AASB 1 sets how entities prepare their first financial statements that unreservedly claim compliance with Australian Accounting Standards: it fixes an opening Australian‑standards statement of financial position, requires consistent policies and specified transition reconciliations and disclosures, and permits targeted exemptions and practical expedients to...

This Standard sets when a parent must present consolidated financial statements by defining control as power to direct relevant activities plus exposure to variable returns (para 6) and prescribing consolidation mechanics; it also creates an investment‑entity exception that requires measuring subsidiaries at fair value instead of consolidating them (para...

This Standard sets how public‑sector and some not‑for‑profit entities record non‑sale transfers of assets, liabilities and services ("contributions"). It changes recognition and disclosure for parliamentary appropriations, liabilities assumed by others, owner contributions/distributions and restructures of administrative arrangements, and affects government...

What it does: AASB 101 sets the rules for presenting general‑purpose financial statements in Australia — which statements to publish, required headings and minimum notes, and rules on classification (for example current/non‑current), materiality and going‑concern. It applies to entities preparing GPFS and includes Australian‑specific paragraphs and Tier‑2...

This Standard prescribes how entities measure, recognise and disclose inventories—generally at the lower of cost and net realisable value—and which costing methods are acceptable. It applies to most inventories, preserves industry carve‑outs, and provides special measurement rules for not‑for‑profit entities. It matters because costing choices, write‑downs...

AASB 1023 sets the accounting rules for general (non‑life) insurance: when and how insurers recognise premium revenue, measure outstanding claims (a discounted central estimate plus an explicit risk margin), account for unearned premiums and deferred acquisition costs, treat reinsurance recoveries, and value assets that back insurance liabilities. It...

This Standard sets the minimum content of a concise financial report that a company, registered scheme or disclosing entity may send to members instead of a full financial report. It requires the core financial statements and selected disclosures to be derived from the entity’s full financial report using the same recognition and measurement policies, and...

AASB 1053 creates two GPFS tiers: Tier 1 (full Australian Standards incorporating IFRS) and Tier 2 (same recognition/measurement but substantially reduced disclosures). It sets who must use each tier, lets eligible entities elect Tier 1, allows regulators to require Tier 1, and prescribes transition rules. The aim is to reduce disclosure burden while...

This Standard requires certain entities that prepare special purpose financial statements (SPFS) to add disclosures about the reporting framework and the extent to which their statements comply with the recognition and measurement (R&M) requirements in Australian Accounting Standards (AAS). It applies mainly to private‑sector entities required by...

This instrument re‑sets which entities must apply Australian Accounting Standards, narrows scope to specified for‑profit private sector entities (and entities bound by constituting documents created or amended on/after 1 July 2021), excludes most not‑for‑profit and public sector entities from this phase, and introduces a two‑phase reform with a Simplified...

AASB 1058 makes not‑for‑profit entities recognise income when they receive assets (including cash, goods, leases and some volunteer services) for consideration that is significantly less than fair value. Mechanically, entities apply other applicable Australian Accounting Standards to measure the asset (often at fair value or current replacement cost for...

What this Standard does (mechanics) Sets out how a public sector grantor (the government entity that awards a public–private contract) accounts for "service concession arrangements" (eg PPPs, build–operate–transfer) where a private operator builds, upgrades or uses an asset to provide public services on the grantor's behalf (paras 2–3, App A). Requires the...

This Standard requires entities to include a classified statement of cash flows (operating, investing, financing) each reporting period, defines cash and cash equivalents, and allows either direct or indirect presentation for operating flows. It mandates detailed disclosures—e.g., reconciliations of financing liabilities, supplier‑finance info, and...

AASB 108 sets how entities using Australian Accounting Standards choose and change accounting policies, recognise and disclose changes in accounting estimates, and correct prior‑period errors. It generally requires retrospective application and detailed disclosures, but allows prospective treatment where retrospective application is impracticable. The...

AASB 11 "Joint Arrangements" is an AASB accounting standard, made under s334 of the Corporations Act, that sets the required accounting framework for joint arrangements. The compiled version applies to annual reporting periods beginning on or after 1 January 2019 (incorporating amendments to 14 Feb 2018), so entities preparing those financial statements...

