ApplicationApplication

Application

Aus1.1 Subject to paragraph Aus1.2 this Standard applies to:

(a) each entity that is required to prepare financial reports in accordance with Part 2M.3 of the Corporations Act and that is a reporting entity;

(b) general purpose financial reports of each other reporting entity; and

(c) financial reports that are, or are held out to be, general purpose financial reports.

Aus1.2 This Standard does not apply to general purpose financial statements of not-for-profit entities and for-profit government departments.

Aus1.3 This Standard does not apply to not-for-profit entities (including local governments, government departments and governments) and for-profit government departments. AASB 1052 Disaggregated Disclosures includes requirements relating to the disclosure of disaggregated information by local governments and government departments. AASB 1049 Whole of Government and General Government Sector Financial Reporting includes requirements relating to the disclosure of functional and sector information by whole of governments. AASB 1049 also includes requirements relating to the disclosure of functional information by General Government Sectors.

Aus1.4 This Standard applies to annual reporting periods beginning on or after 1 January 2005.
[Note: For application dates of paragraphs changed or added by an amending Standard, see Compilation Details.]

Aus1.5 This Standard shall not be applied to annual reporting periods beginning before 1 January 2005.

Aus1.6 The requirements specified in this Standard apply to the financial report where information resulting from their application is material in accordance with AASB 1031 Materiality.

Aus1.7 When applicable, this Standard supersedes AASB 1005 Segment Reporting as notified in Commonwealth of Australia Gazette No S 457, 22 August 2000.

Aus1.8 AASB 1005 remains applicable until superseded by this Standard.

Aus1.9 Notice of this Standard was published in the Commonwealth of Australia Gazette No S 294, 22 July 2004.

Aus1.10 When the financial statements of a parent are presented with the group’s financial statements, the parent need not disclose segment information. However, where segment information is provided for the parent in addition to group segment information, the parent’s segment information is also subject to the requirements of this Standard.