Document ID: chunk:federal_register_of_legislation:F2024L00708:body:0:p112
Version: federal_register_of_legislation:F2024L00708
Segment Type: other
Provision Reference: 
Character Range: 310577–313523

year that are different from the assumption could require a material adjustment to the carrying amount of the asset or liability affected. In all cases, the entity discloses the nature and carrying amount of the specific asset or liability (or class of assets or liabilities) affected by the assumption.
31H The disclosures in paragraph 27G of particular judgements that management made in the process of applying the entity's accounting policies do not relate to the disclosures of sources of estimation uncertainty in paragraph 31A.
31I Other Australian Accounting Standards require the disclosure of some of the assumptions that would otherwise be required in accordance with paragraph 31A. For example, AASB 137 Provisions, Contingent Liabilities and Contingent Assets requires disclosure, in specified circumstances, of major assumptions concerning future events affecting classes of provisions. AASB 13 Fair Value Measurement requires disclosure of significant assumptions (including the valuation technique(s) and inputs) the entity uses when measuring the fair values of assets and liabilities that are carried at fair value.

Accounting estimates
32 An accounting policy may require items in financial statements to be measured in a way that involves measurement uncertainty – that is, the accounting policy may require such items to be measured at monetary amounts that cannot be observed directly and must instead be estimated. In such a case, an entity develops an accounting estimate to achieve the objective set out by the accounting policy. Developing accounting estimates involves the use of judgements or assumptions based on the latest available, reliable information. Examples of accounting estimates include:
...
(c) the fair value of an asset or liability, applying AASB 13 Fair Value Measurement;
...
(e) a provision for warranty obligations, applying AASB 137 Provisions, Contingent Liabilities and Contingent Assets.
 ...

Effective date and transition
 ...
54J AASB 18 issued in June 2024 amended paragraphs 1, 3, 5, 7, 11, AusCF11, 32 and 54H, added paragraphs 3A, 6A–AusCF6N, 27A–27I and 31A–31I and related headings and subheadings, added a subheading above paragraph 28 and deleted paragraph 2. An entity shall apply those amendments when it applies AASB 18.

A footnote is added to the end of paragraph 54H. New text is underlined.

  4 In June 2024 the AASB issued AASB 18 Presentation and Disclosure in Financial Statements and carried over the definition of 'material' in AASB 101 Presentation of Financial Statements to AASB 18.

AASB 110 Events after the Reporting Period (August 2015)
Paragraphs 13 and 16 are amended and paragraph 23D is added. New text is underlined and deleted text is struck through.

Recognition and measurement
 ...

Dividends
 ...
13 If dividends are declared after the reporting period but before the financial statements are authorised for issue, the dividends are not recognised