Review of AASB 1060 & AASB 2020-2

Section

Summary

Section 1: Post-implementation review of AASB 1060 and AASB 2020-2

Section 1 seeks feedback on the overall effectiveness and efficiency of AASB 1060 and AASB 2020-2 in achieving their intended objectives.

Section 2: AASB 1060 update

Section 2 covers three key topics and invites comment on potential amendments to AASB 1060 in response to recent changes to the accounting standards.

Topic 1: Potential amendments to AASB 1060 based on the third edition of the IFRS for SMEs Accounting Standard

The AASB proposes amendments to AASB 1060 based on updates introduced in the IASB’s third edition of the IFRS for SMEs Accounting Standard.

Topic 2: Potential effects of AASB 18 on AASB 1060

Explores whether AASB 1060 should be updated to reflect the new requirements introduced in AASB 18 Presentation and Disclosure in Financial Statements and, if so, the appropriate approach for doing so.

Topic 3: Disclosure requirements in IFRS 19

Seeks feedback to inform the AASB’s decision on whether to adopt IFRS 19 Subsidiaries without Public Accountability: Disclosures, and, if so, how this might be implemented within the Tier 2 framework.