Document ID: chunk:federal_register_of_legislation:F2024L00708:body:0:p132
Version: federal_register_of_legislation:F2024L00708
Segment Type: other
Provision Reference: 
Character Range: 367390–370659

by government departments

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Identifying major activities of government departments
20 Judgement is required to identify those activities of a government department that warrant separate disclosure in the complete set of financial statements. Exercising this judgement involves a consideration of the following:

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          (d)  the concept of materiality. AASB 18 Presentation and Disclosure in Financial Statements AASB 101 Presentation of Financial Statements defines information as 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.

AASB 1053 Application of Tiers of Australian Accounting Standards (June 2010)
Paragraph 18A is amended. New text is underlined and deleted text is struck through.

Application of AASB 1

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First-time Adoption of Australian Accounting Standards

     18A  When applying Tier 2 reporting requirements for the first time, an entity that prepared its most recent previous financial statements in the form of special purpose financial statements:

          (a)  without applying, or only selectively applying, applicable recognition and measurement requirements of Australian Accounting Standards, including, if a parent entity, without presenting consolidated financial statements prepared in accordance with AASB 10 Consolidated Financial Statements (unless exempt), shall apply either:

               (i)  all the relevant requirements of AASB 1; or

               (ii)  Tier 2 reporting requirements directly using the requirements in AASB 108 Basis of Preparation of Financial StatementsAccounting Policies, Changes in Accounting Estimates and Errors;

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In paragraph 9, footnote 1 is amended. New text is underlined and deleted text is struck through.

  1 Under AASB 18 Presentation and Disclosure in Financial StatementsAASB 101 Presentation of Financial Statements, a complete set of financial statements includes a statement of financial position as at the beginning of the earliest comparative period when an entity applies an accounting policy retrospectively or makes a retrospective restatement of items in its financial statements, or when it reclassifies items in its financial statements

A footnote is added to 'AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors' in paragraph E3. 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 1054 Australian Additional Disclosures (May 2011)
Paragraphs 9B and 17 are amended. Paragraphs IG1, IG5, IG14 and IG21 in the Implementation guidance accompanying AASB 1054 are amended. New text is underlined and deleted text is struck through.

General Purpose or Special Purpose Financial Statements

Information about special purpose financial statements

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     9B  Implementation guidance and illustrative examples for not-for-profit private sector entities accompanies this Standard. It illustrates the application of the