Australian Government
Australian Accounting Standards Board
SAC 1 remains effective alongside the Framework for the Preparation and Presentation of Financial Statements. It applies to entities (for-profit or not-for-profit) that are not subject to the later Conceptual Framework for Financial Reporting.
New versions of Statement of Accounting Concepts (SAC) pronouncements that apply to periods beginning on or after 1 January 2025 are published only on the AASB’s Pronouncements Web Portal (standards.aasb.gov.au) – a.k.a. the Digital Standards Portal. The portal provides all the versions that apply to periods beginning on or after 1 July 2021, not just the versions applying from 1 January 2025. The portal also links to supporting information, such as amending Standards.
The Concepts documents period landing page on the Pronouncements Web Portal provides a listing of the versions of SAC pronouncements that apply to the presently specified “current reporting period”. The current reporting period is either a calendar year or a regular financial year, and is reset on the portal twice a year to support general usage of the portal.
The 2024/25 financial year is the presently specified current reporting period on the portal.
This page also has the following additional tabs:
The following superseded table provides the latest version of SAC 1 published on this website, which is the version applying to periods beginning on or after 1 July 2021. This version is also available on the Pronouncements Web Portal, along with any later versions.
| No. | Title | Issue Date | Operative Date |
|---|---|---|---|
| SAC 1 | Definition of the Reporting Entity | Mar 2020 |
1 Jul 2021 |
The complete list of uncompiled amending Standards affecting SAC pronouncements (if any) is provided on the portal as the first item (“List CF”) in the Future Periods listing on the Concepts documents period landing page. Click first on the Future Periods tab and then on the “Amended By” downward arrowhead for the first item to open the current list of uncompiled amending Standards. The amending Standards are presented first in the order of their operative date and secondly in issue date order.
The Future Periods listing also provides a list of the uncompiled amending Standards for each SAC pronouncement that has uncompiled amendments (if any). Click on the “Amended By” downward arrowhead for the uncompiled amendments item for the pronouncement of interest.
The last version of this listing on the website listed the amending Standards affecting SAC pronouncements issued in 2019 (AASB 2019-1) and 2020 (AASB 2020-2), the latest of which applied from 1 July 2021.
In the portal, all amending Standards affecting SAC pronouncements that apply for the first time from dates after 1 January 2025 will be linked to the versions of the amended SAC pronouncements in which the amendments are first compiled. The relevant amending Standards will be linked as related documents in the right-hand panel for the amended SAC pronouncements, under the heading “Amendments incorporated in this Version”.
Amending Standards are also linked to the previous version of the amended SAC pronouncements in the All Versions listings in the portal, where they are shown as “Subsequent Amending Pronouncements” in the “Amended By” information (click on the downward arrowhead). This presentation is similar to the Browse for Pronouncements search on this website.