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Unformatted text preview: roup will need to disclose any
transactions between its subsidiaries and its associates. However, there will be no impact on any of the amounts
recognised in the financial statements.
AASB 1053 Application of Tiers of Australian Accounting Standards and AASB 2010-2 Amendments to
Australian Accounting Standards arising from Reduced Disclosure Requirements (effective from 1 July 2013)
On 30 June 2010 the AASB officially introduced a revised differential reporting framework in Australia. Under this
framework, a two-tier differential reporting regime applies to all entities that prepare general purpose financial
statements. Wellcom Group Limited is listed on the ASX and is not eligible to adopt the new Australian Accounting
Standards – Reduced Disclosure Requirements. The two standards will therefore have no impact on the financial
statements of the entity.
AASB 2010-6 Amendments to Australian Accounting Standards – Disclosures on Transfers of Financial Assets
(effective for annual reporting periods beginning on or after 1 July...
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This document was uploaded on 02/06/2014.
- Spring '14