ApplicationApplication

Application

Aus1.1 This Standard applies to:

(a) each bank and similar financial institution (subsequently referred to as a bank) 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 bank; and

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

Aus1.2 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.]

Aus1.3 This Standard shall not be applied to annual reporting periods beginning before 1 January 2005.

Aus1.4 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.

Aus1.5 If a financial report contains both the separate financial statements of the parent and the consolidated financial statements of an entity, the disclosures required by paragraphs Aus17.1 and Aus17.2, 30, Aus30.1, 31-49, Aus49.1 and Aus49.2, 50-52, 55, and Aus55.1 and Aus55.2 need be presented only for the consolidated financial statements. [1]

Aus1.6 When applicable, this Standard supersedes:

(a) AASB 1032 Specific Disclosures by Financial Institutions as notified in the Commonwealth of Australia Gazette No S 478, 12 December 1996; and

(b) AAS 32 Specific Disclosures by Financial Institutions as issued in December 1996.

Aus1.7 Both AASB 1032 and AAS 32 remain applicable until superseded by this Standard.

Aus1.8 Notice of this Standard was published in the Commonwealth of Australia Gazette No S 294, 22 July 2004.

Aus1.9 The term ‘financial statement’ in the title of this standard means a ‘financial report’.