Document ID: chunk:federal_register_of_legislation:F2024L00708:body:0:p154
Version: federal_register_of_legislation:F2024L00708
Segment Type: other
Provision Reference: 
Character Range: 429595–432705

information, or both. An entity assesses whether information, either individually or in combination with other information, is material in the context of its financial statements taken as a whole.
Paragraph B4
Referred to in paragraph 6 of the Practice Statement
     Assessing whether information could reasonably be expected to influence decisions made by the primary users of a specific reporting entity's general purpose financial statements requires an entity to consider the characteristics of those users while also considering the entity's own circumstances.
Paragraph B5
Referred to in paragraph 6 of the Practice Statement
     …At times, even well-informed and diligent users may need to seek the aid of an adviser to understand information about complex economic phenomena.
Paragraph B14 38C
Referred to in paragraph 69 of the Practice Statement
     An entity may provide comparative information in addition to the comparative information required by Australian Accounting Standards, as long as that information is prepared in accordance with Australian Accounting Standards. This additional comparative information may consist of one or more of the primary financial statements referred to in paragraph 10, but need not comprise a complete set of financial statements. When this is the case, the entity shall disclose in the notes information for those additional primary financial statements.
     An entity may present comparative information in addition to the minimum comparative financial statements required by Australian Accounting Standards, as long as that information is prepared in accordance with Australian Accounting Standards. This comparative information may consist of one or more statements referred to in paragraph 10, but need not comprise a complete set of financial statements. When this is the case, the entity shall present related note information for those additional statements.
Paragraph 117
Referred to in paragraphs 88A and 88C of the Practice Statement
     An entity shall disclose material accounting policy information (see paragraph 7). Accounting policy information is material if, when considered together with other information included in an entity's financial statements, it can reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements.
Paragraph 117A
Referred to in paragraph 88C of the Practice Statement
     Accounting policy information that relates to immaterial transactions, other events or conditions is immaterial and need not be disclosed. Accounting policy information may nevertheless be material because of the nature of the related transactions, other events or conditions, even if the amounts are immaterial. However, not all accounting policy information relating to material transactions, other events or conditions is itself material.
Paragraph 117B
Referred to in paragraphs 88C and 88D of the Practice Statement
     Accounting policy information is expected to be material if users of an entity's financial statements would need it to