These model financial statements can be used by entities with public accountability and those choosing to prepare Tier 1 financial statements as an illustrative guide when developing their own disclosures.

The document consists of the following sections:

• Guidance – includes what’s new for the current reporting season, a summary of new and revised pronouncements and reporting deadlines
• Core model financial statements – Illustrative core IFRS disclosures
• Appendix 1 – A summary of disclosures that may be impacted by COVID-19 or climate change considerations
• Appendix 2 – Australian-specific requirements. 

We have also published a separate Appendix 3 which provides Australian not-for-profit specific illustrative disclosures to be used as a guide, in conjunction with the Tier 1 model financial statements, to assist the majority of not-for-profit entities meet their general financial reporting requirements. Click here to download Appendix 3.

Published: November 2020