Document ID: chunk:federal_register_of_legislation:F2021L01883:body:0:p8
Version: federal_register_of_legislation:F2021L01883
Segment Type: other
Provision Reference: 
Character Range: 21458–24732

"[Deleted by the AASB]" added. (The application of the Standard to entities and financial statements is set out in AASB 1057 Application of Australian Accounting Standards.)
     40                    In paragraph 19.1, the definition of 'separate financial statements' is amended as follows:

          separate financial statements are those presented by a parent, an investor in an associate or a venturer in a jointly controlled entity joint venture, in which the investments are accounted for on the basis of the direct equity interest rather than on the basis of the reported results and net assets of the investees.

     Amendments to AASB 1038 Life Insurance Contracts
     41                    Paragraph 1.1 is deleted and the note "[Deleted by the AASB]" added. (The application of the Standard to entities and financial statements is set out in AASB 1057 Application of Australian Accounting Standards.)
     42                    In paragraph 10.2.1(b), the text "other comprehensive income, or" is amended to read "other comprehensive income; or".
     43                    In paragraph 20.1, the definition of 'separate financial statements' is amended as follows:

          separate financial statements are those presented by a parent, an investor in an associate or a venturer in a jointly controlled entity joint venture, in which the investments are accounted for on the basis of the direct equity interest rather than on the basis of the reported results and net assets of the investees.

     Amendments to AASB 1039 Concise Financial Reports
     44                    In paragraph 32, the text "first adopts Australian equivalents to IFRSs" is amended to read "first adopts Australian Accounting Standards".

     Amendments to AASB 1052 Disaggregated Disclosures
     45                    Paragraph 20 is amended as follows:

          20 Judgement is required to identify those activities of a government department that warrant separate disclosure in the complete set of financial statements.  Exercising this judgement involves a consideration of the following:

               (a) …

               (d) the concept of materiality.  AASB 101 Presentation of Financial Statements and AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors define an item as material if its omission or misstatement could influence the economic decisions of users of the financial statements defines information as material if omitting, misstating or obscuring it could reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements, which provide financial information about a specific reporting entity.

     Amendments to AASB 1057 Application of Australian Accounting Standards
     46                    Paragraph 21 regarding the application of AAS 25 Financial Reporting by Superannuation Plans is deleted and a note "[Deleted]" added.

     Amendments to AASB 1058 Income of Not-for-Profit Entities
     47                    Appendix D Amendments to other Standards is deleted.
     48                    In Examples 6–8 of the Illustrative Examples accompanying AASB 1058, the sentence "Each example is considered in isolation." is deleted