Changes to Accounting Standards
Article supplied by: PKF
The Australian Accounting Standards Board revised AASB 101, for reporting periods beginning on or after 1 January 2009.
This Standard prescribes:
- the composition of a complete set of financial statements;
- the general features of financial statements;
- the structure and content of financial statements;
- classification of items in the financial statements; and
- a range of disclosures about financial position and financial performance.
A complete set of financial statements:
- a statement of financial position as at the end of the period;
- a statement of comprehensive income for a period;
- a statement of changes in equity for a period;
- a statement of cash flows for a period; and
- notes, comprising a summary of significant accounting policies and other explanatory notes.
Reporting owner changes in equity and comprehensive income:
- all changes in equity arising from transactions with owners in their capacity as owners to be presented separately from non-owner changes in equity;
- income and expenses to be presented in:
- a statement of comprehensive income; or
- a separate income statement and a statement of comprehensive income;
- components of other comprehensive income to be displayed in the statement of comprehensive income; and
- total comprehensive income to be presented in the financial statements.
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