Document ID: chunk:federal_register_of_legislation:F2024L00708:body:0:p130
Version: federal_register_of_legislation:F2024L00708
Segment Type: other
Provision Reference: 
Character Range: 362041–364953

in Financial Statements, an entity shall present its statement(s) of financial performance as either:

          (a) a single statement of profit or loss and other comprehensive income, with profit or loss and other comprehensive income presented in two sections; or

          (b) a statement of profit or loss and a separate statement presenting comprehensive income that begins with profit or loss.

     In accordance with paragraph 10A of AASB 101 Presentation of Financial Statements, an entity may present all items of income and expense recognised in a period in a single statement of profit or loss and other comprehensive income or present the profit or loss section in a separate statement of profit or loss.

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     27 In most situations, the content of the discussion and analysis would cover at least the following areas:

          (a)  in relation to the statement (or statements) of financial performancestatement of profit or loss and other comprehensive income:

          …

AASB 1049 Whole of Government and General Government Sector Financial Reporting (October 2007)
Paragraphs 15, 27, 29, 33, 34A, 42 and 47 are amended. New text is underlined and deleted text is struck through.

Compliance with Australian Accounting Standards and the ABS GFS Manual

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15 Certain Australian Accounting Standards do not prescribe specific treatments for all items and issues within their scope.  An example is AASB 101 AASB 18, which requires additional line items, headings and subtotals to be presented when such presentation is relevant to an understanding of the entity's financial position if such presentations are necessary for a primary financial statement to provide a useful structured summary.  The ABS GFS Manual specifies principles and rules for the presentation of a balance sheet prepared for GFS purposes.  Those ABS GFS Manual principles and rules are required to be applied in the presentation of the whole of government statement of financial position and the GGS statement of financial position to the extent that they do not conflict with AASB 18AASB 101.

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Whole of government and GGS statements of financial position
27 The whole of government statement of financial position and the GGS statement of financial position, and notes thereto, shall be presented in a manner consistent with the requirements in AASB 18 AASB 101.

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Whole of government and GGS statements of comprehensive income
29 The whole of government statement of comprehensive income and GGS statement of comprehensive income, and notes thereto, shall be presented in a manner consistent with the requirements for a single statement of comprehensive income in AASB 18AASB 101.

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33 Under AASB 18AASB 101, an entity may present a single statement of profit or loss and other comprehensive income, with profit or loss and other comprehensive income presented in two sections.  The