AASB Board Meeting 219 Action Alert No. 246

The AASB held its 219th Board meeting on 19 March 2026 and published decisions on four agenda items: development of a new Not-for-Profit Private Sector Financial Reporting Framework (Tier 3), amendments to the Conceptual Framework for not-for-profit entities, a post-implementation review of AASB 1060 and AASB 2020-2, and a separate review of AASB 1060.

Not-for-profit private sector entities and preparers of financial reports under Australian Accounting Standards should monitor developments on the Tier 3 framework, as this will establish a new reporting tier distinct from existing Tier 1 and Tier 2 requirements. Entities currently applying AASB 1060 or AASB 2020-2 should track the outcomes of the post-implementation review for potential guidance on application issues.