Skip To Content | Contact Us | About AASB | Links

AASB on Twitter AASB on LinkedIn




15 Dec. 2020

Exposure Draft ED 306 Transition Between Tier 2 Frameworks for Not-for-Profit Entities

ED 306 proposes limited comparative information relief for not-for-profit entities adopting AASB 1060 early by transitioning from Tier 2 – Reduced Disclosure Requirements to Tier 2 – Simplified Disclosures.

Currently, such not-for-profit entities cannot access the same comparative information relief that is available to for-profit private sector entities in those circumstances. 

ED 306 therefore proposes limited relief for not-for-profit entities that adopt AASB 1060 early, that is, for reporting periods beginning before 1 July 2021, from having to present comparative information in the notes to the financial statements if the entity did not previously disclose the comparable information in its most recent previous Tier 2 general purpose financial statements.