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.
The financial report shall be identified clearly and distinguished from other information in the same published document.
Australian Accounting Standards apply only to financial reports, and not to other information presented in an annual report or other document. Therefore, it is important that users can distinguish information that is prepared using Australian Accounting Standards from other information that may be useful to users but is not the subject of those requirements.
Aus45.1 The financial report shall be presented in the English language.
(a) the name of the entity that is reporting or other means of identification, and any change in that information from the preceding reporting date;
(b) whether the financial report covers the individual entity or a group of entities;
(c) the reporting date or the period covered by the financial report, whichever is appropriate to that component of the financial report;
(d) the presentation currency, as defined in AASB 121 The Effects of Changes in Foreign Exchange Rates; and
(e) the level of rounding used in presenting amounts in the financial report.
The requirements in paragraph 46 are normally met by presenting page headings and abbreviated column headings on each page of the financial report. Judgement is required in determining the best way of presenting such information. For example, when the financial report is presented electronically, separate pages are not always used; the above items are then presented frequently enough to ensure a proper understanding of the information included in the financial report.
Financial reports are often made more understandable by presenting information in thousands or millions of units of the presentation currency. This is acceptable as long as the level of rounding in presentation is disclosed and material information is not omitted.