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«Compiled AASB Standard AASB 101 Presentation of Financial Statements This compiled Standard applies to annual reporting periods beginning on or after ...»

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Compiled AASB Standard AASB 101

Presentation of Financial

Statements

This compiled Standard applies to annual reporting periods beginning on or

after 1 January 2014 but before 1 January 2018. Early application is not

permitted. It incorporates relevant amendments made up to and including

20 December 2013.

Prepared on 16 July 2014 by the staff of the Australian Accounting Standards

Board.

Obtaining Copies of Accounting Standards

Compiled versions of Standards, original Standards and amending Standards (see Compilation Details) are available on the AASB website:

www.aasb.gov.au.

Printed copies of original Standards and amending Standards are available for

purchase by contacting:

The Customer Service Officer Australian Accounting Standards Board

Level 7 Postal address:

600 Bourke Street PO Box 204 Melbourne Victoria Collins Street West Victoria 8007

AUSTRALIA AUSTRALIA

Phone: (03) 9617 7637 Fax: (03) 9617 7608 E-mail: publications@aasb.gov.au Website: www.aasb.gov.au Other Enquiries Phone: (03) 9617 7600 Fax: (03) 9617 7608 E-mail: standard@aasb.gov.au COPYRIGHT © 2014 Commonwealth of Australia This compiled AASB Standard contains IFRS Foundation copyright material.

Reproduction within Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use subject to the inclusion of an acknowledgment of the source. Requests and enquiries concerning reproduction and rights for commercial purposes within Australia should be addressed to The Director of Finance and Administration, Australian Accounting Standards Board, PO Box 204, Collins Street West, Victoria 8007.

All existing rights in this material are reserved outside Australia.

Reproduction outside Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use only. Further information and requests for authorisation to reproduce for commercial purposes outside Australia should be addressed to the IFRS Foundation at www.ifrs.org.

AASB 101-compiled 2 COPYRIGHT CONTENTS

COMPILATION DETAILS

COMPARISON WITH IAS 1

ACCOUNTING STANDARD

AASB 101 PRESENTATION OF FINANCIAL STATEMENTS

Paragraphs Objective 1 Aus1.1 – Aus1.7 Application Aus1.8 – Aus1.10 Reduced Disclosure Requirements 3–6 Scope 7 – 8A Definitions Financial Statements

–  –  –

BASIS FOR CONCLUSIONS ON IAS 1

(available on the AASB website)

IMPLEMENTATION GUIDANCE ON IAS 1

(available on the AASB website)

TABLE OF CONCORDANCE FOR IAS 1

(available on the AASB website) AASB 101-compiled 4 CONTENTS Australian Accounting Standard AASB 101 Presentation of Financial Statements (as amended) is set out in paragraphs 1 – 139L. All the paragraphs have equal authority. Paragraphs in bold type state the main principles. Terms defined in this Standard are in italics the first time they appear in the Standard. AASB 101 is to be read in the context of other Australian Accounting Standards, including AASB 1048 Interpretation of Standards, which identifies the Australian Accounting Interpretations. In the absence of explicit guidance, AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies.

AASB 101-compiled 5 CONTENTS

COMPILATION DETAILS

Accounting Standard AASB 101 Presentation of Financial Statements as amended This compiled Standard applies to annual reporting periods beginning on or after 1 January 2014 but before 1 January 2018. It takes into account amendments up to and including 20 December 2013 and was prepared on 16 July 2014 by the staff of the Australian Accounting Standards Board (AASB).

This compilation is not a separate Accounting Standard made by the AASB.

Instead, it is a representation of AASB 101 (September 2007) as amended by other Accounting Standards, which are listed in the Table below.

–  –  –

* The amendments made by this Standard are not included in this compilation, which presents the principal Standard as applicable to annual reporting periods beginning on or after 1 January 2014 but before 1 January 2018.

(a) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2009.

(b) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 July 2008, provided that the Standards and Interpretation listed in paragraph 6 of AASB 2007-9 are also applied to such periods.

(c) Entities may elect to apply this Standard to annual reporting periods beginning on or after 30 June 2007 but before 1 July 2009, provided that AASB 3 Business Combinations (March 2008) and AASB 127 Consolidated and Separate Financial Statements (March 2008) are also applied to such periods.

(d) Entities may elect to apply this Standard, or its amendments to individual Standards, to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2009.





(e) Entities may elect to apply this Standard, or its amendments to individual Standards, to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2010.

(f) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2009, provided that AASB 101 Presentation of Financial Statements (September 2007) is also applied to such periods, and to annual reporting periods beginning on or after 1 January 2009 that end before 30 June 2009.

(g) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2011.

(h) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 July 2009 but before 1 July 2013, provided that AASB 1053 Application of Tiers of Australian Accounting Standards is also applied to such periods.

(i) Entities may elect to apply this Standard, or its amendments to individual pronouncements, to annual reporting periods beginning on or after 1 January 2005 but before 1 July 2011, provided that AASB 1054 Australian Additional Disclosures is, or its relevant individual disclosure requirements are, also applied to such periods.

(j) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 July 2009 but before 1 July 2013, provided that AASB 1053 Application of Tiers of Australian Accounting Standards, AASB 1054 Australian Additional Disclosures and AASB 2011-1 Amendments to Australian Accounting Standards arising from the TransTasman Convergence Project are also applied to such periods.

