Document ID: chunk:federal_register_of_legislation:F2024L00708:body:0:p148
Version: federal_register_of_legislation:F2024L00708
Segment Type: other
Provision Reference: 
Character Range: 412275–415434

information (Appendix A and paragraph B1 of AASB 18 Presentation and Disclosure in Financial Statements provide paragraph 7 of AASB 101 Presentation of Financial Statements provides a similar definition1):
      ...
  1 See Appendix A and paragraph B2 of Appendix B of AASB 18 Presentation and Disclosure in Financial Statementsparagraph 7 of AASB 101 Presentation of Financial Statements.

AusCF5 Notwithstanding paragraph 5, in respect of AusCF entities, the Framework for the Preparation and Presentation of Financial Statements as identified in AASB 1048 Interpretation of Standards (the Framework) provides the following definition of material information (Appendix A and paragraph B1 of AASB 18 Presentation and Disclosure in Financial Statements provide paragraph 7 of AASB 101 Presentation of Financial Statements provides a similar definition1):
      ...
  1 See Appendix A and paragraph B2 of Appendix B of AASB 18 Presentation and Disclosure in Financial Statementsparagraph 7 of AASB 101 Presentation of Financial Statements.
      ...

Specific topics
 ...

Errors
 ...
73 An entity must correct all material errors, as well as any immaterial errors made intentionally to achieve a particular presentation of its financial position, financial performance or cash flows, to ensure compliance with Australian Accounting Standards.40 The entity should refer to AASB 108 Basis of Preparation of Financial Statements Accounting Policies, Changes in Accounting Estimates and Errors for guidance on how to correct an error.
 ...

Information about covenants
 ...

Example P—assessing whether information about covenants is material

...

Application

...
Paragraph B106 of AASB 18 76ZA of AASB 101 requires an entity to disclose, in specified circumstances, information in the notes that enables users of financial statements to understand the risk that non-current liabilities with covenants could become repayable within twelve months after the reporting period.

...

 ...

Information about accounting policies
88A Paragraph 27A of AASB 108 117 of AASB 101 requires an entity to disclose material accounting policy information.
 ...

 Diagram 2—determining whether accounting policy information is material

88D Paragraph 27C of AASB 108 117B of AASB 101 includes examples of circumstances in which an entity is likely to consider accounting policy information to be material to its financial statements. The list is not exhaustive, but provides guidance on when an entity would normally consider accounting policy information to be material.
88E Paragraph 27D of AASB 108 117C of AASB 101 describes the type of material accounting policy information that users of financial statements find most useful. Users generally find information about the characteristics of an entity's transactions, other events or conditions—entity-specific information—more useful than disclosures that only include standardised information, or information that duplicates or summarises the requirements of the Australian Accounting Standards. Entity-specific accounting policy information is particularly useful when that information relates to an area for which an