments to a Standard, in order to make the amendments more understandable. However, the amendments made by this Standard do not include that underlining, striking out or other typographical material. Amended paragraphs are shown with deleted text struck through and new text underlined. Ellipses (…) are used to help provide the context within which amendments are made and also to indicate text that is not amended.
Where this amending standard inserts or deletes a paragraph or footnote, as a result of that insertion or deletion relevant paragraph numbers, cross-references and footnotes are updated.
Amendments to ASA 200
Existing paragraph Aus 13.1 and footnote * (as amended by AUASB 2025-8 Amendments to AUASB Standards) are amended to read as follows:
A complete set of financial statements means financial statements and related notes as determined by the requirements of the applicable financial reporting framework. For example, a complete set of financial statements as described in Accounting Standard AASB 18101[*] includes:
(a) a statement (or statements) of financial performance for the reporting period;
(ab) a statement of financial position as at the end of the reporting period;
(b) a statement of profit or loss and other comprehensive income for the period;
(c) a statement of changes in equity for the reporting period;
(d) a statement of cash flows for the reporting period;
(e) notes for the reporting period, comprising material accounting policy information and other explanatory information; and
(f) comparative information in respect of the preceding period, where applicable; and
(g) a statement of financial position as at the beginning of the preceding period, if required.
Existing footnote § in paragraph Aus A10.2 is amended to read as follows:
See AASB 18101.
Existing footnote * in paragraph A53 is amended to read as follows:
Issued by the Australian Accounting Standards Board on 15 July 2004 and amended to 21 May 2019, (June 2014).
Amendments to ASA 450
Existing footnote 7 of paragraph A1 is amended to read as follows:
For example, Australian Accounting Standards require an entity to provide additional disclosures when compliance with the specific requirements in Australian Accounting Standards is insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity’s financial position and financial performance (See AASB 108101 Basis of Preparation Presentation of Financial Statements, paragraph 176C(c)).
Amendments to ASA 570
Existing paragraph 3 and footnote 1 are amended to read as follows:
Some financial reporting frameworks contain an explicit requirement for management to make a specific assessment of the entity’s ability to continue as a going concern and include standards regarding matters to be considered and disclosures to be made in connection with going concern. For example, Australian Accounting Standard (AASB) 108101 requires management to make an assessment of an entity’s ability to continue as a going concern.[1] The detailed requirements regarding management’s responsibility to assess the entity’s ability to continue as a going concern and related financial statement disclosures may also be set out in law or regulation. (Ref: Para. A4)
Existing paragraph A4 and footnote 17 are amended to read as follows:
The circumstances in which entities prepare financial reports on a going concern basis of accounting may vary. For example, AASB 108101 explains that those circumstances could range from when an entity has a history of profitable operations and ready access to financial resources, to when management may need to consider a wide range of factors relating to current and expected profitability, debt repayment schedules and potential sources of replacement financing before it can satisfy itself that the going concern basis is appropriate.[17]
Existing paragraph A5 is amended to read as follows:
The applicable financial reporting framework may or may not explicitly use the term “material uncertainty” when describing the uncertainties that are required to be disclosed in the financial report related to events or conditions that may cast significant doubt on the entity's ability to continue as a going concern. For example, the term “material uncertainty” is used in AASB 108101 and IPSAS 1. In some other financial reporting frameworks, the term “significant uncertainty” is used in similar circumstances. The auditor is required by paragraph 31 to conclude whether a material uncertainty exists regardless of whether or how the applicable financial reporting framework defines a “material uncertainty.” The applicable financial reporting framework may also not define or describe the term “may cast significant doubt” or may use other terms or phrases.
Existing footnote 26 in paragraph A50 is amended to read as follows:
See, for example, AASB 108101 defines this as a period that should be at least, but is not limited to, twelve months from the end of the reporting period and IPSAS 1 defines this as a period that should be at least, but is not limited to, twelve months from the approval of the financial statements.
Amendments to ASA 700
Existing footnote 24 in paragraph A7 is amended to read as follows:
For example, Australian Accounting Standards require an entity to provide additional disclosures when compliance with the specific requirements in Australian Accounting Standards is insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity’s financial position and financial performance (See AASB 108101 PresentationBasis of Preparation of Financial Statements, paragraph 6C17(c)).
Amendments to ASRE 2410
Existing paragraph A31 is amended to read as follows:
Accounting Standard AASB 18101 Presentation and Disclosure inof Financial Statements provides requirements and explanatory guidance relating to comparative information included in a financial report prepared in accordance with Australian Accounting Standards. Accounting Standard AASB 1 First-time Adoption of Australian Accounting Standards provides requirements and guidance relating to comparative information when an entity adopts Australian Accounting Standards for the first time.
Existing paragraph 15 of Appendix 3 is amended to read as follows:
Form and Content of Interim Financial Reports – AASB 134 paragraph 9 states:
“If an entity publishes a complete set of financial statements in its interim financial report, the form and content of those statements shall conform to the requirements of AASB 18101 for a complete set of financial statements”.
Commencement of the legislative instrument
For legal purposes, each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.
Note: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.
Application
Application
Application
This Standard applies to:
an audit of a financial report for a financial year, or an audit of a financial report for a half-year, in accordance with the Corporations Act 2001; and
an audit of a financial report, or a complete set of financial statements, for any other purpose.
This Standard also applies, as appropriate, to an audit of other historical financial information.
Operative Date
Operative Date
Operative Date
This Standard is operative for financial reporting periods commencing on or after 15 December 2026.
Introduction
Introduction
AUASB 2025-12
Amendments to AUASB Standards
Application
This Standard applies to:
an audit of a financial report for a financial year, or an audit of a financial report for a half-year, in accordance with the Corporations Act 2001; and
an audit of a financial report, or a complete set of financial statements, for any other purpose.
This Standard also applies, as appropriate, to an audit of other historical financial information.
Operative Date
This Standard is operative for financial reporting periods commencing on or after 15 December 2026.
Introduction
Scope of this Standard
This Standard makes minor amendments to AUASB Standards as a result of amendments arising from a new standard issued by the Australian Accounting Standards Board AASB 18 Presentation and Disclosure in Financial Statements which supersedes AASB 101 Presentation of Financial Statements.
Objective
The objective of this Standard is to make amendments to the following Auditing Standards:
ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards (Issued 27 October 2009 and amended to 12 November 2025)
ASA 450 Evaluation of Misstatements Identified during the Audit (Issued 27 October 2009 and amended to 30 May 2017)
ASA 570 Going Concern (Issued 14 May 2025)
ASA 700 Forming an Opinion and Reporting on a Financial Report (Issued 1 December 2015 and amended to 12 November 2025)
ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity (Issued 9 June 2020 and amended to 12 November 2025)
Definition
For the purposes of this Standard, the meanings of terms are set out in each AUASB Standard. This Standard does not introduce new definitions.
Amendments to AUASB Standards
Where relevant, this Standard uses underlining, striking out and other typographical material to identify the amendments to a Standard, in order to make the amendments more understandable. However, the amendments made by this Standard do not include that underlining, striking out or other typographical material. Amended paragraphs are shown with deleted text struck through and new text underlined. Ellipses (…) are used to help provide the context within which amendments are made and also to indicate text that is not amended.
