What’s New - FinancialsIFRS

What’s New - FinancialsIFRS

What’s new in FinancialsIFRS 2024

AASB 101 Presentation of financial statements

AASB 101 Presentation of Financial Statements has been revised for annual reporting periods beginning on or after 1 January 2023, to require the disclosure of material accounting policy information rather than significant accounting policies.

Please click on the following FAQ link to view the list of accounting policies that do not meet the definition of material for both the IFRS and Streamlined IFRS presentations and can be removed from the financials if you deemed it non material.

Notes to the financial statements

The following content changes are included in the 2023 release:

IFRS Presentation

  1. Note: Basis of preparation
    1. Special purpose
      1. Update wording from: ‘significant accounting policies’ to ‘material accounting policies’
    2. Reporting basis and convention
      1. Minor wording changes, including updating the wording from: ‘Significant accounting policies’ to ‘Material accounting policies’
  2. Note: Summary of significant accounting policies
    1. Renamed to: Material accounting policy information’
  3. Material accounting policy information
    1. AASB 101 Presentation of Financial Statements Guidance
      1. New sub-note
  4. Accounting Policy: Revenue and other income
    1. Rental income
      1. Minor wording changes
    2. Grant revenue
      1. Existing sub-note re-purposed to for-profit entities
    3. Grant revenue
      1. New sub-note added, specific to not-for-profit entities
    4. Revenue from contracts with customers
      1. Minor wording changes
    5. Statement of financial position balances relating to revenue recognition
      1. Minor wording changes
  1. Accounting Policy: Financial guarantees
    1. Minor wording changes
  1. Accounting Policy: Property, plant and equipment
    1. General information
      1. Drop down options added
      2. Minor wording changes
    2. Revaluation Model
      1. Re-sorted below ‘General information’
      2. Content display dependent on drop down options in ‘General information’
    3. Land and buildings
      1. Content display dependent on drop down options in ‘General information’
    4. Plant and equipment
      1. Content display dependent on drop down options in ‘General information’
    5. Bearer plants
      1. Content display dependent on drop down options in ‘General information’
  1. Accounting Policy: Financial instruments
    1. Financial assets
      1. Minor wording changes
    2. Financial liabilities
      1. Minor wording changes
  2. Accounting Policy: Impairment of non-financial assets
    1. Minor wording changes
  3. Accounting Policy: Intangible assets
    1. Research and development
      1. Minor wording changes
    2. Amortisation rates
      1. New sub-note
  4. Accounting Policy: Cash and cash equivalents
    1. Minor wording changes
  5. Accounting Policy: Leases
    1. Right-of-use asset
      1. Minor wording changes
    2. [Entity type] as a lessor
      1. Minor wording changes
  1. Accounting Policy: Foreign currency transactions and balances
    1. Foreign operations
      1. Expired sub-note
  1. Accounting Policy: Adoption of new and revised accounting standards
    1. Adoption of new and revised accounting standards
      1. Added new content
      2. Removed outdated wording
  2. Accounting Policy: New accounting standards and interpretations
    1. New accounting standards for applications in future periods - Alternate
      1. Expired sub-note
  3. Note: Critical accounting estimates and judgments
    1. Key estimates - Grant income
      1. New sub-note
  4. Note: Leases
    1. COVID-19 Rent concession
      1. Expired sub-note
  5. Note: Related party transactions
    1. Note disclosures assigned to ACNC Special Purpose entity

Streamlined IFRS Presentation

  1. Note: Guidance Only > AASB 101 Presentation of Financial Statements - Guidance only
    1. Guidance only
      1. New sub-note
  2. Note: About this Report > Adoption of new and Revised Accounting Standards
    1. Adoption of new and revised accounting standards
      1. Removed outdated wording
  3. Note: Performance for the Year > Revenue and other income
    1. Accounting treatment - revenue from contracts with customers
      1. Minor wording changes
    2. Accounting treatment - statement of financial position balances relating to revenue recognition
      1. Minor wording changes
    3. Accounting treatment - rental income
      1. Minor wording changes
    4. Accounting treatment - grant revenue (for-profit entities)
      1. Existing sub-note re-purposed to for-profit entities
    5. Accounting treatment - grant revenue (not-for-profit entities)
      1. New sub-note added, specific to not-for-profit entities
    6. Accounting treatment - key estimates - grant income
      1. New sub-note
  4. Note: Cash and financial risk management > Financial risk management
    1. Accounting treatment - Foreign currency translation - foreign operations
      1. Expired sub-note
    2. Accounting treatment - Financial instruments - financial assets
      1. Minor wording changes
    3. Accounting treatment - Financial instruments - financial liabilities
      1. Minor wording changes
  5. Note: Cash and financial risk management > Cash and cash equivalents
    1. Accounting treatment - Cash and cash equivalents
      1. Minor wording changes
  6. Note: Operating Assets and Liabilities > Property, plant and equipment
    1. Accounting treatment 
      1. Drop down options added
      2. Minor wording changes
    2. Accounting treatment - revaluation model
      1. Re-sorted below ‘Accounting treatment’
      2. Content display dependent on drop down options in ‘Accounting treatment’
    3. Accounting treatment - Land and buildings
      1. Content display dependent on drop down options in ‘Accounting treatment’
    4. Accounting treatment - Plant and equipment
      1. Content display dependent on drop down options in ‘Accounting treatment’
    5. Accounting treatment - Bearer plants
      1. Content display dependent on drop down options in ‘Accounting treatment’
  7. Note: Operating Assets and Liabilities > Intangible assets
    1. Accounting treatment - research development
      1. Minor wording changes
    2. Accounting treatment - amortisation rates
      1. New sub-note
  8. Note: Operating Assets and Liabilities > Leases
    1. COVID - 19 Rent concession
      1. Expired sub-note
    2. Accounting treatment - Right-of-use asset
      1. Minor wording changes
    3. Accounting treatment - [Entity type] as lessor
      1. Minor wording changes
  9. Note: Operating Assets and Liabilities > Trade and other payables
    1. Accounting treatment
      1. Minor wording changes
  10. Note: Operating Assets and Liabilities > Other financial liabilities
    1. Accounting treatment
      1. Minor wording changes
  11. Note: Unrecognised Items > New Accounting Standards for Applications in Future Periods
    1. New accounting standards for applications in future periods - Alternate
      1. Expired sub-note

Other changes

The ‘Summary of significant accounting policies’ has been renamed to ‘Material accounting policy information’ in the following reports:
  1. Audit Report
    1. Audit Report - Key Audit Matter
    2. Review Report - ASRE 2410
  2. Compilation Report
    1. Compilation Report - General Purpose
    2. Compilation Report - Special Purpose (only for the following entities)
      1. Unlisted Public Company Limited by Shares (special purpose)
      2. Small Pty Ltd Corps Act (special purpose)
      3. Small Pty Ltd Non-Corps Act (special purpose)
      4. Unlisted Public Company Limited by Guarantee (special purpose)
      5. ACNC (special Purpose)
The following Compilation reports have had minor wording changes:
  1. General purpose
  2. Special Purpose
  3. Additional information
  4. Trust (special purpose)
  5. Associations
The reference to ‘reporting entity’ has been removed from the following statements and declarations:
  1. Partners’ Statement
    1. Partnership
  2. Proprietors Statement
    1. Sole Trader
  3. Joint Venture Statement
    1. Joint Venture
  4. Trustees Declaration
    1. Trust
  5. Directors Declaration
    1. Small Pty Ltd non-Corps Act (special purpose)