Document ID: chunk:federal_register_of_legislation:F2025C00209:front:0:p45
Version: federal_register_of_legislation:F2025C00209
Segment Type: other
Provision Reference: 
Character Range: 135684–139084

for issue and who gave that authorisation. If the entity's owners or others have the power to amend the financial statements after issue, the entity shall disclose that fact. [IFRS for SMEs Standard paragraph 32.9]

Non-adjusting events after the end of the reporting period
      1.                  An entity shall disclose the following for each category of non-adjusting event after the end of the reporting period:
           1.                    the nature of the event; and
           2.                    an estimate of its financial effect or a statement that such an estimate cannot be made.
     [IFRS for SMEs Standard paragraph 32.10]

      1.                  The following are examples of non-adjusting events after the end of the reporting period that would generally result in disclosure; the disclosures will reflect information that becomes known after the end of the reporting period but before the financial statements are authorised for issue:
           1.                    a major business combination or disposal of a major subsidiary;
           2.                    announcement of a plan to discontinue an operation;
           3.                    major purchases of assets, classifications of assets as held for sale in accordance with AASB 5, other disposals of assets, or expropriation of major assets by government;
           4.                    the destruction of a major production plant by a fire;
           5.                    announcement, or commencement of the implementation, of a major restructuring;
           6.                     issues or repurchases of an entity's debt or equity instruments;
           7.                    abnormally large changes in asset prices or foreign exchange rates;
           8.                    changes in tax rates or tax laws enacted or announced that have a significant effect on current and deferred tax assets and liabilities;
           9.                     entering into significant commitments or contingent liabilities, for example, by issuing significant guarantees; and
          10.                     commencement of major litigation arising solely out of events that occurred after the end of the reporting period.
     [Based on IFRS for SMEs Standard paragraph 32.11]

Related Party Disclosures[31]

Scope of this section
      1.                  This section requires an entity to include in its financial statements the disclosures necessary to draw attention to the possibility that its financial position and profit or loss have been affected by the existence of related parties and by transactions and outstanding balances with such parties. [IFRS for SMEs Standard paragraph 33.1]
      2.                  In considering each possible related party relationship, an entity shall assess the substance of the relationship and not merely the legal form. [IFRS for SMEs Standard paragraph 33.3]
      3.                  In the context of this Standard, the following are not necessarily related parties:
           1.                    two entities simply because they have a director or other member of key management personnel in common;
           2.                    two venturers simply because they share joint control over a joint venture;
           3.                    any of the following simply by virtue of their normal dealings with an entity (even though they may