Document ID: chunk:federal_register_of_legislation:F2024L00708:body:0:p147
Version: federal_register_of_legislation:F2024L00708
Segment Type: other
Provision Reference: 
Character Range: 409522–412540

the AASB changed the title of AASB 108 to Basis of Preparation of Financial Statements.

AASB Interpretation 1031 Accounting for the Goods and Services Tax (GST) (November 2004)
Paragraph 23 is amended.  Below the heading 'References', the reference to AASB 108 is also amended. New text is underlined and deleted text is struck through.

Discussion

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     23 In some cases, an entity carries on a business that comprises a mix of input-taxed activities and taxable activities and GST-free activities. In these circumstances, the entity is not entitled to claim an input tax credit in respect of its input-taxed activities. In these cases, the legislation provides that the related GST is apportioned between input-taxed and other activities in measuring the recognised amount of the acquisition cost. In some cases, periodic adjustments will need to be made in respect of the apportionment. Where the related item is a depreciable asset, consequential adjustments will need to be made to reflect revisions of the acquisition cost and carrying amount of the asset. These adjustments are in the nature of revisions of the depreciable amount and would be accounted for in accordance with the requirements of AASB 108 Basis of Preparation of Financial StatementsAccounting Policies, Changes in Accounting Estimates and Errors.

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References

Accounting Standard AASB 108 Basis of Preparation of Financial StatementsAccounting Policies, Changes in Accounting Estimates and Errors

Accounting Standard AASB 112 Income Taxes

AASB Interpretation 1055 Accounting for Road Earthworks (September 2004)
Below the heading 'References', the reference to AASB 108 is also amended. New text is underlined and deleted text is struck through.

REFERENCES

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Accounting Standard AASB 108 Basis of Preparation of Financial StatementsAccounting Policies, Changes in Accounting Estimates and Errors

Accounting Standard AASB 116 Property, Plant and Equipment

A footnote is added to 'AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors;' in paragraph 23. New text is underlined.

  1 When it issued AASB 18 Presentation and Disclosure in Financial Statements in June 2024, the AASB changed the title of AASB 108 to Basis of Preparation of Financial Statements.

AASB Practice Statement 2 Making Materiality Judgements (December 2017)
Paragraphs 5, AusCF5, 73, 88A, 88D, 88E and 88G are amended. Example P, Example S, Example T, Diagram 2, Appendix B and Appendix AusCF B are also amended. New text is underlined and deleted text is struck through.

General characteristics of materiality

Definition of material
5 The Conceptual Framework for Financial Reporting (Conceptual Framework) provides the following definition of material information (Appendix A and paragraph B1 of AASB 18 Presentation and Disclosure in Financial Statements provide paragraph 7 of AASB 101 Presentation of Financial Statements provides a similar definition1):
      ...
  1 See Appendix A and paragraph B2 of Appendix B