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Compiled AASB Standard  AASB 101

Presentation of Financial Statements

This compiled Standard applies to annual periods beginning on or after 1 January 2024.  Earlier application is permitted for annual periods beginning after 24 July 2014 but before 1 January 2024.  It incorporates relevant amendments made up to and including 15 December 2022.

Prepared on 6 April 2023 by the staff of the Australian Accounting Standards Board.

Compilation no. 6

Compilation date:  31 December 2022

Obtaining copies of Accounting Standards
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Victoria   8007
AUSTRALIA
Phone: (03) 9617 7600
E-mail: standard@aasb.gov.au
Website: www.aasb.gov.au

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COPYRIGHT
© Commonwealth of Australia 2023
This compiled AASB Standard contains IFRS Foundation copyright material.  Reproduction within Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use subject to the inclusion of an acknowledgment of the source.  Requests and enquiries concerning reproduction and rights for commercial purposes within Australia should be addressed to The Managing Director, Australian Accounting Standards Board, PO Box 204, Collins Street West, Victoria 8007.
All existing rights in this material are reserved outside Australia.  Reproduction outside Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use only.  Further information and requests for authorisation to reproduce IFRS Foundation copyright material for commercial purposes outside Australia should be addressed to the IFRS Foundation at www.ifrs.org.

Contents

COMPARISON WITH IAS 1
ACCOUNTING STANDARD
AASB 101 PRESENTATION OF FINANCIAL STATEMENTS

from paragraph
Objective 1
Scope 3
Definitions 7
Financial statements
Purpose of financial statements 9
Complete set of financial statements 10
General features
Fair presentation and compliance with Standards 15
Going concern 25
Accrual basis of accounting 27
Materiality and aggregation 29
Offsetting 32
Frequency of reporting 36
Comparative information
Minimum comparative information 38
Additional comparative information 38C
Change in accounting policy, retrospective restatement or reclassification 40A
Consistency of presentation 45
Structure and content
Introduction 47
Identification of the financial statements 49
Statement of financial position
Information to be presented in the statement of financial position 54
Current/non-current distinction 60
Current assets 66
Current liabilities 69
Normal operating cycle (paragraph 69(a)) 70
Held primarily for the purpose of trading (paragraph 69(b)) or due to be settled within
twelve months (paragraph 69(c)) 71
Right to defer settlement for at least twelve months (paragraph 69(d)) 72A
Settlement (paragraphs 69(a), 69(c) and 69(d)) 76A
Information to be presented either in the statement of financial position or in the notes 77
Statement of profit or loss and other comprehensive income 81A
Information to be presented in the profit or