Similarly, extensions of the exemptions in the Australian equivalents to IAS 28 and IAS 31 are also proposed.
Under Australian Accounting Standards, some entities, including not-for-profit entities and entities applying the AASB's differential reporting regime, are not able to state compliance with IFRS due to specific Australian requirements or disclosure exemptions. The AASB's proposals in ED 205 Extending Relief from Consolidation, the Equity Method and Proportionate Consolidation would permit entities that are otherwise compliant with Australian Accounting Standards to take advantage of the exemptions in IAS 27, IAS 28 and IAS 31 in some cases.
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