AASB 1 First-time Adoption of Australian Accounting Standards 24-26,27A: Reconcile previous GAAP equity to equity under the Standards at the transition date and at the latest previous GAAP year end, reconcile total comprehensive income for the latest previous GAAP period, separate error corrections from policy changes, and update the reconciliations if policies or exemptions change during the first period

What does 24-26,27A require?

The first statements include reconciliations of equity from the previous GAAP to the Standards at both the transition date and the end of the latest period in the most recent previous GAAP annual statements, and a reconciliation to total comprehensive income under the Standards for that latest period, starting from the previous GAAP total comprehensive income or, failing that, profit or loss. Impairment losses first recognised or reversed in preparing the opening position are disclosed as AASB 136 would require had they arisen in the period starting at the transition date. The reconciliations give enough detail to understand the material adjustments to each statement, and a cash flow statement presented under the previous GAAP has its material adjustments explained. Corrections of previous GAAP errors are shown separately from accounting policy changes. If accounting policies or the exemptions used change between the first interim report and the annual statements, the changes are explained and the reconciliations updated.