Currency of material  
This material was last updated when this standard was released in July 2004.  
 
A list of the omnibus amending standards issued up until July 2007 that have affected this standard since this date is included in the following table. The table also contains the date when the relevant changes become operative. 
 
Omnibus amending standards are available on the AASB website as are compiled standards incorporating omnibus amendments as soon as they are completed by the AASB. 
 
Details of the changes made by each omnibus are summarised in ANT and Charter’s “The Panel” as they are released. For a quick overview of the new material applying at 30 June 2007 click here.  

• Does not apply to not-for-profit entities; 
   
  
• Information about business and geographical segments must be reported based on the segments of the entity for which information is reported to the chief executive officer and the governing body; 
   
  
• Identifying the business segments and geographical segments requires looking at the organisational structure and internal reporting system; 
   
  
• Where internal segments are not geographical or products/service-based, then look to next lower level of internal segmentation to identify the segments; 
   
  
• One basis of segmentation (business or geographical) is primary and the other secondary with the primary basis determined by the predominant source and nature of risks and rewards of the entity; 
   
  
• Materiality guidance is provided to determine which segments are reportable if the majority of its revenues are from sales to external customers and it passes one of the 10% thresholds in relation segment revenues, segment assets or segment result; 
   
  
• Segment information must be prepared using the same accounting policies as the consolidated group or entity.  
   
  
• The disclosure requirements for the primary reporting format include segment revenues, segment result, carrying amount of segment assets, segment liabilities, cost of non-current segment assets acquired during the period, depreciation and amortisation of segment assets and other segment non-cash expenses; and 
   
  
• The disclosure requirements for the secondary reporting format are considerably less than for the primary reporting format.