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29 Oct. 2020

Updated AASB Standard-Setting Framework Documents

The AASB has updated its Standard-Setting Frameworks, which set out the principles followed in setting the requirements of Standards.

The AASB has updated both the AASB For-Profit Entity Standard-Setting Framework and the AASB Not-for-Profit Entity Standard-Setting Framework to reflect that several policy documents, other documents and Australian Accounting Standards have been superseded, updated or issued since the documents were issued in 2018.

Changes made to the documents include:

  • Reflecting that in accordance with AASB 2020-2, for-profit private sector entities are no longer permitted to prepare special purpose financial statements, subject to limited exceptions (for-profit entity Framework document only); and
  • Summarising the key principles on which Tier 2 disclosure requirements are developed.