Document ID: chunk:federal_register_of_legislation:F2024L00708:body:0:p133
Version: federal_register_of_legislation:F2024L00708
Segment Type: other
Provision Reference: 
Character Range: 370338–373522

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General Purpose or Special Purpose Financial Statements

Information about special purpose financial statements

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     9B  Implementation guidance and illustrative examples for not-for-profit private sector entities accompanies this Standard. It illustrates the application of the requirements in paragraph 9A and their relationship to the requirements in AASB 101 Presentation of Financial Statements AASB 18 Presentation and Disclosure in Financial Statements for the disclosure of an entity's material accounting policy information.

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IFRS Standard Not Yet Issued in Australia

     17  When an IFRS Accounting Standard has been issued by the International Accounting Standards Board but the equivalent Australian Accounting Standard has yet to be issued by the AASB, an entity intending to comply with IFRS Accounting Standards shall disclose the information specified in paragraphs 30 and 31 of AASB 108 Basis of Preparation of Financial Statements Accounting Policies, Changes in Accounting Estimates and Errors in relation to that IFRS Accounting Standard.

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Implementation guidance and illustrative examples for not-for-profit private sector entities

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     IG1  The AASB has prepared this guidance and examples to explain and illustrate the application of the requirements in paragraph 9A of this Standard and their relationship to the requirements in AASB 101 Presentation of Financial Statements AASB 18 Presentation and Disclosure in Financial Statements for the disclosure of a not-for-profit private sector entity's material accounting policy information. These requirements apply to entities applying this Standard, including those required by legislation to comply. An entity preparing special purpose financial statements that is not specifically required to comply with AASB 1054 may elect not to comply with these requirements, however, is encouraged to do so.

Disclosure of accounting policy information

     IG5  Not-for-profit private sector entities required to apply AASB 1054 in their special purpose financial statements (including those lodged with ASIC or the ACNC), whether consolidated or unconsolidated, are also required to apply AASB 101 AASB 18 and AASB 108 Basis of Preparation of Financial StatementsAccounting Policies, Changes in Accounting Estimates and Errors, including:

          (a)                    paragraph 15 of AASB 101 6A of AASB 108, which requires the fair presentation of financial statements;

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          (c)                    paragraph 117 of AASB 101 27A of AASB 108, which requires disclosure of material accounting policy information comprising the measurement basis (or bases) and the other accounting policies used that are relevant to an understanding of the financial statements.

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Application of the consolidation and equity accounting requirements

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     IG14  The following examples illustrate how an entity might apply the disclosure requirements in paragraph 9A of this Standard within the context of the requirements in AASB 101 AASB 18 and AASB 108 referred to in paragraph IG5 above to the special purpose financial statements they prepare, on the basis of