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23 Mar 2021
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Tier 2 Simplified Disclosures model financial statements

Early adoption of Simplified Disclosures for financial reporting periods ending before 30 June 2022

These model financial statements contain illustrative disclosures for companies preparing ‘Tier 2’ general purpose financial statements in compliance with Australian Accounting Standards – Simplified Disclosures for financial reporting periods ending before 30 June 2022.

Tier 2 Simplified Disclosures model financial statements 31 December 2020
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This document contains an illustrative example of general purpose financial statements prepared in accordance with AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities on the basis the entity:

  • Has subsidiaries, joint ventures and associates
  • Is applying Australian Accounting Standards – Simplified Disclosures for the first time before the mandatory application date
  • Previously prepared special purpose financial statements as separate financial statements where investments in subsidiaries, joint ventures and associates were accounted for on the cost basis in accordance with AASB 127 Separate Financial Statements
  • Otherwise has complied with all relevant recognition and measurement requirements of Australian Accounting Standards in its previous special purpose financial statements
  • Has elected to apply AASB 1 First-time Adoption of Australian Accounting Standards on transition, as it is transitioning from separate special purpose financial statements to consolidated Tier 2 general purpose financial statements
  • Is not electing to use the optional relief for early adopters in Appendix E of AASB 1053 Application of Tiers of Australian Accounting Standards.

Not-for-profit appendix

We have also published a separate Appendix which provides Australian not-for-profit specific illustrative disclosures to be used as a guide, in conjunction with the Tier 2 model financial statements, to assist the majority of not-for-profit entities meet their general financial reporting requirements when applying AASB 1060. Click here to download the Appendix.

Entities applying AASB 1060 to annual reporting periods beginning on or after 1 July 2021 should refer to our Model Tier 2 financial report for financial years ending on or after 30 June 2022.

Alison White

Deloitte - Australia
Alison is the leader of the Accounting & Corporate Reporting team in Deloitte’s Audit and Assurance division. She has over 25 years’ audit and accounting advisory experience in Australia, Hong Kong and South Africa, specialising in the resolution of complex accounting issues. Alison served as a member of the Australian Accounting Standards Board (AASB) and has recently completed her six-year term as the deputy chair. She is also a member of the Fair Value and Business Combinations Project Advisory Panels of the AASB. She is also a member of the Deloitte Global Expert Advisory Panel on Leases and the Property Council of Australia’s National Accounting Roundtable. Areas of specialist expertise include leasing and off-balance sheet structures, revenue recognition, impairment of assets, mergers and acquisitions and asset sale transactions.
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Moana Overton

Deloitte - Australia
Moana has over 21 years practical experience with Deloitte in a number of technical accounting related roles, including secondments to the Deloitte IFRS Global Office in London and Accounting Technical in New Zealand. In her current position Partner, Audit & Assurance – Accounting Technical, she provides specialist accounting advice to a variety of clients, specialising in impairment of assets and service concession arrangements, but also has extensive experience in all areas of A-IFRS. Moana was the primary author of AASB Research Report 9 – Perspectives on IAS 36: A Case for Standard Setting Activity (2019).
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Alison White

Partner, A&A Accounting & Corporate Reporting
+61 2 9322 5304

Moana Overton

Partner, Audit & Assurance
+61 3 9671 7871

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