AASB 101-compiled 7 COMPILATION DETAILS (k) AASB 2011-7 has been amended by AASB 2012-6 (made 10 September 2012) and AASB 2012-10 (made 18 December 2012).

For-profit entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2013. The Standard applies for not-forprofit entities to annual reporting periods beginning on or after 1 January 2014. Not-forprofit entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2013 but before 1 January 2014. If an entity elects to apply this Standard to such annual reporting periods, it shall also apply AASB 10 Consolidated Financial Statements and associated Standards to such periods.

(l) AASB 2011-8 has been amended by AASB 2011-10 (made 5 September 2011) and AASB 2012-6 (made 10 September 2012).

Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2013, provided that AASB 13 Fair Value Measurement is also applied to such periods.

(m) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 July 2012.

(n) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2013, provided that AASB 119 Employee Benefits (September 2011) is also applied to such periods.

(o) Entities may elect to apply this Standard, or its amendments to individual pronouncements, to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2013.

(p) Entities may elect to apply this Standard, or its amendments to individual Standards, to annual reporting periods beginning on or after 1 July 2009 but before 1 July 2013, provided that AASB 1053 Application of Tiers of Australian Accounting Standards and the other Standards listed in paragraph 5 of this Standard (as relevant) are also applied to such periods.

(q) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2013.

(r) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 that end before 20 December 2013, provided that AASB CF 2013-1 Amendments to the Australian Conceptual Framework and AASB 1048 Interpretation of Standards (December 2013) are also applied to the such periods.

(s) Early application of Part B of this Standard is not permitted.

–  –  –

The Australian Implementation Guidance was deleted as a consequence of the deletion of paragraphs Aus138.3-Aus138.5, to which the guidance related.

AASB 101-compiled 11 COMPILATION DETAILS

COMPARISON WITH IAS 1

AASB 101 and IAS 1 AASB 101 Presentation of Financial Statements as amended incorporates IAS 1 Presentation of Financial Statements as issued and amended by the International Accounting Standards Board (IASB). Paragraphs that have been added to this Standard (and do not appear in the text of IAS 1) are identified with the prefix “Aus” or “RDR”, followed by the number of the preceding IASB paragraph and decimal numbering.

Compliance with IAS 1 For-profit entities that comply with AASB 101 as amended will simultaneously be in compliance with IAS 1 as amended.

Not-for-profit entities using the added “Aus” paragraphs in the Standard that specifically apply to not-for-profit entities may not be simultaneously complying with IAS 1. Whether a not-for-profit entity will be in compliance with IAS 1 will depend on whether the “Aus” paragraphs provide additional guidance for not-for-profit entities or contain requirements that are inconsistent with the corresponding IASB Standard and will be applied by the not-for-profit entity.

Entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements will not be in compliance with IAS 1.

AASB 101-compiled 12 COMPARISON ACCOUNTING STANDARD AASB 101 The Australian Accounting Standards Board made Accounting Standard AASB 101 Presentation of Financial Statements under section 334 of the Corporations Act 2001 on 24 September 2007.

This compiled version of AASB 101 applies to annual reporting periods beginning on or after 1 January 2014 but before 1 January 2018. It incorporates relevant amendments contained in other AASB Standards made by the AASB up to and including 20 December 2013 (see Compilation Details).

ACCOUNTING STANDARD AASB 101

PRESENTATION OF FINANCIAL STATEMENTS

Objective 1 This Standard prescribes the basis for presentation of general purpose financial statements to ensure comparability both with the entity’s financial statements of previous periods and with the financial statements of other entities. It sets out overall requirements for the presentation of financial statements, guidelines for their structure and minimum requirements for their content.

–  –  –

Aus1.4 [Deleted by the AASB] Aus1.5 When applicable, this Standard supersedes AASB 101 Presentation of Financial Statements (October 2006), as amended.

Aus1.6 Notwithstanding paragraph Aus1.1(a), the application of paragraphs 134-136 is limited to each entity that is required to prepare financial reports in accordance with Part 2M.3 of the Corporations Act and that is a reporting entity.

Aus1.7 Notwithstanding paragraphs Aus1.1 and Aus1.6, a not-for-profit entity need not present the disclosures required by paragraphs 134-136.

Reduced Disclosure Requirements Aus1.8 The following do not apply to entities preparing general purpose financial statements under Australian Accounting

Standards – Reduced Disclosure Requirements:

(a) paragraphs 10(f), 15, 16, Aus16.3, 40A-40D, 42(b), 61, 65, 80A, 90, 92, 94, 104, 131 and 134-138; and in paragraph 107, the text “, and the related amount of (b) dividends per share”.

Entities applying Australian Accounting Standards – Reduced Disclosure Requirements may elect to comply with some or all of these excluded requirements.

Aus1.9 The requirements that do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements are identified in this Standard by shading of the relevant text.

Aus1.10 RDR paragraphs in this Standard apply only to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements.

–  –  –

3 Other Australian Accounting Standards set out the recognition, measurement and disclosure requirements for specific transactions and other events.

4 This Standard does not apply to the structure and content of condensed interim financial statements prepared in accordance with AASB 134 Interim Financial Reporting. However, paragraphs 15-35 apply to such financial statements. This Standard applies equally to all entities, including those that present consolidated financial statements in accordance with AASB 10 Consolidated Financial Statements and those that present separate financial statements in accordance with AASB 127 Separate Financial Statements.



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