Document ID: chunk:federal_register_of_legislation:F2024L00708:body:0:p70
Version: federal_register_of_legislation:F2024L00708
Segment Type: other
Provision Reference: 
Character Range: 187728–190974

previously presented them as well as another set of financial statements that contained an explicit and unreserved statement of compliance with Australian Accounting Standards or IFRS Accounting StandardsIFRSs;
(b) presented financial statements in the previous year in accordance with national requirements and those financial statements contained an explicit and unreserved statement of compliance with Australian Accounting Standards or IFRS Accounting StandardsIFRSs; or
(c) presented financial statements in the previous year that contained an explicit and unreserved statement of compliance with Australian Accounting Standards or IFRS Accounting StandardsIFRSs, even if the auditors qualified their audit report on those financial statements.
4A Notwithstanding the requirements in paragraphs 2 and 3, an entity that has applied Australian Accounting Standards or IFRSs in a previous reporting period, but whose most recent previous annual financial statements did not contain an explicit and unreserved statement of compliance with Australian Accounting Standards or IFRS Accounting StandardsIFRSs, must either apply this Standard or else apply Australian Accounting Standards retrospectively in accordance with AASB 108 Basis of Preparation of Financial Statements Accounting Policies, Changes in Accounting Estimates and Errors as if the entity had never stopped applying Australian Accounting Standards or IFRSs.
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5 This Standard does not apply to changes in accounting policies made by an entity that already applies Australian Accounting Standards. Such changes are the subject of:
(a) requirements on changes in accounting policies in AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors; and
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Presentation and disclosure
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Comparative information
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Non‑Australian-Accounting-Standards comparative information and historical summaries
22 Some entities present historical summaries of selected data for periods before the first period for which they present full comparative information in accordance with Australian Accounting Standards. This Standard does not require such summaries to comply with the recognition and measurement requirements of Australian Accounting Standards. Furthermore, some entities present comparative information in accordance with previous GAAP as well as the comparative information required by AASB 18AASB101. In any financial statements containing historical summaries or comparative information in accordance with previous GAAP, an entity shall:
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Explanation of transition to Australian Accounting Standards
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Interim financial reports
32 To comply with paragraph 23, if an entity presents an interim financial report in accordance with AASB 134 for part of the period covered by its first Australian-Accounting-Standards financial statements, the entity shall satisfy the requirements of AASB 134, unless stated otherwise, as well as the following requirements in addition to the requirements of AASB 134:
(za) An entity shall present each heading it expects to use in applying AASB 18 and the subtotals required by paragraphs 69–74 of that Standard, notwithstanding the requirements in paragraph 10 of AASB 134. An entity shall apply the requirements in