Document ID: chunk:federal_register_of_legislation:F2024L00708:body:0:p159
Version: federal_register_of_legislation:F2024L00708
Segment Type: other
Provision Reference: 
Character Range: 444088–447231

period are corrected before the financial statements are authorised for issue. However, material errors are sometimes not discovered until a subsequent period, and these prior period errors are corrected in the comparative information presented in the financial statements for that subsequent period (see paragraphs 42–47).

Extracts from AASB 134 Interim Financial Reporting
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Paragraph 20
Referred to in paragraph 85 of the Practice Statement
     Interim reports shall include interim financial statements (condensed or complete) for periods as follows:
          (a) statement of financial position as of the end of the current interim period and a comparative statement of financial position as of the end of the immediately preceding financial year.
          (b) statement(s) of financial performance statements of profit or loss and other comprehensive income for the current interim period and cumulatively for the current financial year to date, with comparative statement(s) of financial performance statements of profit or loss and other comprehensive income for the comparable interim periods (current and year‑to‑date) of the immediately preceding financial year. As permitted by AASB 18AASB 101, an interim report may present for each period a statement (or statements) or statements of financial performanceprofit or loss and other comprehensive income.
          (c) statement of changes in equity cumulatively for the current financial year to date, with a comparative statement for the comparable year‑to‑date period of the immediately preceding financial year.
          (d) statement of cash flows cumulatively for the current financial year to date, with a comparative statement for the comparable year‑to‑date period of the immediately preceding financial year.
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Appendix AusCF B
References to the Framework for the Preparation and Presentation of Financial Statements and Australian Accounting Standards
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Extracts from AASB 18 Presentation and Disclosure in Financial Statements AASB 101 Presentation of Financial Statements
Paragraph 7
Referred to in paragraphs 5, 41 and 60 of the Practice Statement
     Material  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.
     Materiality depends on the nature or magnitude of information, or both. An entity assesses whether information, either individually or in combination with other information, is material in the context of its financial statements taken as a whole.
Paragraph 7
Referred to in paragraph 6 of the Practice Statement
     Assessing whether information could reasonably be expected to influence decisions made by the primary users of a specific reporting entity's general purpose financial statements requires an entity to consider the characteristics of those users while also considering the entity's own circumstances. […] At times, even well informed and diligent users may need to seek the aid