Open for comment: ED 341 Updating AASB 1060 to Align with AASB 18 classification and presentation requirements

Thursday, June 25, 2026

The AASB has issued Exposure Draft ED 341, proposing amendments to AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities to align its classification and presentation requirements with those in AASB 18 Presentation and Disclosure in Financial Statements. 

This follows strong stakeholder support for aligning presentation requirements for Tier 2 with those for Tier 1, including interest in early adoption of the AASB 18 income statement presentation requirements.  

Key proposed changes include: 

• New classification and presentation principles 
• Updated guidance on aggregation and disaggregation  
• Clarification of the roles of the primary financial statements and the notes 

The proposed effective date is 1 July 2030, with early application permitted.  

Comments are invited by 24 August 2026. Join our virtual roundtable, Thursday 23 July, 11.00 am - 12.30 pm (AEST) to discuss the proposals and provide your views.  

Read ED 341 here