Where this amending standard inserts or deletes a paragraph or footnote, as a result of that insertion or deletion relevant paragraph numbers, cross-references and footnotes are updated.
Amendments to ASA 200
Existing paragraph Aus 13.1 and footnote * (as amended by AUASB 2025-8 Amendments to AUASB Standards) are amended to read as follows:
A complete set of financial statements means financial statements and related notes as determined by the requirements of the applicable financial reporting framework. For example, a complete set of financial statements as described in Accounting Standard AASB 18101[*] includes:
(a) a statement (or statements) of financial performance for the reporting period;
(ab) a statement of financial position as at the end of the reporting period;
(b) a statement of profit or loss and other comprehensive income for the period;
(c) a statement of changes in equity for the reporting period;
(d) a statement of cash flows for the reporting period;
(e) notes for the reporting period, comprising material accounting policy information and other explanatory information; and
(f) comparative information in respect of the preceding period, where applicable; and
(g) a statement of financial position as at the beginning of the preceding period, if required.
Existing footnote § in paragraph Aus A10.2 is amended to read as follows:
See AASB 18101.
Existing footnote * in paragraph A53 is amended to read as follows:
Issued by the Australian Accounting Standards Board on 15 July 2004 and amended to 21 May 2019, (June 2014).
Amendments to ASA 450
Existing footnote 7 of paragraph A1 is amended to read as follows:
For example, Australian Accounting Standards require an entity to provide additional disclosures when compliance with the specific requirements in Australian Accounting Standards is insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity’s financial position and financial performance (See AASB 108101 Basis of Preparation Presentation of Financial Statements, paragraph 176C(c)).
Amendments to ASA 570
Existing paragraph 3 and footnote 1 are amended to read as follows:
Some financial reporting frameworks contain an explicit requirement for management to make a specific assessment of the entity’s ability to continue as a going concern and include standards regarding matters to be considered and disclosures to be made in connection with going concern. For example, Australian Accounting Standard (AASB) 108101 requires management to make an assessment of an entity’s ability to continue as a going concern.[1] The detailed requirements regarding management’s responsibility to assess the entity’s ability to continue as a going concern and related financial statement disclosures may also be set out in law or regulation. (Ref: Para. A4)
Existing paragraph A4 and footnote 17 are amended to read as follows:
The circumstances in which entities prepare financial reports on a going concern basis of accounting may vary. For example, AASB 108101 explains that those circumstances could range from when an entity has a history of profitable operations and ready access to financial resources, to when management may need to consider a wide range of factors relating to current and expected profitability, debt repayment schedules and potential sources of replacement financing before it can satisfy itself that the going concern basis is appropriate.[17]
Existing paragraph A5 is amended to read as follows:
The applicable financial reporting framework may or may not explicitly use the term “material uncertainty” when describing the uncertainties that are required to be disclosed in the financial report related to events or conditions that may cast significant doubt on the entity's ability to continue as a going concern. For example, the term “material uncertainty” is used in AASB 108101 and IPSAS 1. In some other financial reporting frameworks, the term “significant uncertainty” is used in similar circumstances. The auditor is required by paragraph 31 to conclude whether a material uncertainty exists regardless of whether or how the applicable financial reporting framework defines a “material uncertainty.” The applicable financial reporting framework may also not define or describe the term “may cast significant doubt” or may use other terms or phrases.
Existing footnote 26 in paragraph A50 is amended to read as follows:
See, for example, AASB 108101 defines this as a period that should be at least, but is not limited to, twelve months from the end of the reporting period and IPSAS 1 defines this as a period that should be at least, but is not limited to, twelve months from the approval of the financial statements.
Amendments to ASA 700
Existing footnote 24 in paragraph A7 is amended to read as follows:
For example, Australian Accounting Standards require an entity to provide additional disclosures when compliance with the specific requirements in Australian Accounting Standards is insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity’s financial position and financial performance (See AASB 108101 PresentationBasis of Preparation of Financial Statements, paragraph 6C17(c)).
Amendments to ASRE 2410
Existing paragraph A31 is amended to read as follows:
Accounting Standard AASB 18101 Presentation and Disclosure inof Financial Statements provides requirements and explanatory guidance relating to comparative information included in a financial report prepared in accordance with Australian Accounting Standards. Accounting Standard AASB 1 First-time Adoption of Australian Accounting Standards provides requirements and guidance relating to comparative information when an entity adopts Australian Accounting Standards for the first time.
Existing paragraph 15 of Appendix 3 is amended to read as follows:
Form and Content of Interim Financial Reports – AASB 134 paragraph 9 states:
“If an entity publishes a complete set of financial statements in its interim financial report, the form and content of those statements shall conform to the requirements of AASB 18101 for a complete set of financial statements”.
Commencement of the legislative instrument
For legal purposes, each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.
Note: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.
Scope of this Standard
Scope of this Standard
Scope of this Standard
This Standard makes minor amendments to AUASB Standards as a result of amendments arising from a new standard issued by the Australian Accounting Standards Board AASB 18 Presentation and Disclosure in Financial Statements which supersedes AASB 101 Presentation of Financial Statements.
Objective
Objective
Objective
The objective of this Standard is to make amendments to the following Auditing Standards:
ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards (Issued 27 October 2009 and amended to 12 November 2025)
ASA 450 Evaluation of Misstatements Identified during the Audit (Issued 27 October 2009 and amended to 30 May 2017)
ASA 570 Going Concern (Issued 14 May 2025)
ASA 700 Forming an Opinion and Reporting on a Financial Report (Issued 1 December 2015 and amended to 12 November 2025)
ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity (Issued 9 June 2020 and amended to 12 November 2025)
Definition
Definition
Definition
For the purposes of this Standard, the meanings of terms are set out in each AUASB Standard. This Standard does not introduce new definitions.
Amendments to ASA 200
Amendments to ASA 200
Amendments to ASA 200
Existing paragraph Aus 13.1 and footnote * (as amended by AUASB 2025-8 Amendments to AUASB Standards) are amended to read as follows:
A complete set of financial statements means financial statements and related notes as determined by the requirements of the applicable financial reporting framework. For example, a complete set of financial statements as described in Accounting Standard AASB 18101[*] includes:
(a) a statement (or statements) of financial performance for the reporting period;
(ab) a statement of financial position as at the end of the reporting period;
(b) a statement of profit or loss and other comprehensive income for the period;
(c) a statement of changes in equity for the reporting period;
(d) a statement of cash flows for the reporting period;
(e) notes for the reporting period, comprising material accounting policy information and other explanatory information; and
(f) comparative information in respect of the preceding period, where applicable; and
(g) a statement of financial position as at the beginning of the preceding period, if required.
Existing footnote § in paragraph Aus A10.2 is amended to read as follows:
See AASB 18101.
Existing footnote * in paragraph A53 is amended to read as follows:
Issued by the Australian Accounting Standards Board on 15 July 2004 and amended to 21 May 2019, (June 2014).
Amendments to ASA 450
Amendments to ASA 450
Amendments to ASA 450
Existing footnote 7 of paragraph A1 is amended to read as follows:
For example, Australian Accounting Standards require an entity to provide additional disclosures when compliance with the specific requirements in Australian Accounting Standards is insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity’s financial position and financial performance (See AASB 108101 Basis of Preparation Presentation of Financial Statements, paragraph 176C(c)).
