ObjectiveObjective

Objective

1 The objective of this Standard is to ensure that an entity’s first Australian-Accounting-Standards financial statements, and its interim financial reports for part of the period covered by those financial statements, contain high quality information that:

(a) is transparent for users and comparable over all periods presented;

(b) provides a suitable starting point for accounting in accordance with Australian Accounting Standards[1]; and

(c) can be generated at a cost that does not exceed the benefits.