Amendments to XRB A2 resulting from the Regulatory Systems (Economic Development) Amendment Act 2025
The Financial Reporting Act 2013 (FRA) defines the terms ‘large’ and ‘specified not-for-profit entity’ for the purpose of financial reporting requirements in legislation. The XRB standard XRB A2 Meaning of Specified Statutory Size Thresholds specifies the meaning of certain elements of the definitions of ‘large’ and ‘specified not-for-profit entity’ in the FRA.
Amendments to XRB A2 resulting from the Regulatory Systems (Economic Development) Amendment Act 2025 amends XRB A2 to reflect recent amendments to the FRA in relation to the definitions of 'large' and 'specified not-for-profit entity', resulting from the Regulatory Systems (Economic Development) Amendment Act 2025.
Commencement and Application
Application of the amendments to XRB A2 is required for accounting periods beginning on or after 29 September 2025 (as aligned with Schedule 6 of the Regulatory Systems (Economic Development) Amendment Act 2025).
More information on the amendments to the FRA that are reflected in XRB A2
The Regulatory Systems (Economic Development) Amendment Act 2025 amended the FRA to clarify that:
- In applying section 45 of the FRA, if an entity (e.g. a company) has a subsidiary that meets the definition of ‘large’ per section 45, then the entity is also considered to meet the definition of ‘large’; and
- In the definition of ‘specified not-for-profit entity’ in section 46 of the FRA, the $140,000 operating payments threshold refers to the operating payments of the entity and all entities it controls (if any).
XRB A2 was amended to reflect the abovementioned amendments to the FRA.