Accounting Standard AASB 2021-2 Amendments to Australian Accounting Standards – Disclosure of Accounting Policies and Definition of Accounting Estimates
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Main features of this Standard
Main requirements
This Standard amends:
(a) AASB 7, to clarify that information about measurement bases for financial instruments is expected to be material to an entity’s financial statements;
(b) AASB 101, to require entities to disclose their material accounting policy information rather than their significant accounting policies;
(c) AASB 108, to clarify how entities should distinguish changes in accounting policies and changes in accounting estimates;
(d) AASB 134, to identify material accounting policy information as a component of a complete set of financial statements; and
(e) AASB Practice Statement 2, to provide guidance on how to apply the concept of materiality to accounting policy disclosures.
Application date
This Standard applies to annual periods beginning on or after 1 January 2023. The amendments to individual Standards may be applied early, separately from the amendments to the other Standards, where feasible.