AASB 2021-1 Transition to Tier 2: Simplified Disclosures for Not-for-Profit Entities

AASB 2021-1 provides limited optional comparative information relief for not-for-profit entities adopting AASB 1060 early by transitioning from either Tier 1 or Tier 2 – Reduced Disclosure Requirements to Tier 2 – Simplified Disclosures.

The optional relief is available for not-for-profit entities that adopt AASB 1060 early, that is, for reporting periods beginning before 1 July 2021.  It provides optional relief from having to present comparative information in the notes to the financial statements where the entity did not disclose the comparable information in its most recent previous Tier 1 or Tier 2 general purpose financial statements.