Document ID: chunk:federal_register_of_legislation:F2025C00209:front:0:p6
Version: federal_register_of_legislation:F2025C00209
Segment Type: other
Provision Reference: 
Character Range: 15273–18590

concluded would be necessary to achieve a fair presentation.

Going concern
      1.                     When preparing financial statements, the management of an entity using Australian Accounting Standards – Simplified Disclosures shall make an assessment of the entity's ability to continue as a going concern. An entity is a going concern unless management either intends to liquidate the entity or to cease operations, or has no realistic alternative but to do so. In assessing whether the going concern assumption is appropriate, management takes into account all available information about the future, which is at least, but is not limited to, twelve months from the reporting date. [IFRS for SMEs Standard paragraph 3.8]
      2.                     When management is aware, in making its assessment, of material uncertainties related to events or conditions that cast significant doubt upon the entity's ability to continue as a going concern, the entity shall disclose those uncertainties. When an entity does not prepare financial statements on a going concern basis, it shall disclose that fact, together with the basis on which it prepared the financial statements and the reason why the entity is not regarded as a going concern. [IFRS for SMEs Standard paragraph 3.9]

Frequency of reporting
      1.                     An entity shall present a complete set of financial statements (including comparative information – see paragraph 20) at least annually. When the end of an entity's reporting period changes and the annual financial statements are presented for a period longer or shorter than one year, the entity shall disclose the following:
           1.                     that fact;
           2.                    the reason for using a longer or shorter period; and
           3.                     the fact that comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.
     [IFRS for SMEs Standard paragraph 3.10]

Consistency of presentation
      1.                     An entity shall retain the presentation and classification of items in the financial statements from one period to the next unless:
           1.                     it is apparent, following a significant change in the nature of the entity's operations or a review of its financial statements, that another presentation or classification would be more appropriate having regard to the criteria for the selection and application of accounting policies in AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors; or
           2.                    Australian Accounting Standards – Simplified Disclosures require a change in presentation.
     [IFRS for SMEs Standard paragraph 3.11]

      1.                     When the presentation or classification of items in the financial statements is changed, an entity shall reclassify comparative amounts unless the reclassification is impracticable. When comparative amounts are reclassified, an entity shall disclose the following:
           1.                     the nature of the reclassification;
           2.                    the amount of each item or class of items that is reclassified; and
           3.                     the reason for the reclassification.
          [IFRS