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AASB 108 - Accounting Policies, Changes in Accounting Estimates and Errors
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Text of the Standard 
Summary 
AIFRS compared to IFRS and old AGAAP 
Interpretations and guidance 
Questions and answers 
Articles 

 
Non-operative Standards 
As reported in ANT32/2006: 
 
Q: I have heard that there is some sort of requirement to disclose the effect of changes to accounting standards that have been published but are not yet operative. Is this correct? 
 
A: Yes. Paragraphs 30 and 31 of AASB 108, Accounting Policies, Changes in Accounting Estimates and Errors contain the relevant disclosure requirements. You need to disclose the fact that the standard has been issued but is not yet effective and any known or reliably estimable information relevant to assessing the possible impact of the standard on the entity. (For more details refer to ANT 02 27/01/06 AIFRS disclosures continue)  
 
 
Going Concern 
As reported in ANT19/2004: 
 
Q: AUS 708 Going concern is the auditing standard that provides the primary guidance on assessing going concern. This standard identifies potential causes of going concern, suggests appropriate audit procedures and discusses appropriate reporting requirements. Additional guidance is available in AGS 1028 "Uncertainty" which defines what is meant by "inherent uncertainty" and will assist auditors in determining the appropriate response to their specific circumstances.  
 
A: AASB 1001 "Accounting Policies" also contains guidance on the term going concern, and the disclosures required in relation to material uncertainties or when the financial report is prepared other than on a going concern basis.