Amendments to ASA 570
Amendments to ASA 570
Amendments to ASA 570
Existing paragraph 3 and footnote 1 are amended to read as follows:
Some financial reporting frameworks contain an explicit requirement for management to make a specific assessment of the entity’s ability to continue as a going concern and include standards regarding matters to be considered and disclosures to be made in connection with going concern. For example, Australian Accounting Standard (AASB) 108101 requires management to make an assessment of an entity’s ability to continue as a going concern.[1] The detailed requirements regarding management’s responsibility to assess the entity’s ability to continue as a going concern and related financial statement disclosures may also be set out in law or regulation. (Ref: Para. A4)
Existing paragraph A4 and footnote 17 are amended to read as follows:
The circumstances in which entities prepare financial reports on a going concern basis of accounting may vary. For example, AASB 108101 explains that those circumstances could range from when an entity has a history of profitable operations and ready access to financial resources, to when management may need to consider a wide range of factors relating to current and expected profitability, debt repayment schedules and potential sources of replacement financing before it can satisfy itself that the going concern basis is appropriate.[17]
Existing paragraph A5 is amended to read as follows:
The applicable financial reporting framework may or may not explicitly use the term “material uncertainty” when describing the uncertainties that are required to be disclosed in the financial report related to events or conditions that may cast significant doubt on the entity's ability to continue as a going concern. For example, the term “material uncertainty” is used in AASB 108101 and IPSAS 1. In some other financial reporting frameworks, the term “significant uncertainty” is used in similar circumstances. The auditor is required by paragraph 31 to conclude whether a material uncertainty exists regardless of whether or how the applicable financial reporting framework defines a “material uncertainty.” The applicable financial reporting framework may also not define or describe the term “may cast significant doubt” or may use other terms or phrases.
Existing footnote 26 in paragraph A50 is amended to read as follows:
See, for example, AASB 108101 defines this as a period that should be at least, but is not limited to, twelve months from the end of the reporting period and IPSAS 1 defines this as a period that should be at least, but is not limited to, twelve months from the approval of the financial statements.
Amendments to ASA 700
Amendments to ASA 700
Amendments to ASA 700
Existing footnote 24 in paragraph A7 is amended to read as follows:
For example, Australian Accounting Standards require an entity to provide additional disclosures when compliance with the specific requirements in Australian Accounting Standards is insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity’s financial position and financial performance (See AASB 108101 PresentationBasis of Preparation of Financial Statements, paragraph 6C17(c)).
Amendments to ASRE 2410
Amendments to ASRE 2410
Amendments to ASRE 2410
Existing paragraph A31 is amended to read as follows:
Accounting Standard AASB 18101 Presentation and Disclosure inof Financial Statements provides requirements and explanatory guidance relating to comparative information included in a financial report prepared in accordance with Australian Accounting Standards. Accounting Standard AASB 1 First-time Adoption of Australian Accounting Standards provides requirements and guidance relating to comparative information when an entity adopts Australian Accounting Standards for the first time.
Existing paragraph 15 of Appendix 3 is amended to read as follows:
Form and Content of Interim Financial Reports – AASB 134 paragraph 9 states:
“If an entity publishes a complete set of financial statements in its interim financial report, the form and content of those statements shall conform to the requirements of AASB 18101 for a complete set of financial statements”.
Commencement of the legislative instrume
Commencement of the legislative instrument
Commencement of the legislative instrument
For legal purposes, each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.
Note: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.
Source text: opening excerpt
Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.
Obtaining a Copy of this Standard Obtaining a Copy of this Standard
Obtaining a Copy of this Standard
This Standard is available on the Auditing and Assurance Standards Board (AUASB) website: www.auasb.gov.au
Contact Details Contact Details
Contact Details
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ISSN 1030-603X
CONTENTS CONTENTS
CONTENTS
PREFACE
AUTHORITY STATEMENT
CONFORMITY WITH INTERNATIONAL STANDARDS ON AUDITING
Amendments to AUASB Standards..............................................7-8
Amendments to ASA 200.....................................................9-11
Amendments to ASA 450......................................................12
It is made under s 227B of the Australian Securities and Investments Commission Act 2001 and s 336 of the Corporations Act 2001, and the AUASB records the standard as a legislative instrument under the Legislation Act 2003 (Preface; Authority Statement).
The instrument is dated 12 November 2025, signed by the AUASB Chair (Authority Statement).
It sets operative timing: the Standard is operative for financial reporting periods commencing on or after 15 December 2026 (Operative Date paragraph). The commencement table, separately published, records the whole instrument as commencing on 14 December 2026 (Commencement information table). Both timing statements are present in the text and should be read together when deciding transitional application.
The stated rationale in the instrument attributes the amendments to the issuance of AASB 18, which supersedes AASB 101. The instrument frames the amendments as necessary to maintain internal consistency between auditing standards and the updated requirements and guidance in Australian accounting standards (Scope paragraph, Main Features). The instrument itself describes the changes as minor and limited to requirements, application material, explanatory material and appendices of the affected AUASB Standards.
This Standard applies to audits carried out under the Corporations Act 2001 and to audits or reviews of financial reports and other historical financial information in other contexts where the AUASB standards are relevant (Application paragraphs 1-2). The changes are technical, change cross‑references and wording, and are intended to be incorporated into audit practice documentation, reporting templates and review guidance used by auditors and reviewers.
Main concepts
AUASB 2025-12 operates as an amending legislative instrument. The main concepts are alignment, clarification and cross‑reference updating so that AUASB auditing standards reflect the updated Australian Accounting Standards Board framework that adopts AASB 18 in place of AASB 101. The instrument repeatedly states that the amendments are “minor” and limited to adjustments necessitated by that accounting standard change (Scope of this Standard; Main Features).
Key conceptual changes and practices introduced or clarified by the instrument include:
Definition/description of a “complete set of financial statements.” Aus 13.1 of ASA 200 is replaced or amended to list the components of a complete set, including statements of financial performance, position, profit or loss and other comprehensive income, changes in equity, cash flows, notes and comparative information, and where required the opening statement of financial position for the preceding period (Amendments to ASA 200, Aus 13.1). The concept is presented as being “determined by the requirements of the applicable financial reporting framework” and then illustrated by reference to the new AASB standard citation used by AUASB (see Aus 13.1).
Cross‑reference updating. Multiple explanatory paragraphs and footnotes across the standards now point to AASB 18 or corrected paragraph references in AASB literature (Amendments to ASA 450, ASA 570, ASA 700, ASRE 2410). The instrument emphasises that where it made insertions or deletions, paragraph numbers and cross‑references are updated (Amendments to AUASB Standards paragraph 2). The conceptual effect is administrative: practitioners must follow updated references when mapping accounting disclosure obligations to audit procedures.
Going concern assessment language. ASA 570’s amendments (paragraph 3, A4, A5 and related footnotes) recap management’s responsibility to assess going concern and remind auditors that the auditor must conclude whether a “material uncertainty” exists regardless of whether the applicable financial reporting framework uses that exact phrase (see Amendments to ASA 570, A5). The instrument retains the auditor’s duty as expressed in ASA 570 paragraph 31 (cited indirectly in A5), not changing the auditor’s substantive duty to assess going concern.
Use of typographical method to show amendments. The explanation that underlining/striking out is used in the amending instrument for clarity but is not part of the amendments is a drafting-control concept intended to prevent confusion when consulting the amending text versus the consolidated standards (Amendments to AUASB Standards paragraph 1).
