Document ID: chunk:federal_register_of_legislation:F2025C00207:front:0:p8
Version: federal_register_of_legislation:F2025C00207
Segment Type: other
Provision Reference: 
Character Range: 20558–23712

financial position, two statements of profit or loss and other comprehensive income, two separate statements of profit or loss (if presented), two statements of cash flows and two statements of changes in equity and related notes, including comparative information for all statements presented.

Non-Australian-Accounting-Standards comparative information and historical summaries
22 Some entities present historical summaries of selected data for periods before the first period for which they present full comparative information in accordance with Australian Accounting Standards. This Standard does not require such summaries to comply with the recognition and measurement requirements of Australian Accounting Standards. Furthermore, some entities present comparative information in accordance with previous GAAP as well as the comparative information required by AASB 101. In any financial statements containing historical summaries or comparative information in accordance with previous GAAP, an entity shall:
(a) label the previous GAAP information prominently as not being prepared in accordance with Australian Accounting Standards; and
(b) disclose the nature of the main adjustments that would make it comply with Australian Accounting Standards. An entity need not quantify those adjustments.

Explanation of transition to Australian Accounting Standards
23 An entity shall explain how the transition from previous GAAP to Australian Accounting Standards affected its reported financial position, financial performance and cash flows.
23A An entity that has applied Australian Accounting Standards or IFRSs in a previous period, as described in paragraph 4A, shall disclose:
(a) the reason it stopped applying Australian Accounting Standards or IFRSs; and
(b) the reason it is resuming or commencing the application of Australian Accounting Standards.
23B When an entity, in accordance with paragraph 4A, does not elect to apply AASB 1, the entity shall explain the reasons for electing to apply Australian Accounting Standards as if it had never stopped applying Australian Accounting Standards or IFRSs.

Reconciliations
24 To comply with paragraph 23, an entity's first Australian-Accounting-Standards financial statements shall include:
(a) reconciliations of its equity reported in accordance with previous GAAP to its equity in accordance with Australian Accounting Standards for both of the following dates:
(i) the date of transition to Australian Accounting Standards; and
(ii) the end of the latest period presented in the entity's most recent annual financial statements in accordance with previous GAAP.
          (b) a reconciliation to its total comprehensive income in accordance with Australian Accounting Standards for the latest period in the entity's most recent annual financial statements. The starting point for that reconciliation shall be total comprehensive income in accordance with previous GAAP for the same period or, if an entity did not report such a total, profit or loss under previous GAAP.
          (c) if the entity recognised or reversed any impairment losses for the first time in preparing its opening