Document ID: chunk:federal_register_of_legislation:F2024L00708:body:0:p2
Version: federal_register_of_legislation:F2024L00708
Segment Type: other
Provision Reference: 
Character Range: 3184–6453

to be presented in the statement of financial position or disclosed in the notes 103
STATEMENT OF CHANGES IN EQUITY
Information to be presented in the statement of changes in equity 107
Information to be presented in the statement of changes in equity or disclosed in the notes 109
NOTES
Structure 113
Management-defined performance measures
    Identification of management-defined performance measures 117
    Disclosure of management-defined performance measures 121
Capital 126
Other disclosures 130
Commencement of the legislative instrument Aus132.1
Appendices
A  Defined terms
B  Application guidance
C  Effective date and transition
D  Amendments to other Australian Accounting Standards
DELETED IFRS 18 TEXT
BASIS FOR CONCLUSIONS

available on the AASB website
Illustrative examples for IFRS 18
Basis for Conclusions on IFRS 18

Australian Accounting Standard AASB 18 Presentation and Disclosure in Financial Statements is set out in paragraphs 1–Aus132.1 and Appendices A–D.  All the paragraphs have equal authority.  Paragraphs in bold type state the main principles.  Terms defined in Appendix A are in italics the first time they appear in the Standard.  AASB 18 is to be read in the context of other Australian Accounting Standards, including AASB 1048 Interpretation of Standards, which identifies the Australian Accounting Interpretations, and AASB 1057 Application of Australian Accounting Standards.  In the absence of explicit guidance, AASB 108 Basis of Preparation of Financial Statements provides a basis for selecting and applying accounting policies.

Preface

Introduction
The Australian Accounting Standards Board (AASB) develops, issues and maintains Australian Accounting Standards, including Interpretations. The AASB is an Australian Government entity under the Australian Securities and Investments Commission Act 2001.
AASB 1057 Application of Australian Accounting Standards identifies the application of Standards to entities and financial statements. AASB 1053 Application of Tiers of Australian Accounting Standards establishes a differential reporting framework consisting of two tiers of reporting requirements for preparing general purpose financial statements.

Main features of this Standard

Background

In April 2024, the International Accounting Standards Board issued IFRS 18 Presentation and Disclosure in Financial Statements. IFRS 18 aims to improve how entities communicate in their financial statements, with a focus on information about financial performance in the statement of profit or loss. Better information will contribute to efficient and resilient capital markets by enabling financial statement users to make better decisions.

The Standard responds to stakeholder feedback that:

(a)                    statements of profit or loss varied in structure and content;
(b)                   measures defined by management are useful to investors, but entities might not explain how these measures are calculated and why they are used; and
(c)                    investors would like to see information more appropriately grouped (aggregated or disaggregated) in the financial statements.

AASB 18 Presentation and Disclosure in Financial Statements is the Australian equivalent of IFRS 18.

Main requirements