18

18 Application of tiers of Australian Accounting Standards

(1A) Reporting entities are subject to subsections (1) to (4) when applying AASB 1053 Application of Tiers of Australian Accounting Standards. (1) Subject to subsections (2), (3) and (4), a reporting entity must, in preparation of the entity’s financial statements, apply Tier 2 reporting requirements (as a minimum). (2) A reporting entity must, in preparation of the entity’s financial statements, apply Tier 1 reporting requirements when applying AASB 16 Leases. (3) The following reporting entities must, in preparation of their financial statements, apply Tier 1 reporting requirements: (a) Australian National University; (b) Australian Office of Financial Management; (c) Australian Postal Corporation; (d) Comcare; (e) Commonwealth Superannuation Corporation; (f) Defence Housing Australia; (g) Export Finance and Insurance Corporation; (h) Future Fund Management Agency; (ha) Housing Australia; (i) Reserve Bank of Australia. (4) A reporting entity mentioned in an item of the following table must, in preparation of the entity’s financial statements, apply Tier 1 reporting requirements when applying: (a) an AAS (the listed AAS) listed in that item in relation to a matter (the listed matter) listed in that item; and (b) any other AAS to the extent that it relates to the listed AAS.

Note: When applying AAS other than those mentioned in paragraphs (4)(a) and (b), the entity must comply with subsections (1) and (2).

