Document ID: chunk:federal_register_of_legislation:F2025C00209:front:0:p49
Version: federal_register_of_legislation:F2025C00209
Segment Type: other
Provision Reference: 
Character Range: 148407–152010

for prior periods.

[IFRS for SMEs Standard paragraph 34.7]

Disclosures – cost model
      1.                  An entity shall disclose the following with respect to its biological assets measured using the cost model:
           1.                    a description of each class of its biological assets;
           2.                    an explanation of why fair value cannot be measured reliably;
           3.                    the depreciation method used;
           4.                    the useful lives or the depreciation rates used; and
           5.                    the gross carrying amount and the accumulated depreciation (aggregated with accumulated impairment losses) at the beginning and end of the period.
          [Based on IFRS for SMEs Standard paragraph 34.10]

Transition to Australian Accounting Standards – Simplified Disclosures[34]
      1.                  The following disclosures are provided where an entity applies the requirements of AASB 1 First-time Adoption of Australian Accounting Standards. If an entity applies the requirements of AASB 108 on first-time adoption, it shall provide the disclosures required by the section of Accounting Policies, Estimates and Errors. AASB 1053 Application of Tiers of Australian Accounting Standards sets out the requirements for which Standard may be applied upon first-time adoption.
      2.                  If an entity is resuming the application of Tier 2 reporting requirements in accordance with AASB 1053 paragraph 19B(e), it shall provide the disclosures required by paragraphs 209(a) and (b), but need not provide the other disclosures set out in this section.

Explanation of transition to Australian Accounting Standards – Simplified Disclosures
      1.                  An entity shall explain how the transition from its previous financial reporting framework to Australian Accounting Standards – Simplified Disclosures affected its reported financial position, financial performance and cash flows. [IFRS for SMEs Standard paragraph 35.12]
      2.                  An entity that has applied Australian Accounting Standards or IFRSs in a previous period, as described in paragraph 4A of AASB 1, shall disclose:
           1.                    the reason it stopped applying Australian Accounting Standards or IFRSs;
           2.                    the reason it is resuming the application of Australian Accounting Standards or IFRSs; and
           3.                    whether it has applied AASB 1 or has applied Australian Accounting Standards – Simplified Disclosures retrospectively in accordance with AASB 108.
     [Based on IFRS for SMEs Standard paragraph 35.12A]

Reconciliations
      1.                  An entity's first financial statements prepared using Australian Accounting Standards – Simplified Disclosures shall include:
           1.                    a description of the nature of each change in accounting policy;
           2.                    reconciliations of its equity determined in accordance with its previous financial reporting framework to its equity determined in accordance with Australian Accounting Standards – Simplified Disclosures for both of the following dates:
                1.                      the date of transition to Australian Accounting Standards – Simplified Disclosures; and
                2.                    the end of the latest period presented in the entity's most recent annual financial statements determined in accordance with its previous financial reporting framework; and
           1.                    a reconciliation