Document ID: chunk:federal_register_of_legislation:F2023C00436:body:0:p10
Version: federal_register_of_legislation:F2023C00436
Segment Type: other
Provision Reference: 
Character Range: 25411–28465

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(c) entities applying Australian Accounting Standards – Simplified Disclosures.
20 When an entity departs from a requirement of an Australian Accounting Standard in accordance with paragraph 19, it shall disclose:
(a) that management has concluded that the financial statements present fairly the entity's financial position, financial performance and cash flows;
(b) that it has complied with applicable Australian Accounting Standards, except that it has departed from a particular requirement to achieve a fair presentation;
(c) the title of the Australian Accounting Standard from which the entity has departed, the nature of the departure, including the treatment that the Australian Accounting Standard would require, the reason why that treatment would be so misleading in the circumstances that it would conflict with the objective of financial statements set out in the Conceptual Framework, and the treatment adopted; and
(d) for each period presented, the financial effect of the departure on each item in the financial statements that would have been reported in complying with the requirement.
          AusCF20 Notwithstanding paragraph 20, in respect of AusCF entities, when an entity departs from a requirement of an Australian Accounting Standard in accordance with paragraph AusCF19, it shall disclose:
               (a) that management has concluded that the financial statements present fairly the entity's financial position, financial performance and cash flows;
               (b) that it has complied with applicable Australian Accounting Standards, except that it has departed from a particular requirement to achieve a fair presentation;
               (c) the title of the Australian Accounting Standard from which the entity has departed, the nature of the departure, including the treatment that the Australian Accounting Standard would require, the reason why that treatment would be so misleading in the circumstances that it would conflict with the objective of financial statements set out in the Framework, and the treatment adopted; and
               (d) for each period presented, the financial effect of the departure on each item in the financial statements that would have been reported in complying with the requirement.
21 When an entity has departed from a requirement of an Australian Accounting Standard in a prior period, and that departure affects the amounts recognised in the financial statements for the current period, it shall make the disclosures set out in paragraph 20(c) and (d).
22 Paragraph 21 applies, for example, when an entity departed in a prior period from a requirement in an Australian Accounting Standard for the measurement of assets or liabilities and that departure affects the measurement of changes in assets and liabilities recognised in the current period's financial statements.
23 In the extremely rare circumstances in which management concludes that compliance with a requirement in an Australian Accounting Standard would be so misleading that it would conflict with the