Document ID: chunk:federal_register_of_legislation:F2025C00209:front:0:p5
Version: federal_register_of_legislation:F2025C00209
Segment Type: other
Provision Reference: 
Character Range: 12216–15571

on IFRS for SMEs Standard paragraph 3.3]
      2.                     An entity shall disclose in the notes:
               1.                     the statutory basis or other reporting framework, if any, under which the financial statements are prepared; and
               2.                    whether, for the purposes of preparing the financial statements, it is a for-profit or not-for-profit entity.
      3.                     Entities applying Australian Accounting Standards – Simplified Disclosures shall not depart from a requirement in an Australian Accounting Standard, including this Standard.
      4.                     In the extremely rare circumstances when management concludes that compliance with a recognition and measurement requirement in an Australian Accounting Standard, or a presentation and disclosure requirement in this Standard, would be so misleading that it would conflict with the objective of financial statements set out in the Conceptual Framework for Financial Reporting, but the relevant regulatory framework prohibits departure from the requirement, the entity shall, to the maximum extent possible, reduce the perceived misleading aspects of compliance by disclosing the following:
               1.                     the title of the Australian Accounting Standard in question, the nature of the requirement and the reason why management has concluded that complying with that requirement is so misleading in the circumstances that it conflicts with the objective of financial statements set out in the Conceptual Framework for Financial Reporting; and
               2.                    for each period presented, the adjustments to each item in the financial statements that management has concluded would be necessary to achieve a fair presentation.
     [Based on IFRS for SMEs Standard paragraph 3.7]

          AusCF13 Notwithstanding paragraph 13, in respect of AusCF entities, in the extremely rare circumstances when management concludes that compliance with a recognition and measurement requirement in an Australian Accounting Standard, or a presentation and disclosure requirement in this Standard, would be so misleading that it would conflict with the objective of financial statements set out in the Framework for the Preparation and Presentation of Financial Statements, but the relevant regulatory framework prohibits departure from the requirement, the entity shall, to the maximum extent possible, reduce the perceived misleading aspects of compliance by disclosing the following:

               (a) the title of the Australian Accounting Standard in question, the nature of the requirement and the reason why management has concluded that complying with that requirement is so misleading in the circumstances that it conflicts with the objective of financial statements set out in the Framework for the Preparation and Presentation of Financial Statements; and

               (b) for each period presented, the adjustments to each item in the financial statements that management has 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