Document ID: chunk:federal_register_of_legislation:F2024L00708:body:0:p7
Version: federal_register_of_legislation:F2024L00708
Segment Type: other
Provision Reference: 
Character Range: 17800–20854

complete set of financial statements.

The roles of the primary financial statements and the notes
15 To achieve the objective of financial statements (see paragraph 9), an entity presents information in the primary financial statements and discloses information in the notes. An entity need only present or disclose material information (see paragraphs 19 and B1–B5).
16 The role of the primary financial statements is to provide structured summaries of a reporting entity's recognised assets, liabilities, equity, income, expenses and cash flows, that are useful to users of financial statements for:
(a) obtaining an understandable overview of the entity's recognised assets, liabilities, equity, income, expenses and cash flows;
(b) making comparisons between entities, and between reporting periods for the same entity; and
(c) identifying items or areas about which users of financial statements may wish to seek additional information in the notes.
17 The role of the notes is to provide material information necessary:
(a) to enable users of financial statements to understand the line items presented in the primary financial statements (see paragraph B6); and
(b) to supplement the primary financial statements with additional information to achieve the objective of financial statements (see paragraph B7).
18 An entity shall use the roles of the primary financial statements and the notes, described in paragraphs 16–17, to determine whether to include information in the primary financial statements or in the notes. The different roles of the primary financial statements and the notes mean that the extent of the information required in the notes differs from that in the primary financial statements. The differences mean that:
(a) to provide the structured summaries described in paragraph 16, information provided in the primary financial statements is more aggregated than information provided in the notes; and
(b) to provide the information described in paragraph 17, more detailed information about the entity's assets, liabilities, equity, income, expenses and cash flows, including the disaggregation of information presented in the primary financial statements, is provided in the notes.

Information presented in the primary financial statements or disclosed in the notes
19 Some Australian Accounting Standards specify information that is required to be presented in the primary financial statements or disclosed in the notes. An entity need not provide a specific presentation or disclosure required by Australian Accounting Standards if the information resulting from that presentation or disclosure is not material. This is the case even if Australian Accounting Standards contain a list of specific requirements or describe them as minimum requirements.
20 An entity shall consider whether to provide additional disclosures when compliance with the specific requirements in Australian Accounting Standards is insufficient to enable users of financial statements to understand the effect of transactions and other events and