The instrument also asserts institutional concepts:
Legislative basis and institutional direction. The AUASB states it was established under s 227A of the ASIC Act and must develop standards under the Corporations Act; the AUASB is subject to strategic direction by the Financial Reporting Council (Preface; Reasons for Issuing). These are the institutional rules determining who decides and the policy mandate for the amendments.
Applicability concept. The Standard makes explicit that the AUASB’s changes apply to audits performed under the Corporations Act as well as to audits and reviews undertaken for other purposes, and to audits of other historical financial information where appropriate (Application paragraphs 1-2).
The instrument contains some formatting anomalies and unusual citations (for example recurring references such as “AASB 18101” and “AASB 108101” in the text). The instrument itself does not explain those anomalies; they are part of the published amending text and thus part of the legal instrument the profession must read. That creates an interpretative concept in practice: auditors and preparers will need to map the instrument’s citations to the relevant AASB standards and paragraphs.
Finally, the instrument states that there is no equivalent International Standard on Auditing for this amending standard because the amendments are for Australian legislative purposes (Conformity with International Standards on Auditing). The conceptual conclusion for practitioners is that this is an Australian domestic alignment exercise rather than an adoption of new international auditing requirements.
Who it affects
The instrument identifies several populations affected directly and indirectly. The primary affected parties are auditors and reviewers whose work is governed by the AUASB Standards amended by this instrument. The Application paragraphs specify that the Standard applies to:
Audits of financial reports for a financial year or half‑year conducted under the Corporations Act 2001, and
Audits of a financial report or a complete set of financial statements for any other purpose (Application paragraphs 1(i)-(ii)).
Consequently, registered company auditors, audit firms performing statutory audits under the Corporations Act and practitioners conducting audits under other jurisdictions or engagements that adopt AUASB standards are directly affected. The instrument also applies “as appropriate, to an audit of other historical financial information” (Application paragraph 2), which captures an expanded set of engagements such as special purpose audits where AUASB standards are applied.
Preparers of financial statements are affected in the sense that the AUASB amendments update auditor guidance that links audit procedures and reporting to accounting disclosure requirements. In particular, the amended Aus 13.1 definition of “complete set of financial statements” will affect what auditors expect in terms of items included in a complete set under the applicable financial reporting framework (Amendments to ASA 200 Aus 13.1). Entities that adopt the new AASB 18 presentation and disclosure requirements will have to ensure that their financial statements meet those requirements because auditors will be referencing that accounting standard when performing and documenting audits and reviews.
Regulators and oversight bodies are affected administratively. The instrument is a legislative instrument under the Legislation Act 2003 and is made under s 227B of the ASIC Act and s 336 of the Corporations Act (Authority Statement; Preface). That legal form means the AUASB’s amended Standards have legal force in the regulatory regime that governs statutory audits under the Corporations Act. ASIC, the Financial Reporting Council and other supervisory bodies will use the amended standards as part of their regulatory expectations.
Professional bodies and standard‑setting support functions such as audit quality centres, in‑house quality control teams, and continuing professional development providers are affected because they must update guidance, training and quality procedures to reflect the amended references and wording. Firms will need to align audit methodology, manuals, templates and checklists with the amended paragraphs (for example ASA 570 going concern wording, ASA 700 footnotes, ASRE 2410 guidance on interim financial reports).
Indirectly, users of financial reports, creditors, investors and other stakeholders who rely on audited financial statements are affected in the sense that the audit product (reports and disclosures) will be linked to a different set of accounting presentation and disclosure requirements (AASB 18), and auditors will adjust their reporting language and evidence mapping accordingly. However, the instrument itself does not change substantive auditor conclusions, only the references and explanatory material that map to accounting disclosure obligations.
Note on timing and transitional effect. The instrument contains operative timing language and a commencement table. Operative application is set for financial reporting periods commencing on or after 15 December 2026 (Operative Date paragraph 1). The commencement table records the instrument’s whole as commencing on 14 December 2026. Both dates appear in the instrument and users must reconcile these: the operative effect on an audit depends on the reporting period start date (Operative Date paragraph), while the instrument’s legal commencement is recorded in the table. Audit and accounting teams therefore need to plan for the updated references to be used for reports covering periods commencing on or after 15 December 2026.
Key duties and rights
The amending instrument does not create new duties or rights beyond those already present in the underlying AUASB Standards and the Corporations Act framework. Rather, it modifies wording, examples and footnotes in the affected AUASB Standards to reference the updated AASB standard and to refine explanatory guidance. The instrument is explicit: “This Standard does not introduce new definitions” (Definition paragraph 1).
Duties carried forward and clarified by the amendments include:
Auditor obligations to apply the AUASB Standards in audits under the Corporations Act and in other applicable audits and reviews (Application paragraphs 1-2). The instrument reiterates that the Standards apply to statutory audits as well as audits for other purposes.
The auditor’s continuing responsibility in relation to going concern. The amendments to ASA 570 emphasise management’s responsibility to assess going concern under the applicable financial reporting framework and reiterate that the auditor must conclude whether a material uncertainty exists under paragraph 31 regardless of the terminology used in the accounting framework (Amendments to ASA 570 paragraphs 3 and A5). The instrument therefore preserves the substantive auditor duty to evaluate going concern and to form a view on the existence of material uncertainty.
The auditor’s engagement with presentation and disclosure. Amendments to ASA 700, ASA 450 and ASRE 2410 update cross‑references to the accounting standard that prescribes presentation and disclosure. This effectively requires auditors to map their review of presentation and disclosure to AASB 18 rather than the superseded AASB 101 (Amendments to ASA 700, ASA 450, ASRE 2410).
Rights are not explicitly provided or altered by the instrument. The text does make institutional claims about AUASB’s authority to make Auditing Standards under s 336 of the Corporations Act and s 227B of the ASIC Act (Authority Statement). The legal implication is that the AUASB has the statutory power to make the Standards for corporation‑law purposes. The instrument notes the Standards are legislative instruments under the Legislation Act 2003 (Preface).
Operationally, key duties for practitioners that arise from the amended text and that should be treated as binding in statutory audits are:
Update audit manuals and reporting templates to reflect the wording of Aus 13.1 on the “complete set of financial statements” and to align any audit procedures tied to presentation and disclosure with AASB 18 (Amendments to ASA 200 Aus 13.1; ASRE 2410 A31; Appendix 3 para 15).
Continue to comply with the auditor’s going concern evaluation duties set out in ASA 570 paragraph 31 and the amended explanatory material (Amendments to ASA 570 paragraph A5).
Apply the updated footnote references where AUASB paragraphs now cite AASB 18 or other updated paragraph references (multiple amendments across the Standards).
What the instrument does not do, as a matter of its own text:
It does not expand auditor powers, nor does it create new statutory penalties or enforcement mechanisms within the amending text. The instrument is silent on sanctioning and does not alter the Corporations Act enforcement regime. The AUASB records only its authority to make the Standard (Authority Statement) and that it is a legislative instrument under the Legislation Act (Preface).
Practical implication: auditors remain under their existing duties, but must interpret and perform those duties using the updated AUASB references and explanatory material that point to AASB 18 and the revised accounting framework language.
