Accounting Standard AASB 18 Presentation and Disclosure in Financial Statements
16AASB 108 Basis of Preparation of Financial Statements AASB 101 specifies required disclosures if:
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16 AASB 108 Basis of Preparation of Financial Statements AASB 101 specifies required disclosures if:
(a) the financial statements are not prepared on a going concern basis; or
(b) management is aware of material uncertainties related to events or conditions that may cast significant doubt upon the entity’s ability to continue as a going concern. The events or conditions requiring disclosure may arise after the reporting period.
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23D AASB 18 issued in June 2024 amended paragraphs 13, 16 and 23C. An entity shall apply those amendments when it applies AASB 18.
| A footnote is added to ‘definition of material in paragraph 7 of AASB 101’ in paragraph 23C. New text is underlined. |
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1 In June 2024 the AASB issued AASB 18 Presentation and Disclosure in Financial Statements and carried over the definition of ‘material’ in AASB 101 Presentation of Financial Statements to AASB 18.
AASB 112 Income Taxes (August 2015)
| Paragraphs 62A, 77 (and its related subheading) and 78 (and its related subheading) and paragraph 81 are amended. Paragraph 98N is added. New text is underlined and deleted text is struck through. |
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Recognition of current and deferred tax
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Items recognised outside profit or loss
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62A Australian Accounting Standards require or permit particular items to be credited or charged directly to equity. Examples of such items are:
(a) an adjustment to the opening balance of retained earnings resulting from either a change in accounting policy that is applied retrospectively or the correction of an error (see AASB 108 Basis of Preparation of Financial StatementsAccounting Policies, Changes in Accounting Estimates and Errors); and
(b) amounts arising on initial recognition of the equity component of a compound financial instrument (see paragraph 23).
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Tax expense
Tax expense (income) related to items recognised in profit or loss from ordinary activities
77 The tax expense (income) related to items recognised in profit or loss from continuing operations ordinary activities shall be presented in the income tax category in as part of profit or loss in the statement statement(s) of profit or loss and other comprehensive income.
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Exchange differences on foreign currency denominated assets and liabilities arising from income taxesdeferred foreign tax liabilities or assets