Document ID: chunk:federal_register_of_legislation:F2024L00708:body:0:p108
Version: federal_register_of_legislation:F2024L00708
Segment Type: other
Provision Reference: 
Character Range: 299412–302672

in the Conceptual Framework.
          AusCF6N Notwithstanding paragraph 6N, in respect of AusCF entities, when the accrual basis of accounting is used, an entity recognises items as assets, liabilities, equity, income and expenses (the elements of financial statements) when they satisfy the definitions and recognition criteria for those elements in the Framework.AusCF2
    AusCF2 The Framework for the Preparation and Presentation of Financial Statements was amended by the AASB in December 2013.

Accounting policies

Selection and application of accounting policies
7 When an Australian Accounting Standard1 specifically applies to a transaction, other event or condition, the accounting policy or policies applied to that item shall be determined by applying the Standard.
  1  [Aus] The term 'Australian Accounting Standards' refers to Standards (including Interpretations) made by the AASB that apply to any reporting period beginning on or after 1 January 2005. In this context, the term encompasses Australian Accounting Standards – Simplified Disclosures, which some entities are permitted to apply in accordance with AASB 1053 Application of Tiers of Australian Accounting Standards in preparing general purpose financial statements.
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11 In making the judgement described in paragraph 10, management shall refer to, and consider the applicability of, the following sources in descending order:
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(b) the definitions, recognition criteria and measurement concepts for assets, liabilities, income and expenses in the Conceptual Framework for Financial Reporting (Conceptual Framework) (as identified in AASB 1048 Interpretation of Standards).2
          AusCF11 Notwithstanding paragraph 11, in respect of AusCF entities, in making the judgement described in paragraph 10, management shall refer to, and consider the applicability of, the following sources in descending order:
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               (b) the definitions, recognition criteria and measurement concepts for assets, liabilities, income and expenses in the FrameworkAusCF2.
    AusCF2 In December 2013 the AASB amended the Framework for the Preparation and Presentation of Financial Statements (as identified in AASB 1048 Interpretation of Standards)
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Disclosure

Disclosure of selection and application of accounting policies
27A An entity shall disclose material accounting policy information (see paragraph 5). Accounting policy information is material if, when considered together with other information included in an entity's financial statements, it can reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements.
27B Accounting policy information that relates to immaterial transactions, other events or conditions is immaterial and need not be disclosed. Accounting policy information may nevertheless be material because of the nature of the related transactions, other events or conditions, even if the amounts are immaterial. However, not all accounting policy information relating to material transactions, other events or conditions is itself material.
27C Accounting policy information is expected to be material if users of an entity's financial statements