Document ID: chunk:federal_register_of_legislation:F2024L00708:body:0:p104
Version: federal_register_of_legislation:F2024L00708
Segment Type: other
Provision Reference: 
Character Range: 288236–291395

an Australian Accounting Standard that specifically applies to an item.
(b) to present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information.
(c) to provide additional disclosures when compliance with the specific requirements in Australian Accounting Standards is insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity's financial position and financial performance.
6D An entity cannot rectify inappropriate accounting policies either by disclosure of the accounting policies used or by notes or explanatory material.
6E In the extremely rare circumstances in which management concludes that compliance with a requirement in an Australian Accounting Standard would be so misleading that it would conflict with the objective of financial statements set out in the Conceptual Framework, the entity shall depart from that requirement in the manner set out in paragraph 6F if the relevant regulatory framework requires, or otherwise does not prohibit, such a departure.
          AusCF6E Notwithstanding paragraph 6E, in respect of AusCF entities, in the extremely rare circumstances in which management concludes that compliance with a requirement in an Australian Accounting Standard would be so misleading that it would conflict with the objective of financial statements set out in the Framework, the entity shall depart from that requirement in the manner set out in paragraph AusCF6F if the relevant regulatory framework requires, or otherwise does not prohibit, such a departure.
          Aus6E.1  In relation to paragraph 6E, the following shall not depart from a requirement in an Australian Accounting Standard:
               (a)  entities required to prepare financial reports under Part 2M.3 of the Corporations Act;
               (b)  private and public sector not-for-profit entities; and
               (c)  entities applying Australian Accounting Standards – Simplified Disclosures.
6F When an entity departs from a requirement of an Australian Accounting Standard in accordance with paragraph 6E, it shall disclose:
(a) that management has concluded that the financial statements present fairly the entity's financial position, financial performance and cash flows;
(b) that it has complied with applicable Australian Accounting Standards, except that it has departed from a particular requirement to achieve a fair presentation;
(c) the title of the Australian Accounting Standard from which the entity has departed, the nature of the departure, including the treatment that the Australian Accounting Standard would require, the reason why that treatment would be so misleading in the circumstances that it would conflict with the objective of financial statements set out in the Conceptual Framework, and the treatment adopted; and
(d) for each period presented, the financial effect of the departure on each item in the financial statements that would have been reported in complying with the requirement.
          AusCF6F Notwithstanding paragraph 6F, in respect of AusCF entities, when an