AASB 1048 - Interpretation and Application of Standards - June 2005
First-time Application and ComparativesFirst-time Application and Comparatives
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First-time Application and Comparatives
When an entity first applies this Standard in the context of adopting all Australian equivalents to IFRSs, AASB 1 First-time Adoption of Australian Equivalents to International Financial Reporting Standards, the Australian equivalent of IFRS 1, generally requires prior period information, presented as comparative information, to be restated as if the requirements of the Australian equivalents to IFRSs (including those UIG Interpretations equivalent to the IASB Interpretations) had always applied. This differs from the requirements in previous Australian Standards, where changes in accounting policies did not require the restatement of the income statement and balance sheet of the preceding period.