Exposure Draft ED 312 Disclosure of Accounting Policies – Proposed Amendments to Tier 2 and Other Australian Accounting Standards

Wednesday, August 4, 2021

ED 312 proposes further amendments that would require entities to disclose material accounting policy information rather than significant accounting policies.

The amendments proposed to:

1. AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities;
2. AASB 1054 Australian Additional Disclosures; and
3. AASB 1049 Whole of Government and General Government Sector Financial Reporting

are consistent with amendments already made to a number of other Australian Accounting Standards by AASB 2021-2 Amendments to Australian Accounting Standards – Disclosure of Accounting Policies and Definition of Accounting Estimates.

The proposed amendments are necessary to ensure there is consistency in the terminology used in Australian Accounting Standards to minimise the risk of interpretation and application differences.

Please submit your comments to the AASB by 4 October 2021, via the AASB website, LinkedIn or email.