AASB 1 - First-time Adoption of Australian Accounting Standards - May 2009
Non-Australian-Accounting-Standards compNon-Australian-Accounting-Standards comparative information and historical summaries
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Non-Australian-Accounting-Standards comparative information and historical summaries
22 Some entities present historical summaries of selected data for periods before the first period for which they present full comparative information in accordance with Australian Accounting Standards. This Standard does not require such summaries to comply with the recognition and measurement requirements of Australian Accounting Standards. Furthermore, some entities present comparative information in accordance with previous GAAP as well as the comparative information required by AASB 101. In any financial statements containing historical summaries or comparative information in accordance with previous GAAP, an entity shall:
(a) label the previous GAAP information prominently as not being prepared in accordance with Australian Accounting Standards; and
(b) disclose the nature of the main adjustments that would make it comply with Australian Accounting Standards. An entity need not quantify those adjustments.