Notes – AASB 101 Presentation of Financial Statements
AASB 101 Presentation of Financial Statements 117-124: Disclose material accounting policy information
What does 117-124 require?
What is disclosed is the accounting policy information that is material to understanding the statements, meaning information that, taken together with everything else in the report, might plausibly sway a decision a primary user would otherwise reach, rather than a boilerplate recitation of policies that simply restate an accounting standard's own wording without saying anything specific to the entity.
This control maps to 3 controls across 2 other frameworks. If you already hold one of them, the evidence you collected for it is the starting point here rather than new work.
9A Not-for-profit private sector entities preparing special purpose financial statements must disclose the basis for that decision, the treatment of interests in other entities, each non-compliant material accounting policy and overall recognition and measurement compliance
9C For-profit private sector entities still permitted to prepare special purpose financial statements must disclose the basis for that decision, their measurement bases and other relevant policies, changes in material policies, the treatment of interests in other entities, each non-compliant material policy and overall compliance
45-47 Disclose the components of cash and cash equivalents, reconcile them to the statement of financial position, state the composition policy and report policy changes under AASB 108