AASB 1 First-time Adoption of Australian Accounting Standards 23-23B,27-28: Explain how the transition affected financial position, performance and cash flows; a returning adopter explains why it stopped and why it resumed; AASB 108 change-in-policy rules do not apply; disclose if no prior statements were presented

What does 23-23B,27-28 require?

The first statements explain the effect of moving from the previous GAAP to the Standards on the reported financial position, the performance and the cash flows. An entity that applied the Standards or IFRSs in an earlier period discloses why it stopped and why it is resuming or starting again; one that chooses full retrospective application under AASB 108 instead of this Standard explains why it elected to apply the Standards as though the application had never lapsed. Because AASB 108 does not govern the policy changes made on adoption, its change-in-policy requirements are not applied in the first statements. An entity that presented no financial statements for earlier periods states that fact.