General Purpose Financial Statements and Differential Reporting

(i) What is differential reporting and how does it apply to the Collingwood Football Club? Explain the reasons for and objective of AASB 1053 Application of Tiers of Australian Accounting Standards. Include references to specific paragraphs of the standard.

2Explain the impact of AASB 1060 General Purpose Financial Statements Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities on the financial statements of the Collingwood Football Club. Include references to specific paragraphs of the standard.