<P> Tier 2 requirements comprise the recognition, measurement and presentation requirements of Tier 1 but substantially reduced disclosure requirements in comparison with Tier 1 . </P> <P> Australian Accounting Standards also include requirements that are specific to Australian entities . These requirements may be located in Australian Accounting Standards that incorporate IFRSs or in other Australian Accounting Standards . In most instances, these requirements are either restricted to the not - for - profit or public sectors or include additional disclosures that address domestic, regulatory or other issues . These requirements do not prevent publicly accountable for - profit private sector entities from complying with IFRSs . In developing requirements for public sector entities, the AASB considers the requirements of International Public Sector Accounting Standards (IPSASs), as issued by the International Public Sector Accounting Standards Board (IPSASB) of the International Federation of Accountants . </P> <P> The original series of Australian Accounting Standards (AASs), which was applicable to entities not regulated under the Corporations Law, was issued by the former AASB and the Public Sector Accounting Standards Board (PSASB) of the Australian Accounting Research Foundation (AARF) on behalf of the professional accounting bodies, prior to 2000 . The original series of AASB Standards (AASBs), which was applicable to entities regulated under the Corporations Law, was also issued by the former AASB, prior to 2000 . Most AASs were superseded by AASBs for reporting periods beginning on or after 1 January 2005--as at 1 July 2011, only AAS 25 Financial Reporting by Superannuation Plans was still operative . All standards now issued by the AASB are labelled AASB Accounting Standards--their application paragraphs specify the types of entities to which they apply . </P> <P> Under the Australian Corporations Act 2001, many entities are required to apply Australian Accounting Standards when preparing their financial statements . Some public sector entities are required to apply Australian Accounting Standards under either Commonwealth, state or territory legislation, through specific instructions to preparers or reporting frameworks that set out guidelines or regulations . </P>

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