Document ID: chunk:federal_register_of_legislation:F2021L00471:body:0:p14
Version: federal_register_of_legislation:F2021L00471
Segment Type: other
Provision Reference: 
Character Range: 36650–39716

immaterial, the entity still assesses whether other disclosure requirements of AASB 136 provide material information that should be disclosed.

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Appendix B
References to the Conceptual Framework for Financial Reporting and Australian Accounting Standards
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Extracts from AASB 101 Presentation of Financial Statements
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Paragraph 117
Referred to in paragraphs 88A and 88C of the Practice Statement
An entity shall disclose material accounting policy information (see paragraph 7). Accounting policy information is material if, when considered together with other information included in an entity's financial statements, it can reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements.
Paragraph 117A
Referred to in paragraph 88C of the Practice Statement
Accounting policy information that relates to immaterial transactions, other events or conditions is immaterial and need not be disclosed. Accounting policy information may nevertheless be material because of the nature of the related transactions, other events or conditions, even if the amounts are immaterial. However, not all accounting policy information relating to material transactions, other events or conditions is itself material.
Paragraph 117B
Referred to in paragraphs 88C and 88D of the Practice Statement
Accounting policy information is expected to be material if users of an entity's financial statements would need it to understand other material information in the financial 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 Standard 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 Standard 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