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