Penalties and enforcement
The amending instrument itself does not create new penalty provisions or specify enforcement mechanics. The Standard is made as a legislative instrument under the Legislation Act 2003 and under the AUASB’s powers in the ASIC Act and the Corporations Act (Authority Statement; Preface). That legal form means the AUASB Standards amended by the instrument are the authoritative auditing standards for purposes of corporations legislation where the Corporations Act incorporates AUASB Standards for statutory audits, but the instrument does not itself set out sanctions.
Relevant legal context included in the instrument that frames enforcement is:
The AUASB was established under s 227A of the Australian Securities and Investments Commission Act 2001, and under s 336 of the Corporations Act 2001 the AUASB may make Auditing Standards for purposes of the corporations legislation (Preface; Reasons for Issuing). The instrument records the standards as legislative instruments under the Legislation Act 2003 (Preface).
The instrument’s Authority Statement expressly states it is made pursuant to s 227B of the ASIC Act and s 336 of the Corporations Act (Authority Statement).
Consequences for practitioners of failing to apply AUASB Standards in the context of a statutory audit flow from the wider legal and regulatory regime, not from this amending text. Those consequences commonly arise under:
Corporations Act obligations and potential regulatory enforcement by ASIC or other enforcement agencies for breaches of statutory audit or financial reporting requirements. The amending instrument does not itself create or describe those enforcement processes, but it situates the AUASB Standards as legislative instruments for corporations‑law purposes.
Professional disciplinary frameworks administered by relevant professional bodies and by firm quality and assurance processes. The instrument does not change those frameworks, but changes to standards will feed into expectations applied by disciplinary bodies, quality reviewers and regulators.
Because the instrument does not contain express penalty clauses, the reader should treat enforcement of the amended requirements as deriving from:
The Corporations Act and associated regulatory enforcement mechanisms, to the extent those laws reference or incorporate AUASB Standards for statutory audits; and
Professional and contractual obligations between audit firms and clients, and audit firm quality systems.
The Standard includes a statement on conformity with international standards noting there is no equivalent ISA for this amending standard because it is for Australian legislative purposes. That phrasing does not affect enforcement, but it is a jurisdictional point relevant to enforcement expectations in cross‑border contexts or for firms that use international material as part of quality control (Conformity with International Standards on Auditing).
Practical points for compliance and enforcement risk management:
Firms should ensure their audit policies, working papers and checklists reflect the amended references and wording so that audits undertaken for statutory purposes are defensible against regulatory review or professional discipline.
Firms and practitioners should be aware that the amending instrument is a legislative instrument and that failure to apply the AUASB Standards where they are required by the Corporations Act may attract scrutiny by ASIC or other bodies. The instrument does not list specific sanctions; the legal consequences are found in the broader statutory and regulatory framework.
How it interacts with other laws
AUASB 2025-12 sits within the Australian legislative and standards architecture that links accounting standards, auditing standards and the Corporations Act regulatory framework. The instrument states its legal basis and relationship to other instruments and laws explicitly.
Statutory relationships stated in the text:
The AUASB’s authority derives from the Australian Securities and Investments Commission Act 2001 and the Corporations Act 2001. The instrument cites the AUASB’s establishment under s 227A of the ASIC Act and the AUASB’s power to make Auditing Standards under s 336 of the Corporations Act (Preface; Reasons for Issuing; Authority Statement). It also states the Standard is made pursuant to s 227B of the ASIC Act and s 336 of the Corporations Act (Authority Statement).
The instrument is a legislative instrument under the Legislation Act 2003 because AUASB Auditing Standards are legislative instruments for corporations law purposes (Preface).
Interaction with accounting standards:
The amendments arise directly from a change in Australian accounting standards: AASB 18 Presentation and Disclosure in Financial Statements replaces AASB 101 Presentation of Financial Statements. The AUASB amends its auditing standards to align references and explanatory material with the new accounting standard (Scope; Main Features; Amendments to AUASB Standards). Practically, auditors must map their procedures and disclosure checks against AASB 18 and the updated AUASB references rather than the superseded AASB 101.
Interaction with Corporations Act obligations:
The Application paragraph explicitly links the Standard to audits under the Corporations Act: the Standard applies to an audit of a financial report for a financial year or half‑year in accordance with the Corporations Act 2001 (Application paragraph 1(i)). Where the Corporations Act requires audits to be conducted in accordance with auditing standards, the amendments form part of the legal expectations for those statutory audits.
The instrument does not amend the Corporations Act itself. It is an AUASB instrument that updates the auditing standards which operate as legislative instruments under the Legislation Act. Consequently, the practical interaction is that Corporations Act audits will use the updated AUASB standards as part of compliance.
Interaction with international standards:
The instrument notes that it has been made for Australian legislative purposes and there is no equivalent International Standard on Auditing for this amending standard (Conformity with International Standards on Auditing). The effect is that the amendments are domestic alignment rather than an international harmonisation step. Firms operating internationally should be alert to the fact that AUASB wording and citations have been adjusted for AASB 18 without an ISA counterpart.
Interaction with professional rules and quality frameworks:
The AUASB changes will feed into professional body guidance, firm quality manuals and training requirements. Professional obligations, audit firm quality control standards and continuing professional education will need to incorporate the amendments to ensure compliance with the auditing standards used in statutory audits.
Practical points on cross‑instrument interactions and transitional matters:
The instrument contains operative period language (operative for periods commencing on or after 15 December 2026) and a commencement table (whole instrument commencement dated 14 December 2026). Practitioners must interpret which reporting periods should use the amended AUASB references in light of their reporting cycle and the Corporations Act obligations for audits of periods that commence on or after the operative date (Operative Date paragraph; Commencement table).
The instrument’s changes are largely cross‑reference and footnote updates. Nonetheless, audit procedures that rely specifically on the content of the superseded AASB 101 must be cross‑walked to AASB 18 to ensure that evidence gathering and reporting language remain aligned with the accounting literature now cited by AUASB standards.
The instrument does not address taxation law, insolvency law or other specialised legislation directly. Its effects on those domains will be mediated through how accounting presentation and disclosure under AASB 18 affect financial statements, and how auditors apply AUASB standards to verify those statements in statutory and non‑statutory audits.
Amendment history
The instrument contains an explicit amendment history of the AUASB Standards affected and records the dates of issuance or earlier amendments within the amending text. The amending standard itself is AUASB 2025-12 and it records the following historical points:
AUASB 2025-12 was made and dated 12 November 2025, signed by the AUASB Chair D Niven (Authority Statement). The Preface and Reasons for Issuing sections repeat this date and note the instrument’s issuance pursuant to statutory powers.
The instrument lists the AUASB Standards being amended and their previous issuance/amendment dates as found in the Objective and Main Features paragraphs:
ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards, originally issued 27 October 2009 and amended to 12 November 2025.
ASA 450 Evaluation of Misstatements Identified during the Audit, originally issued 27 October 2009 and amended to 30 May 2017.
ASA 570 Going Concern, issued 14 May 2025.
ASA 700 Forming an Opinion and Reporting on a Financial Report, issued 1 December 2015 and amended to 12 November 2025.
ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity, issued 9 June 2020 and amended to 12 November 2025.
The instrument further notes that some paragraphs being amended had themselves been amended by prior AUASB instruments (for example Aus 13.1 as amended by AUASB 2025-8 is referenced in the Amendments to ASA 200). The amending text therefore records a chain of edit history by indicating existing paragraphs as previously amended and then providing updated language (Amendments to ASA 200 paragraph 1).
