Research School of A The objectives of GPFR In 2010 AASB 1053

Research school of a the objectives of gpfr in 2010

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Research School of Accounting
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38 8.1. The objectives of GPFR In 2010 AASB 1053 Application of Tiers of Australian Accounting Standards was issued to be applied on or after 1 July 2013 (early adoption was allowed). There are two “tiers” of reporting requirements: Tier 1 requires full application of all standards and interpretations Tier 2 allows significantly reduced disclosure by applicable entities. Tier 2 entities will be required to apply recognition, measurement and presentation requirements with substantially reduced disclosures. Research School of Accounting
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39 8.1. The objectives of GPFR Entities for two tiers of reporting: Tier 1 publicly accountable entities; Publicly accountable entities are entities that: have issued debt or equity instruments in a public market hold assets in a fiduciary capacity for outsiders. Tier 2 all other preparers of GPFRs. Tier 1 applies to For-profit private sector entities that have public accountability . Australian government and state, territory, and local governments Tier 2 applies to For-profit private sector entities that do not have public accountability . Not-for profit private sector entities Public sector entities other than Australian government and state, territory, and local governments. Research School of Accounting
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Research School of Accounting 40 Reduced disclosure regime (RDR)
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