Document ID: chunk:federal_register_of_legislation:F2024L00708:body:0:p168
Version: federal_register_of_legislation:F2024L00708
Segment Type: other
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Character Range: 470072–473187

and this change resulted in a material change to the information in the financial statements;
(b) the entity chose the accounting policy from one or more options permitted by Australian Accounting Standards – such a situation could arise if the entity chose to measure investment property at historical cost rather than fair value;
(c) the accounting policy was developed in accordance with this Standard in the absence of an Australian Accounting Standard that specifically applies;
(d) the accounting policy relates to an area for which an entity is required to make significant judgements or assumptions in applying an accounting policy, and the entity discloses those judgements or assumptions in accordance with paragraphs 27G and 31A; or
          (e) the accounting required for them is complex and users of the entity's financial statements would otherwise not understand those material transactions, other events or conditions – such a situation could arise if an entity applies more than one Standard to a class of material transactions.
Paragraph 27D
Referred to in paragraphs 88C and 88E of the Practice Statement
     Accounting policy information that focuses on how an entity has applied the requirements in the Australian Accounting Standards to its own circumstances provides entity-specific information that is more useful to users of financial statements than standardised information, or information that only duplicates or summarises the requirements of the Standards.
Paragraph 27E
Referred to in paragraphs 88C and 88G of the Practice Statement
     If an entity discloses immaterial accounting policy information, such information shall not obscure material accounting policy information.
Paragraph 27F
Referred to in paragraph 88C of the Practice Statement
     An entity's conclusion that accounting policy information is immaterial does not affect the related disclosure requirements set out in other Australian Accounting Standards.
Paragraph 41
Referred to in paragraph 73 of the Practice Statement
     Errors can arise in respect of the recognition, measurement, presentation or disclosure of elements of financial statements. Financial statements do not comply with Australian Accounting Standards if they contain either material errors or immaterial errors made intentionally to achieve a particular presentation of an entity's financial position, financial performance or cash flows. Potential current period errors discovered in that period are corrected before the financial statements are authorised for issue. However, material errors are sometimes not discovered until a subsequent period, and these prior period errors are corrected in the comparative information presented in the financial statements for that subsequent period (see paragraphs 42–47).

Extracts from AASB 134 Interim Financial Reporting
…
Paragraph 20
Referred to in paragraph 85 of the Practice Statement
     Interim reports shall include interim financial statements (condensed or complete) for periods as follows:
          (a) statement of financial position as of the end of the current interim period