Document ID: chunk:federal_register_of_legislation:F2025C00207:front:0:p7
Version: federal_register_of_legislation:F2025C00207
Segment Type: other
Provision Reference: 
Character Range: 17760–20826

consistent with estimates made for the same date in accordance with previous GAAP (after adjustments to reflect any difference in accounting policies), unless there is objective evidence that those estimates were in error.
15 An entity may receive information after the date of transition to Australian Accounting Standards about estimates that it had made under previous GAAP. In accordance with paragraph 14, an entity shall treat the receipt of that information in the same way as non-adjusting events after the reporting period in accordance with AASB 110 Events after the Reporting Period. For example, assume that an entity's date of transition to Australian Accounting Standards is 1 January 20X4 and new information on 15 July 20X4 requires the revision of an estimate made in accordance with previous GAAP at 31 December 20X3. The entity shall not reflect that new information in its opening Australian-Accounting-Standards statement of financial position (unless the estimates need adjustment for any differences in accounting policies or there is objective evidence that the estimates were in error). Instead, the entity shall reflect that new information in profit or loss (or, if appropriate, other comprehensive income) for the year ended 31 December 20X4.
16 An entity may need to make estimates in accordance with Australian Accounting Standards at the date of transition to Australian Accounting Standards that were not required at that date under previous GAAP. To achieve consistency with AASB 110, those estimates in accordance with Australian Accounting Standards shall reflect conditions that existed at the date of transition to Australian Accounting Standards. In particular, estimates at the date of transition to Australian Accounting Standards of market prices, interest rates or foreign exchange rates shall reflect market conditions at that date.
17 Paragraphs 14–16 apply to the opening Australian-Accounting-Standards statement of financial position. They also apply to a comparative period presented in an entity's first Australian-Accounting-Standards financial statements, in which case the references to the date of transition to Australian Accounting Standards are replaced by references to the end of that comparative period.

Exemptions from other Australian Accounting Standards
18 An entity may elect to use one or more of the exemptions contained in Appendices C–E. An entity shall not apply these exemptions by analogy to other items.
19 [Deleted]

Presentation and disclosure
20 This Standard does not provide exemptions from the presentation and disclosure requirements in other Australian Accounting Standards.

Comparative information
21 An entity's first Australian-Accounting-Standards financial statements shall include at least three statements of financial position, two statements of profit or loss and other comprehensive income, two separate statements of profit or loss (if presented), two statements of cash flows and two statements of changes in equity and related notes, including comparative information for