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AASB 1053 Reduced Disclosure Reporting

AASB 1053 Application of Tiers of Australian Accounting Standards and AASB 2010-2 Amendments to Australian Accounting Standards arising from Reduced Disclosure Requirements introduced a differential reporting framework concerning disclosures into Australian Accounting Standards.

These two Standards apply to annual reporting periods beginning on or after 1 July 2013. Early application of the RDR amendments was permitted for annual reporting periods beginning on or after 1 July 2009 but before 1 July 2013, provided that AASB 1053 is also applied to the period.

On the attached link, a table provides in numeric order the version of each Accounting Standard and Interpretation that applies mandatorily to the financial year 2011/12, but incorporating (for early application) the Reduced Disclosure Requirements (RDR) amendments set out in AASB 2010-2 and later amending Standards, as relevant. Versions can be accessed directly from the website.

The disclosure requirements that Tier 2 entities are not required to comply with are easily identified in each version as shaded paragraphs or text.


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