Tier 1 model financial statements has been saved
Tier 1 model financial statements
Financial reporting periods ending on or after 31 December 2020
These model financial statements contain complete illustrative disclosures for companies preparing ‘Tier 1’ general purpose financial statements in full compliance with Australian Accounting Standards for financial reporting periods ending on or after 31 December 2020.
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