AASB 110 sets rules for events that occur between the end of a reporting period and the date the financial statements are authorised for issue. It tells entities when to change numbers in the statements (adjusting events), when to only disclose information (non‑adjusting events), and requires disclosure of the authorisation date and who authorised the...

Mechanically, AASB 112 tells entities how to recognise, measure and present the tax effects of transactions: record current tax payable/receivable, recognise deferred tax assets and liabilities for differences between accounting carrying amounts and tax bases, measure them at enacted or substantively enacted rates, and disclose tax expense components. It...

AASB 116 sets the accounting rules for tangible long‑lived assets (property, plant and equipment): when to recognise them, how to measure them initially and subsequently (cost or revaluation), how to depreciate and test for impairment, when to derecognise, and what to disclose. It applies to entities preparing Australian general purpose financial statements...

AASB 119 prescribes how employers must recognise, measure and disclose employee benefit obligations in Australian financial statements. It covers short‑term, post‑employment, other long‑term and termination benefits, and differentiates defined‑contribution from defined‑benefit accounting. Employers (including those in multi‑employer or state plans) face...

This Standard requires entities with interests in other entities (subsidiaries, joint arrangements, associates, unconsolidated structured entities) to disclose clear information so users can understand the nature, risks and financial effects of those relationships. It affects preparers of general purpose financial statements (with some Tier 2 exemptions)...

This Standard sets the accounting and disclosure rules for government grants and other forms of government assistance in Australian general‑purpose financial statements. It tells entities when to recognise grants (reasonable assurance that conditions will be met and funds received), how to measure non‑monetary grants and below‑market government loans, and...

This Standard prescribes how to account for and translate foreign‑currency transactions and foreign operations: determining an entity’s functional currency, translating transactions and balances into that currency, and converting statements into a presentation currency. It requires significant management judgement (functional‑currency assessment, and...

AASB 123 is the Australian accounting standard that sets the rules for how entities must treat borrowing costs in their financial statements. It was made under section 334 of the Corporations Act 2001. The compiled version applies to annual periods beginning on or after 1 July 2021 and incorporates amendments made up to 6 March 2020, so affected reporters...

This Standard requires entities to disclose related party relationships, transactions and outstanding balances in their general purpose financial statements, extends those disclosure obligations to not for profit public sector entities (while granting a limited partial exemption for transactions among government‑related entities), and specifies definitions...

This Standard prescribes how an entity must account for investments in subsidiaries, joint ventures and associates in separate financial statements: investments are measured either at cost, under AASB 9, or by the equity method (AASB 128), with rules on dividends, reorganisations and transition (para 10; paras 11–14; paras 18–18J). It also sets disclosure...

This Standard sets the accounting rules for investments in associates and joint ventures, requiring the equity method in most cases, defining how to assess "significant influence", and specifying impairment, measurement and disclosure mechanics. It applies to any investor with joint control or significant influence and links heavily to other AASB Standards....

What it does: This Standard requires entities whose functional currency is the currency of a hyperinflationary economy to restate their financial statements into the measuring unit current at the end of the reporting period, using a suitable general price index, rather than presenting unstated historical‑cost figures. Who it affects and why it matters: It...

AASB 13 (Fair Value Measurement) is an Australian Accounting Standard made by the AASB under section 334 of the Corporations Act 2001 that sets the rules for measuring and reporting fair value in financial statements. It applies to entities required to follow Australian Accounting Standards and takes effect for annual periods beginning on or after 1 January...

AASB 132 sets the rules issuers must use to classify and present financial instruments as liabilities, assets or equity and when recognised assets and liabilities may be offset. It applies to most contracts that create financial rights or obligations, subject to listed exceptions (eg certain insurance and employee‑benefit items). This matters to issuers,...

What this Standard does (mechanics first) Sets the rules an entity must follow when it calculates and presents earnings per share (EPS). It prescribes how to compute both "basic" EPS (straightforward profit ÷ weighted average shares) and "diluted" EPS (adjusted for potential ordinary shares such as options, warrants, convertibles and contingently issuable...