Document ID: chunk:federal_register_of_legislation:F2023C00436:body:0:p34
Version: federal_register_of_legislation:F2023C00436
Segment Type: other
Provision Reference: 
Character Range: 90057–93298

of profit or loss and other comprehensive income, and in the statements of changes in equity and of cash flows, in the order in which each statement and each line item is presented; and
(iv) other disclosures, including:
(1) contingent liabilities (see AASB 137) and unrecognised contractual commitments; and
(2) non-financial disclosures, eg the entity's financial risk management objectives and policies (see AASB 7).
115 [Deleted]
116 An entity may present notes providing information about the basis of preparation of the financial statements and specific accounting policies as a separate section of the financial statements.

Disclosure of accounting policy information
117 An entity shall disclose material accounting policy information (see paragraph 7). Accounting policy information is material if, when considered together with other information included in an entity's financial statements, it can reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements.

     117A Accounting policy information that relates to immaterial transactions, other events or conditions is immaterial and need not be disclosed. Accounting policy information may nevertheless be material because of the nature of the related transactions, other events or conditions, even if the amounts are immaterial. However, not all accounting policy information relating to material transactions, other events or conditions is itself material.

     117B Accounting policy information is expected to be material if users of an entity's financial statements would need it to understand other material information in the financial statements. For example, an entity is likely to consider accounting policy information material to its financial statements if that information relates to material transactions, other events or conditions and:

          (a)                    the entity changed its accounting policy during the reporting period and this change resulted in a material change to the information in the financial statements;

          (b)                   the entity chose the accounting policy from one or more options permitted by Australian Accounting Standards—such a situation could arise if the entity chose to measure investment property at historical cost rather than fair value;

          (c)                    the accounting policy was developed in accordance with AASB 108 in the absence of an Australian Accounting Standard that specifically applies;

          (d)                   the accounting policy relates to an area for which an entity is required to make significant judgements or assumptions in applying an accounting policy, and the entity discloses those judgements or assumptions in accordance with paragraphs 122 and 125; or

          (e)                    the accounting required for them is complex and users of the entity's financial statements would otherwise not understand those material transactions, other events or conditions—such a situation could arise if an entity applies more than one Australian Accounting Standard to a class of material transactions.

     117C Accounting policy information that focuses