2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 55  NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2011 Reference Title Summary Application date  of standard* Application date  for Group* AASB  2009-12 Amendments to  Australian Accounting  Standards [AASBs 5, 8, 108, 110,  112, 119, 133, 137,  139, 1023 & 1031 and  Interpretations 2, 4,  16, 1039 & 1052] This amendment makes numerous editorial changes  to a range of Australian Accounting Standards and  Interpretations. In particular, it amends AASB 8 Operating Segments to  require an entity to exercise judgement in assessing  whether a government and entities known to be  under the control of that government are considered a  single customer for the purposes of certain operating  segment disclosures. It also makes numerous editorial  amendments to a range of Australian Accounting  Standards and Interpretations, including amendments to  reflect changes made to the text of IFRS by the IASB. 1 January 2011 1 July 2011 AASB 1053 Application of Tiers of  Australian Accounting  Standards This Standard establishes a differential financial  reporting framework consisting of two Tiers of reporting  requirements for preparing general purpose financial  statements: (a) Tier 1: Australian Accounting Standards (b) Tier 2: Australian Accounting Standards – Reduced  Disclosure Requirements Tier 2 comprises the recognition, measurement and  presentation requirements of Tier 1 and substantially  reduced disclosures corresponding to those  requirements. The following entities apply Tier 1 requirements in  preparing general purpose financial statements: (a) For-profit entities in the private sector that have  public accountability (as defined in this Standard) (b) The Australian Government and State, Territory and  Local Governments The following entities apply either Tier 2 or Tier 1  requirements in preparing general purpose financial  statements: (a) For-profit private sector entities that do not have  public accountability (b) All not-for-profit private sector entities Public sector entities other than the Australian  Government and State, Territory and Local Governments 1 July 2013 1 July 2013 AASB 1054 Australian Additional  Disclosures This standard is as a consequence of phase 1 of the joint  Trans-Tasman Convergence project of the AASB and FRSB. This standard relocates all Australian specific disclosures  from other standards to one place and revises disclosures  in the following areas: (a) Compliance with Australian Accounting Standards (b) The statutory basis or reporting framework for  financial statements (c) Whether the financial statements are general  purpose or special purpose (d) Audit fees (e) Imputation credits 1 July 2011 1 July 2011