CONTENTS

COMPILATION DETAILS

AUTHORITY STATEMENT

CONFORMITY WITH INTERNATIONAL STANDARDS ON AUDITING

Paragraphs

Application......................................................Aus 0.1-Aus 0.2

Operative Date.........................................................Aus 0.3

Introduction

Scope of this Auditing Standard..................................................1

Nature of Accounting Estimates.................................................2-4

Effective Date...............................................................5

Objective..................................................................6

Definitions.................................................................7

Requirements

Risk Assessment Procedures and Related Activities...................................8-9

Identifying and Assessing the Risks of Material Misstatement.........................10-11

Responses to the Assessed Risks of Material Misstatement............................12-14

Further Substantive Procedures to Respond to Significant Risks........................15-17

Evaluating the Reasonableness of the Accounting Estimates, and Determining Misstatements.....18

Disclosures Related to Accounting Estimates......................................19-20

Indicators of Possible Management Bias...........................................21

Written Representations.......................................................22

Documentation..............................................................23

Application and Other Explanatory Material

Nature of Accounting Estimates.............................................A1-A11

Risk Assessment Procedures and Related Activities..............................A12-A20

Considerations Specific to Smaller Entities....................................A21-A23

Method of Measurement, Including the Use of Models............................A24-A26

Relevant Controls.......................................................A27-A28

Management’s Use of Experts.................................................A29

Considerations specific to smaller entities.........................................A30

Assumptions..........................................................A31-A36

Changes in Methods for Making Accounting Estimates...............................A37

Estimation Uncertainty...................................................A38-A44