Document ID: chunk:federal_register_of_legislation:F2024L00708:body:0:p8
Version: federal_register_of_legislation:F2024L00708
Segment Type: other
Provision Reference: 
Character Range: 20563–23531

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 conditions on the entity's financial position and financial performance.

Information presented in the primary financial statements
21 Paragraph 16 establishes that the role of the primary financial statements is to provide structured summaries that are useful for the purposes specified in that paragraph (referred to hereafter as a useful structured summary). An entity shall use the role of the primary financial statements to determine what material information to present in those statements, as set out in paragraphs 22–24.
22 To provide a useful structured summary in a primary financial statement, an entity shall comply with specific requirements that determine the structure of the statement. The specific requirements are:
(a) for the statement of profit or loss – the requirements in paragraphs 47, 69, 76 and 78;
(b) for the statement presenting comprehensive income – the requirements in paragraphs 86–88;
(c) for the statement of financial position – the requirements in paragraphs 96 and 104;
(d) for the statement of changes in equity – the requirements in paragraph 107; and
(e) for the statement of cash flows – the requirements in paragraph 10 of AASB 107.
23 Some Australian Accounting Standards require specific line items to be presented separately in the primary financial statements (for example paragraphs 75 and 103 of this Standard). An entity need not present separately a line item in a primary financial statement if doing so is not necessary for the statement to provide a useful structured summary. This is the case even if Australian Accounting Standards contain a list of specific required line items or describe the line items as minimum requirements (see paragraph B8).
24 An entity shall present additional line items and subtotals if such presentations are necessary for a primary financial statement to provide a useful structured summary. When an entity presents additional line items or subtotals, those line items or subtotals shall (see paragraph B9):
(a) comprise amounts recognised and measured in accordance with Australian Accounting Standards;
(b) be compatible with the statement structure created by the requirements listed in paragraph 22;
(c) be consistent from period to period, in accordance with paragraph 30; and
(d) be displayed no more prominently than the totals and subtotals required by Australian Accounting Standards.

Identification of the financial statements
25 An entity shall clearly identify the financial statements and distinguish them from other information in the same published document (see paragraph B10).
26 Australian Accounting Standards apply only to financial statements, and not necessarily to