AASB Tier 2 or full IFRS-aligned reporting: what applies to your entity?

Most Australian private companies use AASB Tier 2 simplified disclosures, while some entities need full recognition and measurement aligned to IFRS. This checklist helps you work out which tier and framework fit your entity.

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• Is your entity required to lodge general purpose financial reports with ASIC?
• Do lenders, investors or a parent company ask for full IFRS-aligned statements rather than Tier 2 disclosures?
• Is your entity part of a group that consolidates overseas subsidiaries reporting under full IFRS?
• Do you have related-party transactions that need the fuller disclosure a Tier 2 or full framework requires?
• Has your accountant reviewed which reporting tier currently applies to your entity?
• Are you a for-profit private entity, or a not-for-profit with different reporting obligations?
• Does your entity hold complex financial instruments that need fuller measurement disclosure?
• Would a future listing or sale process require full recognition and measurement statements?
• Do your accounting policies note which AASB standards and which reporting tier you follow?
• Has your reporting tier changed since your entity last reviewed its size or ownership structure?