The amending standard explains procedural aspects of its own drafting, namely that it uses strike‑through and underlining to indicate deletions and additions within the amending text for clarity, but that these typographical markers are not part of the amended standards themselves (Amendments to AUASB Standards paragraph 1). It also states that paragraph numbers and cross‑references will be updated where insertions or deletions occur (Amendments to AUASB Standards paragraph 2).
The instrument contains a commencement table recording that “the whole of this instrument” commences on 14 December 2026 while the operative date paragraph states the Standard is operative for financial reporting periods commencing on or after 15 December 2026 (Commencement information table; Operative Date paragraph). These two dates are both present in the instrument and together form part of the amendment history and transitional mechanics.
The amending text identifies the specific paragraphs and footnotes changed in each affected standard. Examples include:
ASA 200: Aus 13.1 and footnote * are amended to restate the components of a complete set of financial statements and to read “See AASB 18101” in a footnote (Amendments to ASA 200).
ASA 450: footnote 7 of paragraph A1 is amended to reference AASB 108101 and a specific paragraph (Amendments to ASA 450).
ASA 570: paragraphs 3, A4 and A5, and footnotes 1, 17, and 26 are amended to update going concern references and the period definition (Amendments to ASA 570).
ASA 700: footnote 24 in paragraph A7 is amended to reference AASB 108101 PresentationBasis of Preparation of Financial Statements (Amendments to ASA 700).
ASRE 2410: paragraph A31 and Appendix 3 paragraph 15 are amended to reference AASB 18101 and AASB 1 (Amendments to ASRE 2410).
The instrument repeatedly states the amendments are minor and arise from AASB 18 superseding AASB 101 (Scope; Main Features). The instrument does not itself record any substantive policy debates, exposure drafts or consultation summaries inside the text; it summarises reasons only at a high level in the Preface and Reasons for Issuing sections.
For tracking purposes, users should note:
The instrument is AUASB 2025-12 and should be recorded as an amending legislative instrument made on 12 November 2025.
The operative effect for audits correlates to reporting periods commencing on or after 15 December 2026, but the legal commencement is recorded as 14 December 2026 in the instrument’s commencement table. This dual dating should be noted in amendment‑history logs and in firm transition plans.
Litigation history
The amending instrument contains no litigation references, case citations or judicial history. The text itself makes no mention of litigation, legal disputes, or precedent cases. The document is procedural and standards‑focused: it updates AUASB materials to align with an AASB change.
What the instrument does include that is legally relevant but not litigious:
It records the statutory basis for the AUASB’s authority to make auditing standards (s 227A, s 227B ASIC Act references and s 336 Corporations Act), and states the Standards are legislative instruments under the Legislation Act 2003 (Preface; Authority Statement). Those statutory references are the legal foundation for the Standards in the regulatory framework rather than a litigation history.
It confirms no equivalent International Standard on Auditing exists for this amending standard because its purpose is domestic alignment (Conformity with International Standards on Auditing).
Because there is no litigation history recorded, practitioners and researchers should treat the instrument as:
A standards amendment rather than a document shaped or tested in litigation.
Something that modifies the audit and review guidance that regulators and courts might later consider when interpreting auditors’ duties for periods after the operative date, but which itself does not reference judicial interpretation.
If a user needs to understand how these amended paragraphs might be treated in enforcement or judicial review contexts, that analysis must look to subsequent regulatory actions or case law under the Corporations Act where auditors’ compliance with AUASB Standards is at issue. The instrument does not provide such material.
Gotchas
The instrument is described as minor and chiefly editorial, but several practical and interpretative issues arise from the text that can create implementation risk if not handled deliberately. The following are concrete “gotchas” drawn from the instrument’s text.
Operative date versus commencement table
The Operative Date paragraph states the Standard is operative for financial reporting periods commencing on or after 15 December 2026. The commencement table records the whole instrument as commencing on 14 December 2026. Both appear in the instrument. Practitioners must not assume the earlier date automatically changes audit applicability. The operative effect on audits depends on the reporting period commencement date. Firms should document their interpretation and adopt a conservative transition approach until the position is clarified by the AUASB if necessary.
Strange or inconsistent citations
The amending text contains unusual citation strings such as “AASB 18101” and “AASB 108101”, and concatenations like “PresentationBasis of Preparation of Financial Statements”. These appear in multiple amended footnotes and paragraphs (see Amendments to ASA 200, ASA 450, ASA 700, ASA 570, ASRE 2410). These look like formatting anomalies in the published instrument. The risk is that a literal reading might misdirect practitioners to non‑existent paragraph numbers or standard identifiers. Auditors must cross‑check these citations against the official AASB literature (AASB 18 and related AASB materials) to ensure they map to the intended guidance.
Underlining and strike‑through not included in final text
The instrument uses underlining and strike‑through in the amending text to show changes, and expressly states those typographical markers are not part of the amended standard (Amendments to AUASB Standards paragraph 1). Practitioners must ensure they consult consolidated texts rather than relying upon visual markers in the amending schedule. Using the amending text without checking consolidated standards can lead to misapplied requirements.
No new definitions introduced
The amending standard states it does not introduce new definitions (Definition paragraph 1). That reduces the risk of creating definitional gaps, but it means wherever AASB 18 uses a term differently from the old AASB 101, practitioners must map meaning carefully because the AUASB instrument does not reconcile differences in definitions.
The instrument is primarily cross‑reference editing
Although minor, the edits require updating audit programs, reporting templates and training. Firms that treat this as negligible may find audit evidence mapping and reporting language inconsistent with the new accounting standard cited in AUASB standards. The practical gotcha is the potential mismatch between an entity’s financial statements prepared under the new AASB 18 and audit procedures or reporting language still tied to the old AASB 101 references.
Going concern language retained but referencing changes
ASA 570 amendments reiterate the auditor’s duty to conclude whether a material uncertainty exists regardless of the accounting framework’s terminology (A5). Auditors should not assume changes to accounting framework wording reduce the auditor’s responsibility; paragraph 31 (ASA 570) continues to require the auditor’s own judgement. Failure to maintain going concern procedures consistent with ASA 570 may expose auditors to regulatory scrutiny even though the overall textual change is presented as minor.
Multiple affected standards
Five AUASB Standards are amended. Firms must coordinate updates across ASA 200, ASA 450, ASA 570, ASA 700 and ASRE 2410. It is a common error to update reporting templates in only one place. Ensure cross‑functional project management covers manuals, checklists, electronic templates and training across all affected standards.
Legislative instrument status
The Preface states these Auditing Standards are legislative instruments under the Legislation Act 2003. That reinforces that the amended standards have legal force for audits required by corporations legislation. Treat the amendments as binding where the Corporations Act requires compliance with AUASB Standards. A “gotcha” would be to assume these are mere guidance documents rather than instruments with legislative status for statutory audits.
No transitional guidance provided
The instrument does not provide worked examples or transitional relief for audits spanning the operative date. Firms must decide how to handle audits that start before the operative period but finish after it, and how to apply the amended references to interim reporting. The absence of transitional detail in the Standard is a practical implementation risk.
