Document ID: chunk:federal_register_of_legislation:F2023C00181:body:0:p16
Version: federal_register_of_legislation:F2023C00181
Segment Type: other
Provision Reference: 
Character Range: 40996–44278

Statement 2 Making Materiality Judgements, and was issued in March 2021, amended paragraph 5. 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.

Commencement of the legislative instrument
Aus57.1 [Repealed]

Withdrawal of AASB pronouncements
Aus57.2 This Standard repeals AASB 134 Interim Financial Reporting issued in July 2004. Despite the repeal, after the time this Standard starts to apply under section 334 of the Corporations Act (either generally or in relation to an individual entity), the repealed Standard continues to apply in relation to any period ending before that time as if the repeal had not occurred.
[Note: When this Standard applies under section 334 of the Corporations Act (either generally or in relation to an individual entity), it supersedes the application of the repealed Standard.]

Illustrative examples
These illustrative examples accompany, but are not part of, AASB 134.

A  Illustration of periods required to be presented
The following examples illustrate application of the principle in paragraph 20.

Entity publishes interim financial reports half-yearly
A1 The entity's financial year ends 31 December (calendar year). The entity will present the following financial statements (condensed or complete) in its half-yearly interim financial report as of 30 June 20X1:

Statement of financial position:
                                    At               30 June 20X1  31 December 20X0
Statement of comprehensive income:
                                    6 months ending  30 June 20X1  30 June 20X0
Statement of cash flows:
                                    6 months ending  30 June 20X1  30 June 20X0
Statement of changes in equity:
                                    6 months ending  30 June 20X1  30 June 20X0

Entity publishes interim financial reports quarterly
A2 The entity's financial year ends 31 December (calendar year). The entity will present the following financial statements (condensed or complete) in its quarterly interim financial report as of 30 June 20X1:

Statement of financial position:
                                    At               30 June 20X1  31 December 20X0
Statement of comprehensive income:
                                    6 months ending  30 June 20X1  30 June 20X0
                                    3 months ending  30 June 20X1  30 June 20X0
Statement of cash flows:
                                    6 months ending  30 June 20X1  30 June 20X0
Statement of changes in equity:
                                    6 months ending  30 June 20X1  30 June 20X0

B  Examples of applying the recognition and measurement principles
The following are examples of applying the general recognition and measurement principles set out in paragraphs 28–39.

Employer payroll taxes and insurance contributions
B1 If employer payroll taxes or contributions to government-sponsored insurance funds are assessed on an annual basis, the employer's related expense is recognised in interim periods using an estimated average annual effective payroll tax or contribution rate, even though a large portion of the payments may be