Document ID: chunk:federal_register_of_legislation:F2024L00708:body:0:p21
Version: federal_register_of_legislation:F2024L00708
Segment Type: other
Provision Reference: 
Character Range: 55200–58063

profit or loss to avoid including them in total comprehensive income twice.
92 An entity disclosing reclassification adjustments in the notes shall present in the statement presenting comprehensive income the items of other comprehensive income after any related reclassification adjustments.
93 An entity shall either present in the statement presenting comprehensive income or disclose in the notes the amount of income taxes relating to each item of other comprehensive income, including reclassification adjustments (see paragraphs 61A and 63 of AASB 112).
94 An entity may present items of other comprehensive income either:
(a) net of related tax effects; or
(b) before related tax effects, with one amount shown for the aggregate amount of income taxes relating to those items.
95 If an entity selects the alternative in paragraph 94(b), it shall allocate the tax between the categories set out in paragraph 88.

Statement of financial position

Classification of assets and liabilities as current or non-current
96 An entity shall present current and non-current assets, and current and non-current liabilities, as separate classifications in its statement of financial position in accordance with paragraphs 99–102 except when a presentation based on liquidity provides a more useful structured summary. When that exception applies, an entity shall present all assets and liabilities in order of liquidity (see paragraphs B90–B93).
97 Whichever method of presentation is adopted, an entity shall disclose the amount expected to be recovered or settled after more than 12 months for each asset and liability line item that combines amounts expected to be recovered or settled:
(a) no more than 12 months after the reporting period; and
(b) more than 12 months after the reporting period.
98 When an entity presents current and non-current assets, and current and non-current liabilities, as separate classifications in its statement of financial position, it shall not classify deferred tax assets (liabilities) as current assets (liabilities).

Current assets
99 An entity shall classify an asset as current when (see paragraphs B94–B95):
(a) it expects to realise the asset, or intends to sell or consume it, in its normal operating cycle;
(b) it holds the asset primarily for the purpose of trading;
(c) it expects to realise the asset within 12 months after the reporting period; or
(d) the asset is cash or a cash equivalent (as defined in AASB 107), unless the asset is restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period.
100 An entity shall classify all assets other than those specified in paragraph 99 as non-current.

Current liabilities
101 An entity shall classify a liability as current when:
(a) it expects to settle the liability in its normal operating cycle (see paragraphs B96