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AASB 101 - Presentation of Financial Statements
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Summary 
Developments, Key Differences & History 
Compared to IFRS 
Interpretations 
Rejection Notices 
Questions & Answers 
Articles 
AASB website 

 
Additions 
Aus 1.1  
Which entities AASB 101 applies to, ie. reporting entities and general purpose financial reports and non-reporting entities that are required to prepare Corporations Act financial reports.  
 
Aus 1.2  
The application date of AASB 101, ie. annual reporting periods beginning 1 January 2005.  
 
Aus 1.3  
Prohibits early application of AASB 101  
 
Aus 1.4  
Makes the requirements of AASB 101 subject to AASB 1031 Materiality.  
 
Aus 1.5  
Explains which Australian Standards have been superseded by AASB 101.  
 
Aus 1.6  
Clarifies that the superseded Australian Standards remain in force until AASB 101 applies.  
 
Aus 1.7  
Notice of the new Standard published on 22 July 2004.  
 
Aus 1.8  
Clarifies that the term ‘financial statements’ used in the title of AASB 101 means ‘financial report’ in the Australian context.  
 
Aus 11.1  
Defines the meaning of the Australian terms used in AASB 101 for ‘annual reporting period’ and ‘Australian equivalents to IFRSs’.  
 
Aus 13.1  
Clarifies that the Corporations Act requires an entity’s financial report to comply with Australian Standards and only allows additional information necessary to give a true and fair view to be presented in the notes.  
 
Aus 13.2  
Disclosure required in the notes whether the financial report has been prepared in accordance with Australian Standards.  
 
Aus 13.3  
Explains that, in addition to Australian Standards, the summary of accounting policies may also need to refer to relevant statutory and other requirements so as to identify the reporting framework applied in the preparation of the financial report.  
 
Aus 13.4  
Disclosure required in the notes whether the financial report is a general purpose financial report or a special purpose financial report.  
 
Aus 14.1  
Clarifies that an explicit and unreserved statement of compliance with all the requirements of IFRSs must still be made in the notes in circumstances where such a statement can only be made in respect of the financial report of the parent entity or consolidated entity but not both. Such a statement must clearly identify which of the financial reports it applies to.  
 
Aus 14.2  
Sets out two examples where a for-profit entity that complies with Australian equivalents to IFRSs will not be in compliance with the IFRSs and will not be able to make an explicit and unreserved statement of compliance with IFRS. The first is the parent entity financial report of a for-profit entity that that utilises Australian disclosure relief in AASB 130 or 132. The second is the financial report of government department that relies on AAS 29 to override requirements in the Australian equivalents to IFRS.  
 
Aus 14.3  
Sets out the limited circumstances under which a not-for-profit entity will be able to make an explicit and unreserved statement of compliance with IFRS.  
 
Aus 45.1  
Clarifies that Australian financial reports must be presented in the English language.  
 
Aus 126.1  
Disclosure required in the single entity or parent entity financial report of the amounts paid or payable to the auditor of the entity for audit or review services and separately for each category of non-audit services.  
 
Aus 126.2  
Disclosure required in the group financial report of the amounts paid or payable to any auditors of group entities for audit or review services and separately for each category of non-audit services.  
 
Aus 126.3  
Disclosure required for each class of shares included in equity of the franking details of dividends appropriated in the current reporting period.  
 
Aus 126.4  
Disclosure required of the balance of the franking account adjusted for franking credits that will arise from the payment of the current tax liability or from dividends receivable and the franking debits that will arise from the payment of any current dividend liability.  
 
Aus 126.5  
Disclosure required in the notes of the impact on the franking account of dividends proposed or declared which are an after balance sheet date event.  
 
Aus 126.6  
Disclosure required of the nature and amount of capital commitments and other expenditure commitments (excluding inventory) outstanding at reporting date. The amounts involved must be disclosed in time bands of less than one year, one to five years and greater than five years.  
 
Appendix  
Illustrative examples of financial report structure including balance sheet, income statement and statement of changes in equity.  
 
Deletions 
2  
Scope of IAS 1 is general purpose financial statements prepared and presented in accordance with IFRSs.  
 
17  
Subject to jurisdictional arrangements, an entity may depart from a requirement in an International Standard or Interpretation in the rare circumstance that management concludes that compliance is so misleading to render the financial statements inappropriate for economic decision making by users.  
 
18  
Disclosures required where an entity departs from a requirement in an International Standard or Interpretation in the circumstances referred to in paragraph 17. 
 
19  
Disclosures required where an entity has departed from a requirement in an International Standard or Interpretation in a prior period and the departure affects the amounts recognised in the financial statements in the current period.  
 
20  
Further explanation of the circumstances referred to in paragraph 19.  
 
101  
Description of the various ways that the statement of changes in equity could be presented.  
 
127  
Effective date of IAS 1.  
 
128  
Reference to superseded IAS 1.