Australian Human Rights Commission Annual Report November 2022 Overview (continued) Standard/ Interpretation AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities Nature of change in accounting policy, transitional provisions, and adjustment to financial statements AASB 1060 applies to annual reporting periods beginning on or after 1 July 2021 and replaces the reduced disclosure requirements (RDR) framework. The application of AASB 1060 involves some reduction in disclosure compared to the RDR with no impact on the reported financial position, financial performance and cash flows of the Commission. Taxation The entity is exempt from all forms of taxation except Fringe Benefits Tax (FBT) and the Goods and Services Tax (GST). Events After the Reporting Period The Commission is not aware of any significant events that have occurred since balance date that warrant disclosure in these financial statements. 87