What are Tier 2 simplified disclosures (AASB 1060)

What are simplified disclosures? and what is AASB 1060? and what does it mean?

There is a lot of noise right now.

But what is it?

Quite simply, AASB 1060 simplified disclosures can be viewed like this:

AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities identifies in a single standard the majority of disclosures required when applying Tier 2 of AASB Accounting Standards. 

This is designed to make life easier when preparing financial statements than the approach applicable for when applying Tier 1 of the standards, where disclosure requirements are located in each individual standards.