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AASB 101 - Presentation of Financial Statements - October 2006
Reporting PeriodReporting Period
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Reporting Period
- Financial reports shall be presented at least annually. When an entity’s reporting date changes and the annual financial report is presented for a period longer or shorter than one year, an entity shall disclose, in addition to the period covered by the financial report:
(a) the reason for using a longer or shorter period; and
(b) the fact that comparative amounts for the income statement, statement of changes in equity, cash flow statement and related notes are not entirely comparable.
- Normally, financial reports are consistently prepared covering a one‑year period. However, for practical reasons, some entities prefer to report, for example, for a 52-week period. This Standard does not preclude this practice, because the resulting financial report is unlikely to be materially different from those that would be presented for one year.