Document ID: chunk:federal_register_of_legislation:F2024L00708:body:0:p102
Version: federal_register_of_legislation:F2024L00708
Segment Type: other
Provision Reference: 
Character Range: 282408–285546

of Preparation of Financial StatementsAccounting Policies, Changes in Accounting Estimates and Errors
Paragraphs 1, 3, 5, 7, 11, AusCF11 and 32 are amended and paragraph 2 is deleted. Paragraphs 3A, 6A–AusCF6J, 6K–6L, 6M–AusCF6N, 27A–27I and 31A–31I, each with a related heading or subheading, and paragraph 54J are added. A subheading is also added before paragraph 28. Paragraph 28 has not been amended but is included for ease of reference. New text is underlined and deleted text is struck through.

Objective
1 The objective of this Standard is to prescribe enhance the relevance and reliability of an entity's financial statements, and the comparability of those financial statements over time and with financial statements of other entities, by prescribing the basis of preparation of financial statements which includes:
(a) general matters;
(b) the criteria for selecting, and changing and disclosing accounting policies; and,
(c) together with the accounting treatment and disclosure of changes in accounting policies, changes in accounting estimates and corrections of errors. The Standard is intended to enhance the relevance and reliability of an entity's financial statements, and the comparability of those financial statements over time and with the financial statements of other entities.
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2 [Deleted] Disclosure requirements for accounting policies, except those for changes in accounting policies, are set out in AASB 101 Presentation of Financial Statements.

Scope
3 This Standard shall be applied in determining the basis of preparation of financial statements, including selecting and applying accounting policies, and accounting for changes in accounting policies, changes in accounting estimates and corrections of prior period errors.
3A AASB 134 Interim Financial Reporting sets out the requirements for the presentation and disclosure of condensed interim financial statements. Paragraphs 6A–6N of this Standard also apply to such interim financial statements.
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Definitions
5 The following terms are used in this Standard with the meanings specified:
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IFRS Accounting Standards are accounting standards issued by the International Accounting Standards Board. They comprise:
(a) International Financial Reporting Standards;
(b) International Accounting Standards;
(c) IFRIC Interpretations; and
(d) SIC Interpretations.
IFRS Accounting Standards were previously known as International Financial Reporting Standards, IFRS, IFRSs and IFRS Standards.
Material information is defined in paragraph 7 of AASB 101 and Appendix A of AASB 18 Presentation and Disclosure in Financial Statements. Material is used in this Standard with the same meaning.
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Basis of preparation – general matters

Fair presentation and compliance with Australian Accounting Standards1
  1 [Aus] The term 'Australian Accounting Standards' refers to Standards (including Interpretations) made by the AASB that apply to any reporting period beginning on or after 1 January 2005. In this context, the term encompasses Australian Accounting Standards – Simplified Disclosures, which some entities are permitted to apply in accordance