Document ID: chunk:federal_register_of_legislation:F2021L00471:body:0:p15
Version: federal_register_of_legislation:F2021L00471
Segment Type: other
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Character Range: 39460–42576

more than one Australian Accounting Standard to a class of material transactions.
Paragraph 117C
Referred to in paragraphs 88C and 88E of the Practice Statement
Accounting policy information that focuses on how an entity has applied the requirements of the Australian Accounting Standards to its own circumstances provides entity-specific information that is more useful to users of financial statements than standardised information, or information that only duplicates or summarises the requirements of the Standards.
Paragraph 117D
Referred to in paragraphs 88C and 88G of the Practice Statement
If an entity discloses immaterial accounting policy information, such information shall not obscure material accounting policy information.
Paragraph 117E
Referred to in paragraph 88C of the Practice Statement
An entity's conclusion that accounting policy information is immaterial does not affect the related disclosure requirements set out in other Australian Accounting Standards.
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Appendix AusCF B
References to the Framework for the Preparation and Presentation of Financial Statements and Australian Accounting Standards
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Extracts from AASB 101 Presentation of Financial Statements
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Paragraph 117
Referred to in paragraphs 88A and 88C of the Practice Statement
An entity shall disclose material accounting policy information (see paragraph 7). Accounting policy information is material if, when considered together with other information included in an entity's financial statements, it can reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements.
Paragraph 117A
Referred to in paragraph 88C of the Practice Statement
Accounting policy information that relates to immaterial transactions, other events or conditions is immaterial and need not be disclosed. Accounting policy information may nevertheless be material because of the nature of the related transactions, other events or conditions, even if the amounts are immaterial. However, not all accounting policy information relating to material transactions, other events or conditions is itself material.
Paragraph 117B
Referred to in paragraphs 88C and 88D of the Practice Statement
Accounting policy information is expected to be material if users of an entity's financial statements would need it to understand other material information in the financial statements. For example, an entity is likely to consider accounting policy information material to its financial statements if that information relates to material transactions, other events or conditions and:
(a) the entity changed its accounting policy during the reporting period and this change resulted in a material change to the information in the financial statements;
(b) the entity chose the accounting policy from one or more options permitted by Australian Accounting Standards—such a situation could arise if the entity chose to measure investment property at historical cost rather than fair value;
(c) the accounting policy was developed in accordance with AASB 108 in the