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Questions and Answers
What is the primary focus of Illustrative Example C?
What is the primary focus of Illustrative Example C?
- Disclosure of comparative period information
- Summary of significant material accounting policy information policies of the General Government Sector (correct)
- Notes required by paragraph 39,1
- Explanation of differences required by paragraph 52(b)(ii)(B)
What type of entities does the implementation guidance and illustrative examples accompanying AASB 1054 relate to?
What type of entities does the implementation guidance and illustrative examples accompanying AASB 1054 relate to?
- General Government Sector entities
- Not-for-profit private sector entities (correct)
- For-profit private sector entities
- Publicly listed companies
What is the purpose of the implementation guidance and illustrative examples accompanying AASB 1054?
What is the purpose of the implementation guidance and illustrative examples accompanying AASB 1054?
- To illustrate the application of accounting estimates
- To provide guidance on budgetary reporting
- To illustrate the application of the requirements in paragraph 9A and their relationship to the requirements in AASB 101 (correct)
- To provide guidance on financial statement analysis
What type of information does paragraph 39(b) require?
What type of information does paragraph 39(b) require?
What is the primary focus of AASB 1055?
What is the primary focus of AASB 1055?
What is the relationship between the implementation guidance and illustrative examples accompanying AASB 1054 and AASB 101?
What is the relationship between the implementation guidance and illustrative examples accompanying AASB 1054 and AASB 101?
What is the purpose of paragraph 9B?
What is the purpose of paragraph 9B?
What is the primary focus of AASB 1054?
What is the primary focus of AASB 1054?
What should be prominently disclosed in the notes according to paragraph 39?
What should be prominently disclosed in the notes according to paragraph 39?
What is the purpose of Illustrative Example C?
What is the purpose of Illustrative Example C?
What is the main focus of the amended paragraphs 39 and 40?
What is the main focus of the amended paragraphs 39 and 40?
What is the heading above paragraph 39 amended to?
What is the heading above paragraph 39 amended to?
What is the purpose of the notes containing material accounting policy information policies?
What is the purpose of the notes containing material accounting policy information policies?
What is the relationship between Illustrative Examples A and B?
What is the relationship between Illustrative Examples A and B?
What type of information is required to be disclosed about the measurement of financial instruments?
What type of information is required to be disclosed about the measurement of financial instruments?
What is the purpose of the amended introduction to the Illustrative Examples?
What is the purpose of the amended introduction to the Illustrative Examples?
Which of the following is a required disclosure for inventories?
Which of the following is a required disclosure for inventories?
What type of information is required to be disclosed about investments in associates?
What type of information is required to be disclosed about investments in associates?
What is the scope of the amended paragraphs 39 and 40?
What is the scope of the amended paragraphs 39 and 40?
Which of the following is a required disclosure for investments in joint ventures?
Which of the following is a required disclosure for investments in joint ventures?
What type of information is required to be disclosed about government grants for for-profit entities?
What type of information is required to be disclosed about government grants for for-profit entities?
Why is material accounting policy information required to be disclosed?
Why is material accounting policy information required to be disclosed?
Which standard requires entities to disclose material accounting policy information?
Which standard requires entities to disclose material accounting policy information?
What is the purpose of disclosing material accounting policy information?
What is the purpose of disclosing material accounting policy information?
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Study Notes
Amendments to AASB Standards
- Amendments are made to AASB 1054, specifically paragraph 9B, implementation guidance, and illustrative examples.
- Amendments are also made to AASB 1049, including paragraphs 39, 40, and the introduction to the Illustrative Examples.
Disclosure Requirements
- Notes containing material summaries of significant accounting policy information policies must include:
- Disclosures required by other Australian Accounting Standards
- Additional disclosures required by paragraph 39
- Illustrative Example C provides an example of the information to be included in the summary of significant accounting policy information policies.
Material Accounting Policy Information
- Information about the measurement basis (or bases) for financial instruments used in preparing the financial statements is expected to be material accounting policy information.
- Material accounting policy information includes:
- Measurement of inventories, including the cost formula used
- Accounting policy for investments in associates
- Accounting policy for recognising interests in joint ventures
- Accounting policy adopted for government grants, including methods of presentation in the financial statements
Illustrative Examples
- Illustrative Examples A and B do not purport to identify all possible differences between GAAP and GFS, nor present all line items required by a different set of assumptions.
- Illustrative Example C provides an example of the summary of significant accounting policy information policies for a General Government Sector.
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