Document ID: chunk:federal_register_of_legislation:F2021L01793:reg:5
Version: federal_register_of_legislation:F2021L01793
Segment Type: reg
Provision Reference: reg 5
Character Range: 5707–7911

5                        Paragraphs 39 and 40 and the heading above paragraph 39 are amended. The introduction to the Illustrative Examples accompanying AASB 1049 and Illustrative example C are also amended. Deleted text is struck through and new text is underlined.

     Notes

          Summary of significant Material accounting policy information policies

          39  In addition to the disclosures required by other Australian Accounting Standards in the notes containing material the summary of significant accounting policy information policies, the following disclosures shall be made prominently in the that notes:

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          40  An example of the information to be included in the material summary of significant accounting policy information policies disclosed for the GGS in accordance with paragraph 39 is provided in Illustrative Example C.

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     Illustrative examples

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          C  Extract from the notes containing material the summary of significant accounting policy information policies of a General Government Sector …

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     Illustrative Examples A and B do not purport to identify all possible differences between GAAP and GFS, nor to present in the financial statements all the line items as might be required by a different set of assumptions. Additionally, they do not illustrate the disclosure of comparative period information or the notes required by paragraphs 39,1, 41 (except the relevant reconciliation notes),2, 52(a) and the explanation of differences required by 52(b)(ii)(B). They also do not illustrate all the disclosures required by other Australian Accounting Standards, such as the disclosure of budgetary information required by AASB 1055 Budgetary Reporting.

       1  Illustrative Example C provides an example of the information to be included in the summary of significant material accounting policy information policies of the GGS in accordance with paragraph 39(b).

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     Illustrative example C

     Extract from the notes containing material the summary of significant accounting policy information policies of a General Government Sector

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Amendments to AASB 1054