Financial Sector (Collection of Data) determination No. 38 of 2005 - Reporting Standard ARS 322.0 (2005) - Statement of Financial Position (Consolidated)
Basis of preparationBasis of preparation
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Basis of preparation
The nature of the disclosure and format of this form may not be strictly consistent with the annual financial statements prepared by the institution. Notwithstanding this, in completing this form (unless otherwise specifically stated for individual items of assets, liabilities or equity), institutions are requested to follow the basis that is used for the preparation of its annual financial statements in accordance with the Australian accounting standards, specifically in regard to the:
- Interpretation / definition of specific asset, liability and equity items;
- Appropriate measurement basis for asset, liability and equity items; and
- Netting of financial assets and financial liabilities.
If additional clarification is required for specific asset, liability or equity items in ARF 322.0 Statement of Financial Position (Consolidated), reference should be made to the instructions provided for ARF 320.0 Statement of Financial Position (Domestic Books), ARF 321.0 Statement of Financial Position (Offshore Operations) and ARF 323.0 Statement of Financial Position (Licensed ADI) as appropriate.