Document ID: chunk:federal_register_of_legislation:F2023C00419:body:0:p31
Version: federal_register_of_legislation:F2023C00419
Segment Type: other
Provision Reference: 
Character Range: 79856–80623

(or earlier) shall be reported as an adjustment to the opening balance of retained earnings for the period in which the Standard is first adopted. Entities are encouraged, but not required, to adjust the opening balance of retained earnings for the earliest period presented and to restate comparative information. If comparative information is not restated, this fact shall be disclosed.

[1]  The definition of a liability in this Standard was not revised following the revision of the definition of a liability in the Conceptual Framework for Financial Reporting (as identified in AASB 1048 Interpretation of Standards) issued in 2019.
  [2] The interpretation of 'probable' in this Standard as 'more likely than not' does not necessarily apply in other Standards.