ApplicationApplication

Application

Aus1.1 This Standard applies to:

(a) each entity that is required to prepare financial reports in accordance with Part 2M.3 of the Corporations Act;

(b) general purpose financial reports of each reporting entity; and

(c) financial reports that are, or are held out to be, general purpose financial reports.

Aus1.2 This Standard applies to annual reporting periods beginning on or after 1 January 2007.
[Note: For application dates of paragraphs changed or added by an amending Standard, see Compilation Details.]

Aus1.3 This Standard may be applied to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2007.

Aus1.4 The requirements specified in this Standard apply to the financial report where information resulting from their application is material in accordance with AASB 1031 Materiality.

Aus1.5 When applicable, this Standard supersedes AASB 101 Presentation of Financial Statements as made on 15 July 2004 and amended to 8 September 2005.

Aus1.6 The term ‘financial statements’ in the title of this Standard means a ‘financial report’.

Aus1.7 Notwithstanding paragraph Aus1.1(a), the application of paragraphs 124A-124C is limited to each entity that is required to prepare financial reports in accordance with Part 2M.3 of the Corporations Act and that is a reporting entity.

Aus1.8 Notwithstanding paragraphs Aus1.1 and Aus1.7, a not‑for‑profit entity need not present the disclosures required by paragraphs 124A-124C.