Proposals for transition between reporting tiers
Dan Wade • March 2, 2021
PROPOSALS FOR TRANSITION BETWEEN REPORTING TIERS
Exposure draft 306 Transition Between Tier 2 Frameworks for Not-for-Profit Entities proposes limited comparative-information relief for NFPs adopting AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities .
Currently, NFPs cannot access the same comparative-information relief that is available to for-profit private-sector entities.
The draft proposes limited relief for NFPs that adopt AASB 1060 for reporting periods beginning before 1 July. No comparative information in the notes to financial statements are required if an entity had not previously disclosed the comparable information in its most recent Tier 2 general-purpose financial statements.
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