CTHRepealedLegislation
AASB 101 - Presentation of Financial Statements - October 2006
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AASB 101 - Presentation of Financial Statements - October 2006
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Turn the raw legal text into a practical explanation grounded in AASB 101 - Presentation of Financial Statements - October 2006.
An entity shall prepare its financial report, except for cash flow information, using the accrual basis of accounting.
When the accrual basis of accounting is used, items are recognised as assets, liabilities, equity, income and expenses (the elements of financial statements) when they satisfy the definitions and recognition criteria for those elements in the Framework.