Document ID: chunk:federal_register_of_legislation:F2025C00209:front:0:p7
Version: federal_register_of_legislation:F2025C00209
Segment Type: other
Provision Reference: 
Character Range: 18232–21635

is impracticable. When comparative amounts are reclassified, an entity shall disclose the following:
           1.                     the nature of the reclassification;
           2.                    the amount of each item or class of items that is reclassified; and
           3.                     the reason for the reclassification.
          [IFRS for SMEs Standard paragraph 3.12]

      1.                     If it is impracticable to reclassify comparative amounts, an entity shall disclose why reclassification was not practicable. [IFRS for SMEs Standard paragraph 3.13]

Comparative information
      1.                     Except when this Standard permits or requires otherwise, an entity shall disclose comparative information in respect of the previous comparable period for all amounts presented in the current period's financial statements. An entity shall include comparative information for narrative and descriptive information when it is relevant to an understanding of the current period's financial statements. [IFRS for SMEs Standard paragraph 3.14]

Materiality and aggregation
      1.                     An entity shall present separately each material class of similar items. An entity shall present separately items of a dissimilar nature or function unless they are immaterial. [IFRS for SMEs Standard paragraph 3.15]
      2.                     Information is material if omitting, misstating or obscuring it could reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements, which provide financial information about a specific reporting entity. [Based on IFRS for SMEs Standard paragraph 3.16]
      3.                     This Standard specifies information that is required to be included in the financial statements, which include the notes. An entity need not provide a specific disclosure if the information resulting from that disclosure is not material. This is the case even if this Standard contains a list of specific requirements or describes them as minimum requirements.

Offsetting
      1.                     An entity shall not offset assets and liabilities or income and expenses, unless required or permitted by an Australian Accounting Standard.

Complete set of financial statements
      1.                     A complete set of financial statements of an entity shall include all of the following:
           1.                     a statement of financial position as at the reporting date;
           2.                    either:
                1.                      a single statement of profit or loss and other comprehensive income for the reporting period displaying all items of income and expense recognised during the period including those items recognised in determining profit or loss (which is a subtotal in the statement of comprehensive income) and items of other comprehensive income; or
                2.                    a separate statement of profit or loss and a separate statement of comprehensive income. If an entity chooses to present both a statement of profit or loss and a statement of comprehensive income, the statement of comprehensive income begins with profit or loss and then displays the items of other comprehensive income;
           1.                     a statement of changes in equity for the