Document ID: chunk:federal_register_of_legislation:F2024L00708:body:0:p129
Version: federal_register_of_legislation:F2024L00708
Segment Type: other
Provision Reference: 
Character Range: 359488–362322

in June 2024 amended paragraph 31. An entity shall apply those amendments when it applies AASB 18.

AASB 141 Agriculture (August 2015)
Paragraphs 50 and 53 are amended and paragraph 66 is added. New text is underlined and deleted text is struck through.

Disclosure

General
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50 An entity shall disclose present a reconciliation of changes in the carrying amount of biological assets between the beginning and the end of the current period. The reconciliation shall include:
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53 Agricultural activity is often exposed to climatic, disease and other natural risks. If an event occurs that gives rise to a material item of income or expense, the nature and amount of that item are disclosed in accordance with AASB 18 Presentation and Disclosure in Financial StatementsAASB 101 Presentation of Financial Statements. Examples of such an event include an outbreak of a virulent disease, a flood, a severe drought or frost, and a plague of insects.
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Effective date and transition
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66 AASB 18 issued in June 2024 amended paragraphs 50, 53 and 59. An entity shall apply those amendments when it applies AASB 18.

A footnote is added to 'AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors.' in paragraph 59. New text is underlined.

  1 When it issued AASB 18 Presentation and Disclosure in Financial Statements in June 2024, the AASB changed the title of AASB 108 to Basis of Preparation of Financial Statements.

AASB 1023 General Insurance Contracts (July 2004)
A footnote is added to 'AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors.' in paragraph 18.2. New text is underlined. This amendment applies only if an entity applies AASB 18 early – to a period for which AASB 1023 is applicable to the entity. AASB 1023 is fully superseded by AASB 17 for periods beginning on or after 1 July 2026.

  1 When it issued AASB 18 Presentation and Disclosure in Financial Statements in June 2024, the AASB changed the title of AASB 108 to Basis of Preparation of Financial Statements.

AASB 1039 Concise Financial Reports (August 2008)
Paragraphs 18, 19 and 27 are amended. New text is underlined and deleted text is struck through.

Financial Statements

     18  A concise financial report shall include the following financial statements:

          (a) a statement (or statements) of financial performance a statement of profit or loss and other comprehensive income for the annual reporting period;

     …

     19 In accordance with paragraph 12 of AASB 18 Presentation and Disclosure 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)