compilation details

Accounting Standard AASB 101 Presentation of Financial Statements as amended

This compiled Standard applies to annual reporting periods beginning on or after 1 July 2008 but before 1 January 2009. It takes into account amendments up to and including 13 December 2007 and was prepared on 7 November 2008 by the staff of the Australian Accounting Standards Board (AASB).

This compilation is not a separate Accounting Standard made by the AASB. Instead, it is a representation of AASB 101 (October 2006) as amended by other Accounting Standards, which are listed in the Table below.

Table of Standards

* The amendments made by this Standard are not included in this compilation, which presents the principal Standard as applicable to annual reporting periods beginning on or after 1 July 2008 but before 1 January 2009.

(a) Entities may elect to apply the Erratum amendments to annual reporting periods beginning on or after 1 January 2005 but before 1 July 2007.

(b) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 July 2008 provided that the Standards and Interpretation listed in paragraph 6 of AASB 2007-9 are also applied to that period.

Table of Amendments

* Accounting Standard AASB 2007-4 Amendments to Australian Accounting Standards arising from ED 151 and Other Amendments inserted into AASB Standards the option to use proportionate consolidation for accounting for interests in jointly controlled entities. The Erratum “Proportionate Consolidation” was issued in July 2007 to insert additional references to proportionate consolidation into Standards and Interpretations.