AASB 1039 Concise Financial Reports 32: In the first year of applying Australian Accounting Standards, direct members to the AASB 1 reconciliations in the financial report and summarise them

What does 32 require?

For the period in which the entity first adopts Australian Accounting Standards, the concise report must tell members where in the financial report they can find the AASB 1 paragraph 39 and 40 reconciliations and related first-time adoption disclosures, and must include a summary of that information.

Maintained by Gerard Blokdyk

Other controls in Specific disclosures (paragraphs 28 to 32) – AASB 1039 Concise Financial Reports

28 Disclose when the financial report was prepared on a basis other than going concern, or when the going concern basis became inappropriate after the reporting date
29 Disclose for each AASB 8 reportable segment its external and inter-segment revenues, a measure of profit or loss, a measure of total assets and, where regularly provided to the chief operating decision maker, a measure of liabilities
30 Disclose, even when zero, revenue recognised under AASB 15, dividends paid and proposed in aggregate and per share for each class with their dates, and basic and diluted earnings per share where AASB 133 applies
31 Disclose the presentation currency, the AASB 110 information for each non-adjusting event after the reporting date, and the required information for material changes in accounting policies or estimates and corrections of prior period errors

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MCP endpoint All AASB 1039 Concise Financial Reports controls