Simplified disclosures for Tier 2
AASB 1060 sets simplified disclosures for eligible for-profit and not-for-profit Tier 2 entities.
For Australian accounting firms
AASB 1060 reporting support—without the specialist overhead.
Prepare Tier 2 financial statements with experienced, white-label support—while your firm keeps the client relationship.
500+ accounting firms helped across Australia
✓ Controlled drafts
✓ White-label support
500+Firms helped
18+Years’ experience
100%Firm-first support
XeroFocused workflows
The direct answer
What is AASB 1060?
Simpler disclosures, with the same underlying accounting requirements.
Explore broader GPFR preparation support →Recognition and measurement still apply
Tier 2 keeps Australian recognition and measurement requirements but reduces Tier 1 disclosures.
Eligibility is assessed separately
Eligibility depends on AASB 1053 and the entity’s legislation and reporting obligations.
Important: The entity and its advisers select the reporting framework. Entry Counts supports preparation once the basis and scope are agreed.
Where it may apply
Who may need AASB 1060 financial statements?
It may apply when an eligible entity must—or chooses to—prepare Tier 2 financial statements.
For-profit private-sector entities eligible for Tier 2
Not-for-profits and registered charities
Companies limited by guarantee
Incorporated associations
Large proprietary companies
Australian subsidiaries or group members
Entities reporting to lenders, shareholders or grant providers
Entities moving from special purpose to GPFS
Other eligible entities with general purpose obligations
This list is indicative. Check the entity’s circumstances, governing documents and legislation before selecting a framework.
Clear roles from the start
What we can handle—and what stays with you.
We agree the scope, roles, inputs and deadline before work begins.
Entry Counts support can include
Tailored to the entity and deadline.
- Tier 2 general purpose financial statement preparation
- AASB 1060 simplified disclosures
- Xero workflow, account mapping and comparatives
- Primary statements and notes
- Consolidation support when agreed
- Input review and gap identification
- Controlled drafts and agreed amendments
- Agreed audit or review support
- White-label delivery to your firm
Responsibilities that remain elsewhere
We do not replace directors, your firm or the auditor.
- Deciding eligibility or the reporting framework
- Acting as directors or those charged with governance
- Providing an independent audit or review opinion
- Making management representations
- Lodging as an authorised officer unless separately agreed
- Guaranteeing regulator or auditor acceptance
- Approving or signing the final financial report
A controlled workflow
Our seven-step AASB 1060 reporting process.
A clear path from review to final reporting outputs.
Initial reporting review
We confirm the entity, framework, deadline and support required.
Scope and information request
We agree deliverables, roles, timing and required records.
Trial balance and file setup
We review the trial balance, map accounts and set up the Xero workflow.
Statement preparation
We prepare the statements and relevant notes from the supplied information.
Technical and internal review
We check consistency, presentation, references and information gaps.
Firm review and amendments
Your firm reviews the draft; we apply agreed changes and control versions.
Finalisation and audit support
We deliver final outputs and provide agreed support during audit or review.
Prepare once, progress faster
Information we may need from your firm.
Complete information early reduces delays. We commonly need:
- Current-year trial balance or agreed Xero access
- Prior-year signed financial statements
- Entity and group structure
- Reporting requirements, policies and material judgements
- Asset, loan, lease and finance schedules
- Related-party, KMP, equity and dividend records
- Relevant tax balances
- Consolidation workings where applicable
- Commitments, contingencies and subsequent events
We flag missing information so your firm can decide the next step.
Built around the way firms work
A better reporting workflow—not just a static document.
A connected Xero process makes recurring reporting easier.
Structured in Xero
Map accounts and connect statements to the source ledger.
Repeatable next period
Carry forward a controlled process as reporting needs change.
Review-ready
Clear files, gap tracking and version control simplify review.
Why Entry Counts
Specialist support designed for accounting firms.
Firm-first model
Built around engagements, reviews, deadlines and professional responsibilities.
Xero focused
Structured workflows that connect accounting data with reporting outputs.
White-label
Extra capability behind your firm without competing for the client relationship.
Version control
Defined inputs, controlled drafts and a clear amendment process.
Proven experience
More than 500 accounting firms helped across Australia.
★★★★★
“The process was very easy and fast, and Donnie is always willing to help with any queries we had.”
Pricing and turnaround
Clear scope before the work begins.
After a short file review, we confirm the scope, inputs, timing and fee.
Book a free reporting review with DonnieWhat shapes the proposal
- Entity type and group structure
- Record quality and completeness
- Transition and disclosure complexity
- Consolidation or prior-year issues
- Deadline and support requested
Frequently asked questions
Quick answers about AASB 1060.
Still deciding what your engagement needs?
Ask Donnie about your reporting file →What does AASB 1060 cover?
Simplified disclosures for eligible entities preparing Tier 2 general purpose financial statements.
Is AASB 1060 the same as Tier 2 reporting?
It provides Tier 2 disclosures. Relevant recognition and measurement requirements still apply.
Does AASB 1060 reduce recognition and measurement requirements?
No. Tier 2 reduces disclosures, not applicable recognition and measurement requirements.
Can Entry Counts prepare AASB 1060 financial statements from Xero?
Yes. We support mapping, statements, disclosures, controlled drafts and agreed audit support.
Does Entry Counts audit the financial statements?
No. We prepare them; an independent auditor or reviewer provides assurance.
How much does outsourced AASB 1060 reporting cost?
Fees depend on scope and complexity. We review the file before providing a proposal.
Bring us the upcoming engagement
Get specialist AASB 1060 support without adding permanent overhead.
Share the deadline and available information. We’ll define a practical scope and next step while your firm keeps the client relationship.
Book your free AASB 1060 reporting call
Free initial review · Clear next steps · No obligation