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Record keeping requirements for Australian permanent establishments

What record keeping requirements are needed for Australian permanent establishments.

Last updated 24 November 2005

You can choose to comply with either Australian accounting standards, international accounting standards, or certain overseas standards.

Complying with Australian accounting standards for Australian permanent establishments

Under the Income Tax Assessment Act 1997 (subsection 820-960(1A)) Australian permanent establishments (PEs) who choose this subsection to prepare their statements of financial performance and financial position must fully comply with Australian accounting standards. The Commissioner may decide (under subsection 820-960(4)) that an entity, or entities within a class of entities, do not need to comply with all or any part of the standards.

Following is the list of standards that PEs who choose to use Australian accounting standards:

  • must fully comply with
  • must comply with, except for the disclosure and comparative information requirements, or
  • do not need to comply with

when preparing statements of financial performance and financial position.

Accounting standards that PEs must fully comply with

The Commissioner considers these accounting standards are the foundations for the preparation of statements of financial performance and statements of financial position as they prescribe the basic reporting requirements.

AASB 1001 Accounting Policies

AASB 1004 Revenue

AASB 1018 Statement of Financial Performance

AASB 1020 and AASB 1020B Tax Effect Accounting

AASB 1031 Materiality

AASB 1040 Statement of Financial Position

AASB 1042 Discontinuing Operations

Accounting standards that PEs must comply with, except for the requirements concerning disclosures and comparative information

PEs must comply with the following accounting standards, except for the disclosures and comparative information requirements, because the Commissioner considers such disclosures and comparative information are not necessary as they do not prescribe any measurement or recognition.

AASB 1002 Events Occurring After Reporting Date

AASB 1006 Interests in Joint Ventures

AASB 1008 Leases

AASB 1009 Construction Contracts

AASB 1010 Recoverable Amount of Non-Current Assets

AASB 1011 Research and Development Costs

AASB 1012 Foreign Currency Translation

AASB 1013 Goodwill

AASB 1014 Set-Off and Extinguishment of Debt

AASB 1015 Acquisition of Assets

AASB 1016 Accounting for Investments in Associates

AASB 1019 Inventories

AASB 1021 Depreciation

AASB 1022 Accounting for Extractive Industries

AASB 1023 Financial Reporting of General Insurance Activities

AASB 1028 Employee Benefits

AASB 1033 Presentation and Disclosure of Financial Instruments

AASB 1034 Information to be Disclosed in Financial Reports

AASB 1036 Borrowing Costs

AASB 1037 Self Generating and Regenerating Assets

AASB 1038 Life Insurance Business

AASB 1041 Revaluation of Non-current Assets

AASB 1044 Provisions, Contingent Liabilities and Contingent Assets

Accounting standards that PEs do not need to comply with

PEs are not required to comply with the following standards because the Commissioner considers these standards deal mainly with disclosure, and in general do not prescribe any recognition or measurement.

AASB 1005 Segment Reporting

AASB 1017 Related Party Disclosure

AASB 1024 Consolidated Accounts

AASB 1025 Application of the Reporting Entity Concept and Other Amendments

AASB 1026 Statement of Cash Flows

AASB 1027 Earnings Per Share

AASB 1029 Interim Financial Reporting

AASB 1030 Application of Accounting Standards to Financial Accounts

AASB 1032 Specific Disclosure by Financial Institutions

AASB 1035 Amendments to AASB 1034

AASB 1039 Concise Financial Reports

AASB 1043 Changes to application of AASB 1042

AASB 1045 Land Under Roads

AASB 1046 Director and Executive Disclosures by Disclosing Entities

AASB 1047 Disclosing the Impacts of Adopting Australian Equivalents to International Financial Reporting Standards