Document ID: chunk:federal_register_of_legislation:F2021L01793:reg:7:p1
Version: federal_register_of_legislation:F2021L01793
Segment Type: reg
Provision Reference: reg 7 (pt 1/2)
Character Range: 10133–13712

7                        Paragraphs 25, 93, 95, 96, 112, 123, 125, 129, 160, 163 and 221, the heading above paragraph 95 and Appendix A are amended. Deleted text is struck through and new text is underlined.

          Financial Statement Presentation2

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          Complete set of financial statements

          25  A complete set of financial statements of an entity shall include all of the following:

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               (e)  notes, comprising material significant accounting policy information policies and other explanatory information.
               [Based on IFRS for SMEs Standard paragraph 3.17]
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          Notes to the Financial Statements7

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          Structure of the notes

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          93 Examples of systematic ordering or grouping of the notes include:

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               (c)  following the order of the line items in the statement(s) of profit or loss and other comprehensive income and the statement of financial position, such as:
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                    (ii) material significant accounting policy information policies applied (see paragraph 95);
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          Disclosure of accounting policy information policies

          95 An entity shall disclose material the following in the significant accounting policy information (see Appendix A). 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. policies:

               (a)    the measurement basis (or bases) used in preparing the financial statements; and
               (b)     the other accounting policies used that are relevant to an understanding of the financial statements.
               [Based on IFRS for SMEs Standard paragraph 8.5]

          Information about judgements

          96 An entity shall disclose, in the material significant accounting policy information policies or other notes, the judgements, apart from those involving estimations (see paragraph 97), that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements. [Based on IFRS for SMEs Standard paragraph 8.6]

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          Basic Financial Instruments10

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          Disclosure of accounting policies for financial instruments

          112  In accordance with paragraph 95, an entity shall disclose material, in the significant accounting policy information policies, the measurement basis (or bases) used for financial instruments and the other accounting policies used for financial instruments that are relevant to an understanding of the financial statements. Information about the measurement basis (or bases) for financial instruments used in preparing the financial statements is expected to be material accounting policy information. [Based on IFRS for SMEs Standard paragraph 11.40]

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          Inventories12

          123 An entity shall disclose the following:

               (a) material accounting policy information about the measurement of the accounting policies adopted in measuring inventories, including the cost formula used;

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               [Based on IFRS for SMEs Standard paragraph 13.22]
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 Investments in Associates13

          125  An entity