Accounting Standard AASB 18 Presentation and Disclosure in Financial Statements (Cth)

AASB Standard AASB 18 June 2024 Presentation and Disclosure in Financial Statements

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ISSN 1036-4803

Contents

Preface Comparison with IFRS 18 Accounting Standard AASB 18 Presentation and Disclosure in Financial Statements

from paragraph Objective 1 SCOPE 2 GENERAL REQUIREMENTS FOR FINANCIAL STATEMENTS Objective of financial statements 9 A complete set of financial statements 10 The roles of the primary financial statements and the notes 15 Information presented in the primary financial statements or disclosed in the notes 19 Information presented in the primary financial statements 21 Identification of the financial statements 25 Frequency of reporting 28 Consistency of presentation, disclosure and classification 30 Comparative information 31 Change in accounting policy, retrospective restatement or reclassification 33 AGGREGATION AND DISAGGREGATION Principles of aggregation and disaggregation 41 Offsetting 44 STATEMENT OF PROFIT OR LOSS 46 Categories in the statement of profit or loss 47 Entities with specified main business activities 49 The operating category 52 The investing category 53 The financing category 59 The income taxes category 67 The discontinued operations category 68 Totals and subtotals to be presented in the statement of profit or loss 69 Items to be presented in the statement of profit or loss or disclosed in the notes 75 Presentation and disclosure of expenses classified in the operating category 78 STATEMENT PRESENTING COMPREHENSIVE INCOME 86 Other comprehensive income 88 STATEMENT OF FINANCIAL POSITION Classification of assets and liabilities as current or non-current 96 Current assets 99 Current liabilities 101 Items to be presented in the statement of financial position or disclosed in the notes 103 STATEMENT OF CHANGES IN EQUITY Information to be presented in the statement of changes in equity 107 Information to be presented in the statement of changes in equity or disclosed in the notes 109 NOTES Structure 113 Management-defined performance measures Identification of management-defined performance measures 117 Disclosure of management-defined performance measures 121 Capital 126 Other disclosures 130 Commencement of the legislative instrument Aus132.1 Appendices A Defined terms B Application guidance C Effective date and transition D Amendments to other Australian Accounting Standards DELETED IFRS 18 TEXT BASIS FOR CONCLUSIONS