CTHRepealedLegislation
AASB 134 - Interim Financial Reporting - July 2004
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AASB 134 - Interim Financial Reporting - July 2004
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Turn the raw legal text into a practical explanation grounded in AASB 134 - Interim Financial Reporting - July 2004.
43 A change in accounting policy, other than one for which the transition is specified by a new Australian Accounting Standard, shall be reflected by:
(a) restating the financial statements of prior interim periods of the current annual reporting period and the comparable interim periods of any prior annual reporting periods that will be restated in the annual financial statements in accordance with AASB 108; or
(b) when it is impracticable to determine the cumulative effect at the beginning of the annual reporting period of applying a new accounting policy to all prior periods, adjusting the financial statements of prior interim periods of the current annual reporting period, and comparable interim periods of prior annual reporting periods to apply the new accounting policy prospectively from the earliest date practicable.
44 One objective of the preceding principle is to ensure that a single accounting policy is applied to a particular class of transactions throughout an entire annual reporting period. Under AASB 108, a change in accounting policy is reflected by retrospective application, with restatement of prior period financial data as far back as is practicable. However, if the cumulative amount of the adjustment relating to prior annual reporting periods is impracticable to determine, then under AASB 108 the new policy is applied prospectively from the earliest date practicable. The effect of the principle in paragraph 43 is to require that within the current annual reporting period any change in accounting policy is applied either retrospectively or, if that is not practicable, prospectively, from no later than the beginning of the annual reporting period.
45 To allow accounting changes to be reflected as of an interim date within the annual reporting period would allow two differing accounting policies to be applied to a particular class of transactions within a single annual reporting period. The result would be interim allocation difficulties, obscured operating results, and complicated analysis and understandability of interim period information.