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CTHRepealedLegislation

AASB 1 - First-time Adoption of Australian Accounting Standards - May 2009

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Defined Terms

This appendix is an integral part of AASB 1.

date of transition to Australian Accounting Standards	The beginning of the earliest period for which an entity presents full comparative information under Australian Accounting Standards in its first Australian-Accounting-Standards financial statements.
deemed cost	An amount used as a surrogate for cost or depreciated cost at a given date. Subsequent depreciation or amortisation assumes that the entity had initially recognised the asset or liability at the given date and that its cost was equal to the deemed cost.
fair value	Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. (See AASB 13.)
first Australian-Accounting-Standards financial statements	The first annual financial statements in which an entity adopts Australian Accounting Standards, by an explicit and unreserved statement of compliance with Australian Accounting Standards.
first Australian-Accounting-Standards reporting period	The latest reporting period covered by an entity’s first Australian-Accounting-Standards financial statements.
first-time adopter	An entity that presents its first Australian-Accounting-Standards financial statements.
International Financial Reporting Standards(IFRSs)	Standards and Interpretations issued by the International Accounting Standards Board (IASB). They comprise:(a) International Financial Reporting Standards;(b) International Accounting Standards;
	(c) IFRIC Interpretations; and(d) SIC Interpretations.[2]
opening Australian-Accounting-Standards statement of financial position	An entity’s statement of financial position at the date of transition to Australian Accounting Standards.
previous GAAP	The basis of accounting that a first-time adopter used immediately before adopting Australian Accounting Standards.

Part Defined Terms - AASB 1 - First-time Adoption of Australian Accounting Standards - May 2009 - Defined Terms | Zoe