<table cellspacing="0" cellpadding="0" style="width:420pt; margin-left:0.25pt; border-collapse:collapse"><thead><tr style="height:12.6pt"><td colspan="4" style="width:409.2pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableHeading"><span>Tier 1 reporting requirements</span></p></td></tr><tr style="height:32.85pt"><td style="width:24.4pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableHeading"><span>Item</span></p></td><td style="width:74.25pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableHeading"><span>Reporting entity</span></p></td><td style="width:138.05pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableHeading"><span>Listed matter</span></p></td><td style="width:140.1pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableHeading"><span>Listed AAS</span></p></td></tr></thead><tbody><tr style="height:14.7pt"><td style="width:24.4pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>1</span></p></td><td style="width:74.25pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>Airservices Australia</span></p></td><td style="width:138.05pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>Defined benefit superannuation</span></p><p class="Tabletext"><span>Financial instruments</span></p><p class="Tabletext"><span>Fair value measurement</span></p></td><td style="width:140.1pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>AASB 7 </span><span style="font-style:italic">Financial Instruments: Disclosure</span></p><p class="Tabletext"><span>AASB 13</span><span style="font-style:italic"> Fair Value Measurement</span></p><p class="Tabletext"><span>AASB 119 </span><span style="font-style:italic">Employee Benefits</span></p></td></tr><tr style="height:14.7pt"><td style="width:24.4pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>2</span></p></td><td style="width:74.25pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>Clean Energy Finance Corporation</span></p></td><td style="width:138.05pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>Financial instruments</span></p><p class="Tabletext"><span>Fair value measurement</span></p></td><td style="width:140.1pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>AASB 7 </span><span style="font-style:italic">Financial Instruments: Disclosure</span></p><p class="Tabletext"><span>AASB 13</span><span style="font-style:italic"> Fair Value Measurement</span></p></td></tr><tr style="height:14.7pt"><td style="width:24.4pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>2A</span></p></td><td style="width:74.25pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>Department of Climate Change, Energy, the Environment and Water</span></p></td><td style="width:138.05pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>Administered financial assets</span></p><p class="Tabletext"><span>Administered financial instruments</span></p><p class="Tabletext"><span>Administered fair value measurement</span></p></td><td style="width:140.1pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>AASB 7 </span><span style="font-style:italic">Financial Instruments: Disclosure</span></p><p class="Tabletext"><span>AASB 13 </span><span style="font-style:italic">Fair Value Measurement</span></p></td></tr><tr style="height:14.7pt"><td style="width:24.4pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>3</span></p></td><td style="width:74.25pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>Department of Defence</span></p></td><td style="width:138.05pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>Administered defined benefit superannuation</span></p></td><td style="width:140.1pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>AASB 119 </span><span style="font-style:italic">Employee Benefits</span></p></td></tr><tr style="height:14.7pt"><td style="width:24.4pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>4</span></p></td><td style="width:74.25pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>Department of Education</span></p></td><td style="width:138.05pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>Administered financial assets</span></p><p class="Tabletext"><span>Administered financial instruments</span></p><p class="Tabletext"><span>Administered fair value measurement</span></p></td><td style="width:140.1pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>AASB 7 </span><span style="font-style:italic">Financial Instruments: Disclosure</span></p><p class="Tabletext"><span>AASB 13</span><span style="font-style:italic"> Fair Value Measurement</span></p></td></tr><tr style="height:14.7pt"><td style="width:24.4pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>4A</span></p></td><td style="width:74.25pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>Department of Employment and Workplace Relations</span></p></td><td style="width:138.05pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>Administered financial assets</span></p><p class="Tabletext"><span>Administered financial instruments</span></p><p class="Tabletext"><span>Administered fair value measurement</span></p></td><td style="width:140.1pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>AASB 7 </span><span style="font-style:italic">Financial Instruments: Disclosure</span></p><p class="Tabletext"><span>AASB 13 </span><span style="font-style:italic">Fair Value Measurement</span></p></td></tr><tr style="height:14.7pt"><td style="width:24.4pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>5</span></p></td><td style="width:74.25pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>Department of Finance</span></p></td><td style="width:138.05pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>Administered defined benefit superannuation</span></p><p class="Tabletext"><span>Administered investments</span></p><p class="Tabletext"><span>Administered financial instruments</span></p><p class="Tabletext"><span>Administered fair value measurement</span></p></td><td style="width:140.1pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>AASB 7 </span><span style="font-style:italic">Financial Instruments: Disclosure</span></p><p class="Tabletext"><span>AASB 13</span><span style="font-style:italic"> Fair Value Measurement</span></p><p class="Tabletext"><span>AASB 119 </span><span style="font-style:italic">Employee Benefits</span></p></td></tr><tr style="height:14.7pt"><td style="width:24.4pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>6</span></p></td><td style="width:74.25pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>Department of Foreign Affairs and Trade</span></p></td><td style="width:138.05pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>Administered financial assets</span></p><p class="Tabletext"><span>Administered financial instruments</span></p><p class="Tabletext"><span>Administered fair value measurement</span></p><p class="Tabletext"><span>Non</span><span>‑</span><span>financial assets</span></p><p class="Tabletext"><span>Fair value measurement</span></p></td><td style="width:140.1pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>AASB 7 </span><span style="font-style:italic">Financial Instruments: Disclosure</span></p><p class="Tabletext"><span>AASB 12</span><span style="font-style:italic"> Disclosure of Interests in Other Entities</span></p><p class="Tabletext"><span>AASB 13</span><span style="font-style:italic"> Fair Value Measurement</span></p><p class="Tabletext"><span>AASB 116</span><span style="font-style:italic"> Property, Plant and Equipment</span></p></td></tr><tr style="height:14.7pt"><td style="width:24.4pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>7</span></p></td><td style="width:74.25pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>Department of Industry, Science and Resources</span></p></td><td style="width:138.05pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>Administered financial assets</span></p><p class="Tabletext"><span>Administered financial instruments</span></p><p class="Tabletext"><span>Administered fair value measurement</span></p></td><td style="width:140.1pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>AASB 7 </span><span style="font-style:italic">Financial Instruments: Disclosure</span></p><p class="Tabletext"><span>AASB 13</span><span style="font-style:italic"> Fair Value Measurement</span></p></td></tr><tr style="height:14.7pt"><td style="width:24.4pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>7A</span></p></td><td style="width:74.25pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>Department of Infrastructure, Transport, Regional Development, Communications, Sport and the Arts</span></p></td><td style="width:138.05pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>Administered financial assets</span></p><p class="Tabletext"><span>Administered financial instruments</span></p><p class="Tabletext"><span>Administered fair value measurement</span></p></td><td style="width:140.1pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>AASB 7 </span><span style="font-style:italic">Financial Instruments: Disclosure</span></p><p class="Tabletext"><span>AASB 13</span><span style="font-style:italic"> Fair Value Measurement</span></p></td></tr><tr style="height:14.7pt"><td style="width:24.4pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>8</span></p></td><td style="width:74.25pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>Department of the Treasury</span></p></td><td style="width:138.05pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>Administered financial instruments</span></p><p class="Tabletext"><span>Administered investments</span></p><p class="Tabletext"><span>Administered fair value measurement</span></p></td><td style="width:140.1pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>AASB 7 </span><span style="font-style:italic">Financial Instruments: Disclosure</span></p><p class="Tabletext"><span>AASB 12</span><span style="font-style:italic"> Disclosure of Interests in Other Entities</span></p><p class="Tabletext"><span>AASB 13</span><span style="font-style:italic"> Fair Value Measurement</span></p></td></tr></tbody></table>