Document ID: chunk:federal_register_of_legislation:F2021L00471:body:0:p16
Version: federal_register_of_legislation:F2021L00471
Segment Type: other
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Character Range: 42318–44250

or more options permitted by Australian Accounting Standards—such a situation could arise if the entity chose to measure investment property at historical cost rather than fair value;
(c) the accounting policy was developed in accordance with AASB 108 in the absence of an Australian Accounting Standard that specifically applies;
(d) the accounting policy relates to an area for which an entity is required to make significant judgements or assumptions in applying an accounting policy, and the entity discloses those judgements or assumptions in accordance with paragraphs 122 and 125; or
(e) the accounting required for them is complex and users of the entity's financial statements would otherwise not understand those material transactions, other events or conditions—such a situation could arise if an entity applies more than one Australian Accounting Standard to a class of material transactions.
Paragraph 117C
Referred to in paragraphs 88C and 88E of the Practice Statement
Accounting policy information that focuses on how an entity has applied the requirements of the Australian Accounting Standards to its own circumstances provides entity-specific information that is more useful to users of financial statements than standardised information, or information that only duplicates or summarises the requirements of the Standards.
Paragraph 117D
Referred to in paragraphs 88C and 88G of the Practice Statement
If an entity discloses immaterial accounting policy information, such information shall not obscure material accounting policy information.
Paragraph 117E
Referred to in paragraph 88C of the Practice Statement
An entity's conclusion that accounting policy information is immaterial does not affect the related disclosure requirements set out in other Australian Accounting Standards.
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Commencement of the legislative instrument
For legal purposes, this legislative instrument commences on 31 December 2022.