Document ID: chunk:federal_register_of_legislation:F2024L00708:body:0:p6
Version: federal_register_of_legislation:F2024L00708
Segment Type: other
Provision Reference: 
Character Range: 15237–18069

complete set of financial statements
10 A complete set of financial statements comprises:
(a) a statement (or statements) of financial performance for the reporting period (see paragraph 12);
(b) a statement of financial position as at the end of the reporting period;
(c) a statement of changes in equity for the reporting period;
(d) a statement of cash flows for the reporting period;
(e) notes for the reporting period;
(f) comparative information in respect of the preceding period as specified in paragraphs 31–32; and
(g) a statement of financial position as at the beginning of the preceding period if required by paragraph 37.
11 The statements listed in paragraphs 10(a)–10(d) (and their comparative information) are referred to as the primary financial statements. An entity may use titles for the statements other than those used in this Standard. For example, an entity may use the title 'balance sheet' instead of 'statement of financial position'. In addition, although this Standard uses terms such as 'other comprehensive income', 'profit or loss' and 'total comprehensive income', an entity may use other terms to label the totals, subtotals and line items required by this Standard as long as they are labelled in a way that faithfully represents the characteristics of the items, as required by paragraph 43. For example, an entity may use the term 'net income' to label 'profit or loss'.
12 An entity shall present its statement(s) of financial performance as either:
(a) a single statement of profit or loss and other comprehensive income, with profit or loss and other comprehensive income presented in two sections – if this option is chosen, an entity shall present the profit or loss section first followed directly by the other comprehensive income section; or
(b) a statement of profit or loss and a separate statement presenting comprehensive income that shall begin with profit or loss – if this option is chosen, the statement of profit or loss shall immediately precede the statement presenting comprehensive income.
13 In this Standard:
(a) the profit or loss section described in paragraph 12(a) and the statement of profit or loss described in paragraph 12(b) are referred to as the statement of profit or loss; and
(b) the other comprehensive income section described in paragraph 12(a) and the statement presenting comprehensive income described in paragraph 12(b) are referred to as the statement presenting comprehensive income.
14 An entity shall present each of the primary financial statements with equal prominence in a complete set of financial statements.

The roles of the primary financial statements and the notes
15 To achieve the objective of financial statements (see paragraph 9), an entity presents information in the primary financial statements and discloses information in the