CTHRepealedLegislation
AASB 101 - Presentation of Financial Statements - October 2006
Consistency of PresentationConsistency of Presentation
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Consistency of Presentation
- The presentation and classification of items in the financial report shall be retained from one period to the next unless:
(a) it is apparent, following a significant change in the nature of the entity’s operations or a review of its financial report, that another presentation or classification would be more appropriate having regard to the criteria for the selection and application of accounting policies in AASB 108; or
(b) an Australian Accounting Standard requires a change in presentation.
- A significant acquisition or disposal, or a review of the presentation of the financial report, might suggest that the financial report needs to be presented differently. An entity changes the presentation of its financial report only if the changed presentation provides information that is reliable and is more relevant to users of the financial report and the revised structure is likely to continue, so that comparability is not impaired. When making such changes in presentation, an entity reclassifies its comparative information in accordance with paragraphs 38 and 39.