Document ID: chunk:federal_register_of_legislation:F2021L00471:body:0:p2
Version: federal_register_of_legislation:F2021L00471
Segment Type: other
Provision Reference: 
Character Range: 3059–6444

Reporting Standards:
   (a)          Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2); and
   (b)          Definition of Accounting Estimates (Amendments to IAS 8).

Main features of this Standard

Main requirements
This Standard amends:
   (a)          AASB 7, to clarify that information about measurement bases for financial instruments is expected to be material to an entity's financial statements;
   (b)          AASB 101, to require entities to disclose their material accounting policy information rather than their significant accounting policies;
   (c)          AASB 108, to clarify how entities should distinguish changes in accounting policies and changes in accounting estimates;
   (d)          AASB 134, to identify material accounting policy information as a component of a complete set of financial statements; and
   (e)          AASB Practice Statement 2, to provide guidance on how to apply the concept of materiality to accounting policy disclosures.

Application date
This Standard applies to annual periods beginning on or after 1 January 2023. The amendments to individual Standards may be applied early, separately from the amendments to the other Standards, where feasible.

Accounting Standard AASB 2021-2
The Australian Accounting Standards Board makes Accounting Standard AASB 2021-2 Amendments to Australian Accounting Standards – Disclosure of Accounting Policies and Definition of Accounting Estimates under section 334 of the Corporations Act 2001.
                     Keith Kendall
Dated 30 March 2021  Chair – AASB

Accounting Standard AASB 2021-2
Amendments to Australian Accounting Standards – Disclosure of Accounting Policies and Definition of Accounting Estimates

Objective
This Standard amends:
     (a)                    AASB 7 Financial Instruments: Disclosures (August 2015);
     (b)                   AASB 101 Presentation of Financial Statements (July 2015);
     (c)                    AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors (August 2015);
     (d)                   AASB 134 Interim Financial Reporting (August 2015); and
     (e)                    AASB Practice Statement 2 Making Materiality Judgements (December 2017);
as a consequence of the issuance by the International Accounting Standards Board in February 2021 of the following International Financial Reporting Standards:
     (f)                    Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2); and
     (g)                   Definition of Accounting Estimates (Amendments to IAS 8).

Application
The amendments set out in this Standard apply to entities and financial statements in accordance with the application of the other Standards set out in AASB 1057 Application of Australian Accounting Standards.
This Standard applies to annual periods beginning on or after 1 January 2023. The amendments to individual Standards may be applied early, separately from the amendments to the other Standards, where feasible.
This Standard uses underlining, striking out and other typographical material to identify some of the amendments to a Standard, in order to make the amendments more understandable.  However, the amendments made by this Standard do not include that underlining, striking out or other typographical material.  Ellipses (…) are used to help