Document ID: chunk:federal_register_of_legislation:F2024L00708:body:0:p29
Version: federal_register_of_legislation:F2024L00708
Segment Type: other
Provision Reference: 
Character Range: 77259–81219

Standards;
                                                  (b) International Accounting Standards;
                                                  (c) IFRIC Interpretations; and
                                                  (d) SIC Interpretations.
                                                  IFRS Accounting Standards were previously known as International Financial Reporting Standards, IFRS, IFRSs and IFRS Standards.
management-defined performance measure            A subtotal of income and expenses that:
                                                  (a) an entity uses in public communications outside financial statements;
                                                  (b) an entity uses to communicate to users of financial statements management's view of an aspect of the financial performance of the entity as a whole; and
                                                  (c) is not listed in paragraph 118 of AASB 18, or specifically required to be presented or disclosed by Australian Accounting Standards.
material information                              Information is material if omitting, misstating or obscuring it could reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements, which provide financial information about a specific reporting entity.
notes                                             Information in financial statements provided in addition to that presented in the primary financial statements.
operating profit or loss                          The total of all income and expenses classified in the operating category.
other comprehensive income                        Items of income and expense (including reclassification adjustments) that are recognised outside profit or loss as required or permitted by other Australian Accounting Standards.
owners                                            Holders of claims classified as equity.
primary financial statements                      The statement(s) of financial performance, the statement of financial position, the statement of changes in equity and the statement of cash flows.
profit or loss                                    The total of income less expenses included in the statement of profit or loss.
profit or loss before financing and income taxes  The total of operating profit or loss and all income and expenses classified in the investing category.
reclassification adjustments                      Amounts reclassified to profit or loss in the current reporting period that were included in other comprehensive income in the current or prior periods.
total comprehensive income                        The change in equity during a reporting period resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners.
useful structured summary                         A structured summary provided in a primary financial statement of a reporting entity's recognised assets, liabilities, equity, income, expenses and cash flows that is useful for:
                                                  (a) obtaining an understandable overview of the entity's recognised assets, liabilities, equity, income, expenses and cash flows;
                                                  (b) making comparisons between entities, and between reporting periods for the same entity; and
                                                  (c) identifying items or areas about which users of financial statements may wish to seek additional information in the notes.

Australian defined terms

In respect of public sector entities, local governments, governments and most, if not all, government departments are reporting entities:
government             The Australian Government, the Government of the Australian Capital Territory, New South Wales, the Northern Territory,