Document ID: chunk:federal_register_of_legislation:F2024L00708:body:0:p134
Version: federal_register_of_legislation:F2024L00708
Segment Type: other
Provision Reference: 
Character Range: 373285–376333

disclosure requirements in paragraph 9A of this Standard within the context of the requirements in AASB 101 AASB 18 and AASB 108 referred to in paragraph IG5 above to the special purpose financial statements they prepare, on the basis of the limited facts presented. Although some aspects of the examples might be present in actual fact patterns, all relevant facts and circumstances of a particular fact pattern need to be evaluated when applying disclosure requirements of this Standard.

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Implementation guidance and illustrative examples for certain for-profit private sector entities

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Disclosure of accounting policies

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     IG21  The disclosure of this information may be required by another Australian Accounting Standard, such as AASB 101 Presentation of Financial Statements AASB 18 Presentation and Disclosure in Financial Statements or AASB 108 Basis of Preparation of Financial StatementsAccounting Policies, Changes in Accounting Estimates and Errors. Where this is the case, the entity also complies with the requirements of the other Standard.

AASB 1055 Budgetary Reporting (March 2013)
Paragraphs 6 and 10 are amended. New text is underlined and deleted text is struck through.

Budgetary Information

     6 Where an entity's budgeted:

          (a)  statement of financial position;

          (b)  statement (or statements) of financial performancestatement of profit or loss and other comprehensive income;

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     10 Under AASB 18 Presentation and Disclosure in Financial Statements AASB 101 Presentation of Financial Statements an entity may shall present a its statement(s) of financial performance profit or loss and other comprehensive income 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) the profit or loss section in a separate statement of profit or loss, and a separate statement presenting comprehensive income that begins with profit or loss.

     AASB 1049 Whole of Government and General Government Sector Financial Reporting limits the presentation of the statement of financial performance profit or loss and other comprehensive income of a GGS and a whole of government to the format described in (a) above. Accordingly, if a GGS or whole of government budget presented to parliament is in the format described in (b), in accordance with paragraph 6(e) of this Standard, that budgeted information would need to be restated for disclosure purposes to align with the format described in (a).

AASB 1056 Superannuation Entities (December 2023)
Paragraphs AG3, AG5, AG7, AG8, AG11, AG17, AG21, AG22 and AG38 are amended. New text is underlined and deleted text is struck through.

Appendix B
Application guidance

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Compliance with principles and requirements in other Australian Accounting Standards (paragraphs 6 and 7)

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     AG3  When the recognition, measurement and disclosure principles and requirements in this Standard address the same items