Document ID: chunk:federal_register_of_legislation:F2024L00708:body:0:p165
Version: federal_register_of_legislation:F2024L00708
Segment Type: other
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Character Range: 461327–464479

statements. For example, an entity is likely to consider accounting policy information material to its financial statements if that information relates to material transactions, other events or conditions and:
          (a) the entity changed its accounting policy during the reporting period and this change resulted in a material change to the information in the financial statements;
          (b) the entity chose the accounting policy from one or more options permitted by Australian Accounting Standards—such a situation could arise if the entity chose to measure investment property at historical cost rather than fair value;
          (c) the accounting policy was developed in accordance with AASB 108 in the absence of an Australian Accounting Standards that specifically applies;
          (d) the accounting policy relates to an area for which an entity is required to make significant judgements or assumptions in applying an accounting policy, and the entity discloses those judgements or assumptions in accordance with paragraphs 122 and 125; or
          (e) the accounting required for them is complex and users of the entity's financial statements would otherwise not understand those material transactions, other events or conditions—such a situation could arise if an entity applies more than one Australian Accounting Standards to a class of material transactions.
Paragraph 117C
Referred to in paragraphs 88C and 88E of the Practice Statement
     Accounting policy information that focuses on how an entity has applied the requirements of the Australian Accounting Standards to its own circumstances provides entity-specific information that is more useful to users of financial statements than standardised information, or information that only duplicates or summarises the requirements of the Standards.
Paragraph 117D
Referred to in paragraphs 88C and 88G of the Practice Statement
     If an entity discloses immaterial accounting policy information, such information shall not obscure material accounting policy information.
Paragraph 117E
Referred to in paragraph 88C of the Practice Statement
     An entity's conclusion that accounting policy information is immaterial does not affect the related disclosure requirements set out in other Australian Accounting Standards.
Paragraph BC73 BC30F of the Basis for Conclusions on IFRS 18 IAS 1
Referred to in paragraphs 28 and 69 of the Practice Statement
     Aggregating and disaggregating information requires an entity to avoid both omitting useful information by providing insufficient detail and obscuring information with too much detail. For example, an entity's total assets, total liabilities, total equity, total income, total expenses and total cash flows provide some information about the entity's financial position, financial performance and cash flows, but are too aggregated to be useful on their own. Conversely, disaggregated information about individual transactions or other events provides detailed information, but may be so detailed as to obscure material information. Accordingly, an entity uses its judgement to determine how much detail is necessary