Publication formatting issues
The instrument repeats several sections and contains duplicated paragraphs and headings, reflecting the published amending document’s formatting. Practitioners should rely on consolidated standards published by AUASB or official consolidation services to avoid errors arising from reading duplicated or misordered material in the amending text.
For each of these gotchas, the practical mitigation is to consult the consolidated AUASB standards after the amendments are formally incorporated, to coordinate cross‑firm updates, to map the amending citations to actual AASB 18 provisions, and to document interpretation choices, particularly on operative/transitional timing.
How to comply
The amendments are limited in scope but require deliberate procedural steps to ensure audits and reviews remain compliant with AUASB expectations and with statutory obligations under the Corporations Act. Below are concrete, actionable steps firms and audit teams should take, grounded in the instrument’s text and its stated operative date.
Confirm the operative scope and transition dates
Note the operative application: the Standard is operative for financial reporting periods commencing on or after 15 December 2026 (Operative Date paragraph 1). Also record the commencement table which states the whole of the instrument commences on 14 December 2026. Decide and document how your firm will apply the Standard to reporting periods that straddle these dates. Where doubt remains, adopt the more conservative approach for statutory audits and seek clarification from AUASB or the firm’s regulatory legal counsel.
Obtain consolidated AUASB standards
Do not rely solely on the amending instrument’s strike‑through/underlining presentation. The instrument states those typographical markers are not part of the amended standards (Amendments to AUASB Standards paragraph 1). Obtain the consolidated versions of ASA 200, ASA 450, ASA 570, ASA 700 and ASRE 2410 from the AUASB website and ensure your firm’s library is updated.
Map references to the AASB change
The amendments arise because AASB 18 replaces AASB 101. Map each amended AUASB citation to the relevant paragraphs of AASB 18. Where the amending text contains anomalous citations (e.g. “AASB 18101” or “AASB 108101”), reconcile these to the correct AASB standard and paragraph. Document this mapping in your audit methodology library to remove ambiguity when teams perform procedures.
Update audit methodology, working papers and reporting templates
Update the firm’s audit manuals, programme steps and client reporting templates to reflect:
the revised Aus 13.1 definition of a “complete set of financial statements” (Amendments to ASA 200 Aus 13.1) and the components auditors must expect to see;
the updated going concern explanatory wording in ASA 570 and associated audit steps to evaluate material uncertainty (Amendments to ASA 570 paragraphs 3, A4, A5);
any footnote changes that affect how accounting disclosure requirements are cross‑checked (ASA 450, ASA 700, ASRE 2410).
Ensure checklists that reference AASB 101 are revised to reference AASB 18 and to reflect any changed disclosure expectations.
Train engagement teams
Conduct focused training sessions for partners, managers and senior staff on:
the specific textual changes in Aus 13.1 and the going concern paragraphs;
how to find and use consolidated AUASB and AASB materials;
the mapping of the amending citations to AASB 18.
Emphasise the unchanged substantive duties (for example the auditor’s duty under ASA 570 to determine whether a material uncertainty exists as required by paragraph 31).
Coordinate with client preparers
Notify client finance teams and preparers about the operative date for the amended AUASB Standards and that auditors will be applying updated audit procedures that reference AASB 18. Confirm whether clients have adopted AASB 18 and the expected impact on presentation and disclosure. Where clients plan a change to their presentation, align timing so that auditors can audit the new presentation when applicable.
Update review engagement procedures
For review engagements covered by ASRE 2410, update interim financial reporting procedures and templates to conform with the amended ASRE 2410 guidance, including the instruction that form and content of interim reports conform to AASB 18101 where a complete set of financial statements is published in an interim report (ASRE 2410 Appendix 3 para 15). Reconcile any anomalous citation to the relevant AASB material.
Quality control and documentation
Update firm quality control documentation to reflect the amended standards and document decisions on interpretation where the amending text is unclear. Maintain records showing the mapping from the amending instrument to the consolidated standards used on each engagement. This will be important for regulatory inspections or internal peer review.
Address formatting and citation anomalies
Where the amending text contains formatting or citation anomalies, add explanatory notes to firm guidance that clarify the correct reference and cross‑reference. Do not instruct engagement teams to interpret ambiguous footnotes literally. Where necessary, seek formal clarification from the AUASB or refer to the AASB’s consolidated standards.
Monitor AUASB and AASB publications
Watch for consolidated AUASB publications and any subsequent corrigenda. The amending instrument cautions that the typographical markers used in the amending schedule are not part of the standards and that paragraph numbers and cross references will be updated (Amendments to AUASB Standards paragraphs 1-2). Ensure you apply the consolidated and corrected texts once published.
Legal and regulatory consultation
For statutory audits, consult internal or external legal counsel or regulatory specialists where questions arise about the operative date, the legal effect of the amendment for a particular engagement, or the mapping of ambiguous citations to AASB materials.
Document risk assessment changes
If the client’s financial statement presentation changes materially as a result of adopting AASB 18, perform a risk assessment to identify whether audit procedures, materiality, or evidence requirements need adjustments. Document the changes in the audit file and explain how the amended AUASB Standards were applied.
By treating AUASB 2025-12 as an administrative alignment exercise with concrete project tasks, firms can convert the amending instrument’s textual changes into a clear set of updates to methodology, training and client engagement practices. The principal compliance risks are practical and procedural rather than substantive, and they are manageable through timely updates, consolidated references and good documentation.
Requests and enquiries concerning reproduction and rights for commercial purposes should be addressed to the Auditing and Assurance Standards Board, PO Box 204, Collins Street West, Melbourne, Victoria 8007 or sent to enquiries@auasb.gov.au. Otherwise, no part of this Standard may be reproduced, stored or transmitted in any form or by any means without the prior written permission of the AUASB except as permitted by law.
ISSN 1030-603X
CONTENTS
PREFACE
AUTHORITY STATEMENT
CONFORMITY WITH INTERNATIONAL STANDARDS ON AUDITING
Amendments to AUASB Standards..............................................7-8
Amendments to ASA 200.....................................................9-11
Amendments to ASA 450......................................................12
Amendments to ASA 570....................................................13-16
Amendments to ASA 700......................................................17
Amendments to ASRE 2410..................................................18-19
preface
Reasons for Issuing AUASB 2025-12
The AUASB issues AUASB 2025-12 Amendments to AUASB Standards pursuant to the requirements of the legislative provisions and the Strategic Direction explained below.
The AUASB was established under section 227A of the Australian Securities and Investments Commission Act 2001. Under section 336 of the Corporations Act 2001, the AUASB may make Auditing Standards for the purposes of the corporations legislation. These Auditing Standards are legislative instruments under the Legislation Act 2003.
Under the Strategic Direction given to the AUASB by the Financial Reporting Council, the AUASB is required, inter alia, to develop auditing standards that have a clear public interest focus and are of the highest quality.
Main Features
This Standard makes minor amendments to the requirements, application and other explanatory material and appendices of the following AUASB Standards:
ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards (Issued 27 October 2009 and amended to 12 November 2025)
ASA 450 Evaluation of Misstatements Identified during the Audit (Issued 27 October 2009 and amended to 30 May 2017)
ASA 570 Going Concern (Issued 14 May 2025)
ASA 700 Forming an Opinion and Reporting on a Financial Report (Issued 1 December 2015 and amended to 12 November 2025)
ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity (Issued 9 June 2020 and amended to 12 November 2025)
The amendments arise from a new standard issued by the Australian Accounting Standards Board AASB 18 Presentation and Disclosure in Financial Statements which supersedes AASB 101 Presentation of Financial Statements.
