Its Definition and Meaning, Purpose of Accounting – Why It is Important, Users of Financial Statements / Accounting Information, Types of Accounting (Branches / Fields of Specialization), Elements of Accounting: Assets, Liabilities and Capital, The Accounting Equation and How It Stays in Balance, Accounting Equation: More Examples and Illustration, Expanded Accounting Equation: The Spread-Out Version, Accounting Cycle: 9-Step Accounting Process, Introduction to Financial Statements: An Overview, Income Statement a.k.a. Except when an Australian Accounting Standard permits or requires otherwise, comparative information shall be disclosed in respect of the previous period for all amounts reported in the financial report. It is not necessary to disclose budget information or forecasts in making the disclosures in paragraph 116. Some of the disclosures made in accordance with paragraph 113 are required by other Australian Accounting Standards. The Framework for the Preparation and Presentation of Financial Statements (the Framework) states in paragraph 25 that “users are assumed to have a reasonable knowledge of business and economic activities and accounting and a willingness to study the information with reasonable diligence”. These disclosures shall be based on the information provided internally to the entity’s key management personnel. The detail provided in subclassifications depends on the requirements of Australian Accounting Standards and on the size, nature and function of the amounts involved. The Exposure Draft of the proposed new SOP contains a similar criterion for revenue recognition of a licensed film ( i.e. This Standard uses the term ‘non-current’ to include tangible, intangible and financial assets of a long-term nature. Offsetting in the income statement or the balance sheet, except when offsetting reflects the substance of the transaction or other event, detracts from the ability of users both to understand the transactions, other events and conditions that have occurred and to assess the entity’s future cash flows. Aus126.2 The following information shall be disclosed in the financial report of a group, the amounts paid or payable to: (a) the auditor of the parent of the group, for an audit or a review of the financial report of any entity in the group; (b) the auditor of the parent of the group, for non-audit services in relation to any entity in the group, disclosing separately the nature and amount of each of the non‑audit services provided by the auditor; (c) a related practice of the auditor of the parent of the group, for non-audit services in relation to any entity in the group, disclosing separately the nature and amount of each of the non‑audit services provided by the auditor; (d) the auditors of the subsidiaries in the group, other than those disclosed in accordance with paragraph Aus126.2(a), for an audit or a review of the financial reports of those subsidiaries; (e) the auditors of the subsidiaries in the group, other than those disclosed in accordance with paragraphs Aus126.2(b) and (c), for non-audit services in relation to any entity in the group, disclosing separately the nature and amount of each of the non‑audit services provided by the auditor; and. All the paragraphs have equal authority. 68. When an entity has significant foreign operations or transactions in foreign currencies, disclosure of accounting policies for the recognition of foreign exchange gains and losses would be expected. The recognition, measurement and disclosure of specific transactions and other events are dealt with in other Australian Accounting Standards. 3. 83. Do you accept the terms? Terms defined in this Standard are in italics the first time they appear in the Standard. It incorporates relevant amendments contained in other AASB Standards made by the AASB and other decisions of the AASB up to and including 13 December 2007 (see Compilation Details). Many entities also present, outside the financial report, reports and statements such as environmental reports and value added statements, particularly in industries in which environmental factors are significant and when employees are regarded as an important user group. 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