AASB1060

AASB 1060 Financial Statement Creation

This is a prototype of AASB 1060 which shows the possibilities of how financial reporting standards could be created and made available publicly.

Introduction

• Basis of Report Presentation
• Nature of Reporting Entity

Financial Statement Presentation

• Statement of Financial Position

• Classified
• Liquidity
• Other

• Statement of Profit or Loss and Other Comprehensive Income

• Separate Statement of Profit or Loss and Statement of Other Comprehensive Income

• Statement of Changes in Equity

• Combined Statement of Profit or Loss and Statement of Changes in Equity

• Statement of Cash Flows

• Direct Method
• Indirect Method

• Consolidated and Separate Financial Statements

Notes to the Financial Statements

• Report Information
• Reporting Entity Information
• Accounting Policies, Estimates and Errors
• Basic Financial Instruments
• Other Financial Instrument Issues – Hedging Disclosures
• Inventories
• Investments in Associates
• Investments in Joint Ventures
• Investment Property at Fair Value
• Investment Property at Cost
• Property, Plant and Equipment
• Intangible Assets other than Goodwill
• Goodwill
• Business Combinations
• Leases
• Provisions and Contingencies
• Revenue
• Government Grants of For-Profit Entities
• Borrowing Costs
• Share-based Payment
• Impairment of Assets
• Employee Benefits
• Income Tax
• Foreign Currency Translation
• Hyperinflation
• Events after the End of the Reporting Period
• Related Party Disclosures
• Biological Assets

Specific Disclosures for Not-For-Profit Entities and Public Sector Entities

• Contributions
• Restructure of administrative arrangements
• Administrative items
• Land under roads
• Budgetary reporting
• Income of not-for-profit entities
• Non-contractual income arising from statutory requirements
• Transfers to enable an entity to acquire or construct a recognisable non-financial asset to be controlled by the entity
• Compliance with parliamentary appropriations and other related authorities for expenditure
• Service concession arrangements: grantors that are public sector entities

Transition to Australian Accounting Standards – Simplified Disclosures

• Reconciliations

See also

Australian Accounting Standards Board. General Purpose Financial Statements - Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities Retrieved from https://www.aasb.gov.au/admin/file/content105/c9/AASB1060_Amendments_03-20.pdf

XBRL Site. Knowledge Graph for AASB 1060 http://xbrlsite.azurewebsites.net/2021/reporting-scheme/aasb1060/documentation/

XBRL Site. Human readable version of XBRL taxonomy http://xbrlsite.azurewebsites.net/2021/reporting-scheme/aasb1060/base-taxonomy/aasb1060_ModelStructure.html