AUTHORITY STATEMENT
The Auditing and Assurance Standards Board makes this Standard AUASB 2025-12 Amendments to AUASB Standards pursuant to section 227B of the Australian Securities and Investments Commission Act 2001 and section 336 of the Corporations Act 2001.
Dated: 12 November 2025 D Niven
Chair - AUASB
Conformity with International Standards on Auditing
This Standard has been made for Australian legislative purposes and accordingly there is no equivalent International Standard on Auditing issued by the International Auditing and Assurance Standards Board.
Reasons for Issuing AUASB 2025-12 Reasons for Issuing AUASB 2025-12
Reasons for Issuing AUASB 2025-12
The AUASB issues AUASB 2025-12 Amendments to AUASB Standards pursuant to the requirements of the legislative provisions and the Strategic Direction explained below.
The AUASB was established under section 227A of the Australian Securities and Investments Commission Act 2001. Under section 336 of the Corporations Act 2001, the AUASB may make Auditing Standards for the purposes of the corporations legislation. These Auditing Standards are legislative instruments under the Legislation Act 2003.
Under the Strategic Direction given to the AUASB by the Financial Reporting Council, the AUASB is required, inter alia, to develop auditing standards that have a clear public interest focus and are of the highest quality.
Main Features Main Features
Main Features
This Standard makes minor amendments to the requirements, application and other explanatory material and appendices of the following AUASB Standards:
ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards (Issued 27 October 2009 and amended to 12 November 2025)
ASA 450 Evaluation of Misstatements Identified during the Audit (Issued 27 October 2009 and amended to 30 May 2017)
ASA 570 Going Concern (Issued 14 May 2025)
ASA 700 Forming an Opinion and Reporting on a Financial Report (Issued 1 December 2015 and amended to 12 November 2025)
ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity (Issued 9 June 2020 and amended to 12 November 2025)
The amendments arise from a new standard issued by the Australian Accounting Standards Board AASB 18 Presentation and Disclosure in Financial Statements which supersedes AASB 101 Presentation of Financial Statements.
AUTHORITY STATEMENT
The Auditing and Assurance Standards Board makes this Standard AUASB 2025-12 Amendments to AUASB Standards pursuant to section 227B of the Australian Securities and Investments Commission Act 2001 and section 336 of the Corporations Act 2001.
Dated: 12 November 2025 D Niven
Chair - AUASB
Conformity with International Standards on Auditing
This Standard has been made for Australian legislative purposes and accordingly there is no equivalent International Standard on Auditing issued by the International Auditing and Assurance Standards Board.
AUTHORITY STATEMENT AUTHORITY STATEMENT
AUTHORITY STATEMENT
The Auditing and Assurance Standards Board makes this Standard AUASB 2025-12 Amendments to AUASB Standards pursuant to section 227B of the Australian Securities and Investments Commission Act 2001 and section 336 of the Corporations Act 2001.
Conformity with International Standards Conformity with International Standards on Auditing
Conformity with International Standards on Auditing
This Standard has been made for Australian legislative purposes and accordingly there is no equivalent International Standard on Auditing issued by the International Auditing and Assurance Standards Board.
AUASB 2025-12 AUASB 2025-12
AUASB 2025-12
Amendments to AUASB Standards
Application
This Standard applies to:
an audit of a financial report for a financial year, or an audit of a financial report for a half-year, in accordance with the Corporations Act 2001; and
an audit of a financial report, or a complete set of financial statements, for any other purpose.
This Standard also applies, as appropriate, to an audit of other historical financial information.
Operative Date
This Standard is operative for financial reporting periods commencing on or after 15 December 2026.
Introduction
Scope of this Standard
This Standard makes minor amendments to AUASB Standards as a result of amendments arising from a new standard issued by the Australian Accounting Standards Board AASB 18 Presentation and Disclosure in Financial Statements which supersedes AASB 101 Presentation of Financial Statements.
Objective
The objective of this Standard is to make amendments to the following Auditing Standards:
ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards (Issued 27 October 2009 and amended to 12 November 2025)
ASA 450 Evaluation of Misstatements Identified during the Audit (Issued 27 October 2009 and amended to 30 May 2017)
ASA 570 Going Concern (Issued 14 May 2025)
ASA 700 Forming an Opinion and Reporting on a Financial Report (Issued 1 December 2015 and amended to 12 November 2025)
ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity (Issued 9 June 2020 and amended to 12 November 2025)
Definition
For the purposes of this Standard, the meanings of terms are set out in each AUASB Standard. This Standard does not introduce new definitions.
Amendments to AUASB Standards
Where relevant, this Standard uses underlining, striking out and other typographical material to identify the amendments to a Standard, in order to make the amendments more understandable. However, the amendments made by this Standard do not include that underlining, striking out or other typographical material. Amended paragraphs are shown with deleted text struck through and new text underlined. Ellipses (…) are used to help provide the context within which amendments are made and also to indicate text that is not amended.
Where this amending standard inserts or deletes a paragraph or footnote, as a result of that insertion or deletion relevant paragraph numbers, cross-references and footnotes are updated.
Amendments to ASA 200
Existing paragraph Aus 13.1 and footnote * (as amended by AUASB 2025-8 Amendments to AUASB Standards) are amended to read as follows:
A complete set of financial statements means financial statements and related notes as determined by the requirements of the applicable financial reporting framework. For example, a complete set of financial statements as described in Accounting Standard AASB 18101[*] includes:
(a) a statement (or statements) of financial performance for the reporting period;
(ab) a statement of financial position as at the end of the reporting period;
(b) a statement of profit or loss and other comprehensive income for the period;
(c) a statement of changes in equity for the reporting period;
(d) a statement of cash flows for the reporting period;
(e) notes for the reporting period, comprising material accounting policy information and other explanatory information; and
(f) comparative information in respect of the preceding period, where applicable; and
(g) a statement of financial position as at the beginning of the preceding period, if required.
Existing footnote § in paragraph Aus A10.2 is amended to read as follows:
See AASB 18101.
Existing footnote * in paragraph A53 is amended to read as follows:
Issued by the Australian Accounting Standards Board on 15 July 2004 and amended to 21 May 2019, (June 2014).
Amendments to ASA 450
Existing footnote 7 of paragraph A1 is amended to read as follows:
For example, Australian Accounting Standards require an entity to provide additional disclosures when compliance with the specific requirements in Australian Accounting Standards is insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity’s financial position and financial performance (See AASB 108101 Basis of Preparation Presentation of Financial Statements, paragraph 176C(c)).
Amendments to ASA 570
Existing paragraph 3 and footnote 1 are amended to read as follows:
Some financial reporting frameworks contain an explicit requirement for management to make a specific assessment of the entity’s ability to continue as a going concern and include standards regarding matters to be considered and disclosures to be made in connection with going concern. For example, Australian Accounting Standard (AASB) 108101 requires management to make an assessment of an entity’s ability to continue as a going concern.[1] The detailed requirements regarding management’s responsibility to assess the entity’s ability to continue as a going concern and related financial statement disclosures may also be set out in law or regulation. (Ref: Para. A4)
Existing paragraph A4 and footnote 17 are ame
This is an opening excerpt, not the complete document.