Document ID: chunk:federal_register_of_legislation:F2021L00471:body:0:p8
Version: federal_register_of_legislation:F2021L00471
Segment Type: other
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Character Range: 19709–22816

in accounting estimates and changes in accounting policies that occur on or after the beginning of the first annual reporting period in which it applies the amendments.

Amendments to other AASB Standards and publications

Amendments to AASB 7
Paragraphs 21 and B5 are amended. Paragraph 44II is added. New text is underlined and deleted text is struck through.

Significance of financial instruments for financial position and performance
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Other disclosures

Accounting policies
21 In accordance with paragraph 117 of AASB 101 Presentation of Financial Statements, an entity discloses material its significant  accounting policy information policies comprising the measurement basis (or bases) used in preparing the financial statements and the other accounting policies used that are relevant to an understanding of the financial statements. Information about the measurement basis (or bases) for financial instruments used in preparing the financial statements is expected to be material accounting policy information.
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Effective date and transition
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44II AASB 2021-2 Amendments to Australian Accounting Standards – Disclosure of Accounting Policies and Definition of Accounting Estimates, which amends AASB 101 and AASB Practice Statement 2 Making Materiality Judgements, and was issued in March 2021, amended paragraphs 21 and B5. An entity shall apply that amendment for annual reporting periods beginning on or after 1 January 2023. Earlier application is permitted. If an entity applies the amendment for an earlier period, it shall disclose that fact.
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Appendix B
Application guidance
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Classes of financial instruments and level of disclosure (paragraph 6)
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Other disclosure – accounting policies (paragraph 21)
B5 Paragraph 21 requires disclosure of material accounting policy information, which is expected to include information about the measurement basis (or bases) for financial instruments used in preparing the financial statements and the other accounting policies used that are relevant to an understanding of the financial statements. For financial instruments, such disclosure may include:
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Paragraph 122 of AASB 101 also requires entities to disclose, along with material its significant accounting policy information policies or other notes, the judgements, apart from those involving estimations, that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

Amendments to AASB 134
Paragraph 5 is amended and paragraph 60 is added. New text is underlined and deleted text is struck through.

Content of an interim financial report
5 AASB 101 defines a complete set of financial statements as including the following components:
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(e) notes, material comprising significant accounting policy information policies and other explanatory information;
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Effective date
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60 AASB 2021-2 Amendments to Australian Accounting Standards – Disclosure of Accounting Policies and Definition of Accounting Estimates, which amends AASB 101