Document ID: chunk:federal_register_of_legislation:F2025C00209:front:0:p10
Version: federal_register_of_legislation:F2025C00209
Segment Type: other
Provision Reference: 
Character Range: 27742–31025

in disposal groups classified as held for sale in accordance with AASB 5.
          [Based on IFRS for SMEs Standard paragraph 4.2]

      1.                     An entity shall present additional line items, headings and subtotals in the statement of financial position when such presentation is relevant to an understanding of the entity's financial position. [IFRS for SMEs Standard paragraph 4.3]

Current/non-current distinction
      1.                     An entity shall present current and non-current assets, and current and non-current liabilities, as separate classifications in its statement of financial position in accordance with paragraphs 38–41, except when a presentation based on liquidity provides information that is reliable and more relevant. When that exception applies, all assets and liabilities shall be presented in order of approximate liquidity (ascending or descending). [IFRS for SMEs Standard paragraph 4.4]

Current assets
      1.                     An entity shall classify an asset as current when:
           1.                     it expects to realise the asset, or intends to sell or consume it, in the entity's normal operating cycle;
           2.                    it holds the asset primarily for the purpose of trading;
           3.                     it expects to realise the asset within twelve months after the reporting date; or
           4.                    the asset is cash or a cash equivalent, unless it is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting date.
          [IFRS for SMEs Standard paragraph 4.5]

      1.                     An entity shall classify all other assets as non-current. When the entity's normal operating cycle is not clearly identifiable, its duration is assumed to be twelve months. [IFRS for SMEs Standard paragraph 4.6]

Current liabilities
      1.                     An entity shall classify a liability as current when:
           1.                     it expects to settle the liability in the entity's normal operating cycle;
           2.                    it holds the liability primarily for the purpose of trading;
           3.                     the liability is due to be settled within twelve months after the reporting date; or
           4.                    the entity does not have the right at the reporting date to defer settlement of the liability for at least twelve months after the reporting date.
          [Based on IFRS for SMEs Standard paragraph 4.7]

      1.                     An entity shall classify all other liabilities as non-current. [IFRS for SMEs Standard paragraph 4.8]
     41A Terms of a liability that could, at the option of the counterparty, result in its settlement by the transfer of the entity's own equity instruments do not affect its classification as current or non-current if, applying AASB 132 Financial Instruments: Presentation, the entity classifies the option as an equity instrument, recognising it separately from the liability as an equity component of a compound financial instrument.

Sequencing of items and format of items in the statement of financial position
      1.                     This Standard does not prescribe the sequence or format in which