New Requirements For 30 June 2026 Financial Reporting

Bentleys Audit Team
May 25, 2026

Mandatory standard

The only new mandatory standard for 30 June 2026 is one with narrow application which is likely to have little impact for our clients.

AASB 2023-5 Amendments to Australian Accounting Standards – Lack of Exchangeability [AASB 1, AASB 121 and AASB 1060] provide additional guidance where an entity transacts in a currency which is not easily exchangeable. This may be for example where the currency is not able to be taken out of the host country or a hyperinflationary currency.

Additional illustrative examples

AASB 2026-1 Amendments to Australian Accounting Standards – Disclosures about Uncertainties in the Financial Statements does not provide any additional requirements for preparers, rather it adds an additional example to AASB 136 Impairment of Assets (example 10) and AASB 137 Provisions, Contingent Liabilities and Contingent Assets (example 2A).

While these examples focus on climate-related matters, they are equally relevant to other uncertainties faced by entities. They illustrate, for particular facts and circumstances, the types of disclosures that may be required in financial statements where assumptions could materially impact the reported financial position and financial performance

Tier 3 Standard approved

At the AASB meeting on 14 May, it was noted that:

  • AASB 1061 General Purpose Financial Statements – Not-for-Profit Private Sector Tier 3 Entities and
  • AASB 2026-2 Amendments to Australian Accounting Standards – Extending the Application of the Conceptual Framework and Limiting the Ability of Not-for-Profit Entities to Prepare Special Purpose Financial Statements

Have been voted on and approved by the AASB, however due to certain outstanding copyright approvals, the standards will not be issued until towards the end of June.

Want to know more about how Bentleys can help you?

For assistance with your financial reporting requirements, contact your local Bentleys audit and assurance advisor. We’re here to help you get where you want to be.

Disclaimer: This information is general in nature and should not be relied on as advice. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs and seek professional advice before making any decisions based on this information.

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