Document ID: chunk:federal_register_of_legislation:F2024L00708:body:0:p151
Version: federal_register_of_legislation:F2024L00708
Segment Type: other
Provision Reference: 
Character Range: 421021–424126

and cash flows, that are useful to users of financial statements for:
          (a) obtaining an understandable overview of the entity's recognised assets, liabilities, equity, income, expenses and cash flows;
          (b) making comparisons between entities, and between reporting periods for the same entity; and
          (c) identifying items or areas about which users of financial statements may wish to seek additional information in the notes.
Paragraph 17
Referred to in paragraph 58 of the Practice Statement
     The role of the notes is to provide material information necessary:
          (a) to enable users of financial statements to understand the line items presented in the primary financial statements (see paragraph B6); and
          (b) to supplement the primary financial statements with additional information to achieve the objective of financial statements (see paragraph B7).
Paragraph 18
Referred to in paragraph 58 of the Practice Statement
     An entity shall use the roles of the primary financial statements and the notes, described in paragraphs 16–17, to determine whether to include information in the primary financial statements or in the notes. The different roles of the primary financial statements and the notes mean that the extent of the information required in the notes differs from that in the primary financial statements. The differences mean that:
          (a) to provide the structured summaries described in paragraph 16, information provided in the primary financial statements is more aggregated than information provided in the notes; and
          (b) to provide the information described in paragraph 17, more detailed information about the entity's assets, liabilities, equity, income, expenses and cash flows, including the disaggregation of information presented in the primary financial statements, is provided in the notes.
Paragraph 19
Referred to in paragraph 10 of the Practice Statement
     Some Australian Accounting Standards specify information that is required to be presented in the primary financial statements or disclosed in the notes. An entity need not provide a specific presentation or disclosure required by Australian Accounting Standards if the information resulting from that presentation or disclosure is not material. This is the case even if Australian Accounting Standards contain a list of specific requirements or describe them as minimum requirements.
Paragraph 20
Referred to in paragraph 10 of the Practice Statement
     An entity shall consider whether to provide additional disclosures when compliance with the specific requirements in Australian Accounting Standards is insufficient to enable users of financial statements to understand the effect of transactions and other events and conditions on the entity's financial position and financial performance.
Paragraph 41
Referred to in paragraphs 28, 57 and 69 of the Practice Statement
     For the purposes of this Standard, an item is an asset, liability, equity instrument or reserve, income, expense or cash flow or any aggregation or disaggregation of