CONTENTS

COMPILATION DETAILS

Comparison With IAS 1

Accounting Standard

AASB 101 Presentation of Financial Statements

Paragraphs

Objective 1

Application Aus1.1 – Aus1.8

Scope 3 – 6

Purpose of Financial Reports 7

Components of a Financial Report 8 – 10

Definitions 11 – 12

Overall Considerations

Fair Presentation and Compliance with Australian Accounting Standards 13 – 22

Going Concern 23 – 24

Accrual Basis of Accounting 25 – 26

Consistency of Presentation 27 – 28

Materiality and Aggregation 29 – 31

Offsetting 32 – 35

Comparative Information 36 – 41

Structure and Content

Introduction 42 – 43

Identification of the Financial Report 44 – 48

Reporting Period 49 – 50

Balance Sheet

Current/Non-current Distinction 51 – 56

Current Assets 57 – 59

Current Liabilities 60 – 67

Information to be Presented on the Face of the
Balance Sheet 68 – 73

Information to be Presented either on the Face
of the Balance Sheet or in the Notes 74 – 77

Income Statement

Profit or Loss for the Period 78 – 80

Information to be Presented on the Face of the
Income Statement 81 – 85

Information to be Presented either on the Face
of the Income Statement or in the Notes 86 – 95

Statement of Changes in Equity 96 – 101

Cash Flow Statement 102

Notes

Structure 103 – 107

Disclosure of Accounting Policies 108 – 115

Key Sources of Estimation Uncertainty 116 – 124

Capital 124A – 124C

Other Disclosures 125 – Aus126.6

BASIS FOR CONCLUSIONS Page 46

AUSTRALIAN IMPLEMENTATION GUIDANCE Page 47

DELETED IAS 1 TEXT Page 49

BASIS FOR CONCLUSIONS ON IAS 1
(available on the AASB website)

IMPLEMENTATION GUIDANCE ON IAS 1
(available on the AASB website)

Australian Accounting Standard AASB 101 Presentation of Financial Statements (as amended) is set out in paragraphs 1 – Aus126.6. All the paragraphs have equal authority. Terms defined in this Standard are in italics the first time they appear in the Standard. AASB 101 is to be read in the context of other Australian Accounting Standards, including AASB 1048 Interpretation and Application of Standards, which identifies the Australian Accounting Interpretations. In the absence of explicit guidance, AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies.