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Exposure Draft ED 312 Disclosure of Accounting Policies – Proposed Amendments to Tier 2 and Other Australian Accounting Standards

The Australian Accounting Standards Board has issued an exposure draft on proposed amendments to AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities, AASB 1054 Australian Additional Disclosures and AASB 1049 Whole of Government and General Government Sector Financial Reporting that would require entities to disclose material accounting policy information rather than significant accounting policies. The amendments proposed in ED 312 are consistent with amendments already made to a number of other Australian Accounting Standards, and are necessary to ensure there is consistency in the terminology used in Australian Accounting Standards to minimise the risk of interpretation and application differences.

To view the AASB Exposure Draft 312, click here

To provide feedback on the Exposure Draft by 4 October, click here

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