Register / AASB 18 Presentation and Disclosure in Financial Statements / AASB 18 paragraph AusC1.1
Fix the first period: annual periods beginning on or after 1 January 2028
These entities apply AASB 18 for annual reporting periods beginning on or after 1 January 2028, not the general paragraph C1 date of 1 January 2027. Earlier application is permitted, and an entity that applies early discloses that fact in the notes.
Why the paragraph exists
This is the paragraph behind the widely repeated 2028 date. It is a deferral for three named groups, not a change to the general AASB 18 date.
In practice
Put the period start and the first affected period side by side in the plan. For a 31 December reporter the comparative year is already in progress when the instrument commences, so the comparative decision is made before the first affected year ends.
If early application is chosen, the note has to say so and AASB 18 has to cover the period. Do not apply the AASB 107 changes early on their own.
The mistake to avoid
The common mistake is to treat 1 January 2028 as a year end rather than the first day of a period.
Who it binds
Not-for-profit entities in the private and public sectors, public sector higher education providers, and superannuation entities that apply AASB 1056.
What to do before the date
- Confirm the entity falls in this group: NFP private sector, NFP public sector, NFP higher education provider, Superannuation entity and Government (AASB 1049).
- Put the requirement into the financial statements preparation plan: fix the first period: annual periods beginning on or after 1 january 2028.
- Open a workpaper for the first evidence item: The reporting period calendar showing the first period that begins on or after 1 January 2028, and the comparative period.
Evidence an auditor will ask for
Dates
| Date | What it means | Applies to |
|---|---|---|
| 2028-01-01 | Annual reporting periods beginning on or after this date apply AASB 18 for these entities | NFP entities and superannuation |
| 2027-12-31 | The instrument commences | NFP entities and superannuation |
Commencement and application are separate tests.
Cross-references
- AASB 18 paragraph C1
- AASB 2026-4 paragraph 3
- AASB 2026-4 paragraph 26
Record note
A period beginning on 1 July 2027 is not covered. The first covered period for that entity begins on 1 July 2028.
Questions
What does AASB 18 paragraph AusC1.1 require in practice?
Put the period start and the first affected period side by side in the plan. For a 31 December reporter the comparative year is already in progress when the instrument commences, so the comparative decision is made before the first affected year ends.
What is the common mistake under AASB 18 paragraph AusC1.1?
The common mistake is to treat 1 January 2028 as a year end rather than the first day of a period.
What evidence should be kept?
At least: The reporting period calendar showing the first period that begins on or after 1 January 2028, and the comparative period.; If early application is used, the note that discloses the early application. The kit carries each one as a row with an owner column to complete.
Source
This page is our statement of the paragraph, cited so you can check it. Read F2026L01162 on legislation.gov.au.
Source pointer: AASB 18 paragraph AusC1.1. Record retrieved 2026-10-20.