What does 185-188 require?

Amounts and related disclosures are updated for adjusting events occurring after the reporting period. The entity discloses the authorisation-for-issue date and who gave the authorisation, and, where owners or others can amend the statements after issue, that fact. For every category of non-adjusting event it discloses what happened and estimates the financial effect, or says that no estimate is possible; typical examples include major business combinations or disposals, plans to discontinue an operation, major asset purchases, held-for-sale classifications, disposals or expropriations, destruction of a major plant, major restructurings, issues or buybacks of debt or equity, abnormal price or exchange rate movements, tax rate or law changes with a significant effect on tax balances, significant commitments or contingent liabilities such as guarantees, and major litigation arising solely from post-period events.

AASB 1060 General Purpose Financial Statements...

Other controls in Topic disclosures replacing the full Tier 1 disclosure sets (paragraphs 104 to 205) – AASB 1060 General Purpose Financial Statements Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities

104-105 Consolidated and separate statements: state that statements are consolidated, explain control held without a voting majority, differing subsidiary reporting dates and restrictions on subsidiaries transferring funds; separate statements say so, describe how investments are accounted for and identify the related consolidated statements
106-110 Accounting policies, estimates and errors: disclose the nature and line-item effect of a new Standard's initial application (or the Standard's own transition disclosures), the nature, reasons and effects of a voluntary policy change, the nature and effect of estimate changes, and the nature and line-item correction of prior period errors
111-119C Basic financial instruments: disclose material measurement policies, carrying amounts by AASB 9 category, the significance of instruments including the terms of long-term debt, the fair value basis and valuation assumptions by class, transferred assets not derecognised, pledged collateral, defaults and breaches on loans payable, the income, expense, gains and losses by category with interest income and expense and impairment by class, and contingent cash flow features by class
120-122C Hedging and nature-dependent electricity contracts: describe each hedged risk category with its instruments, their fair values and the hedged item; give the fair value hedge gains and losses, and for cash flow and net investment hedges the timing of cash flows, discontinued forecast transactions, OCI movements, reclassifications and ineffectiveness; and for own-use contracts for nature-dependent electricity disclose the variability and unusable-electricity features, how onerous contract risk is assessed, and the effect on performance
123-124 Inventories: disclose the material measurement policies including the cost formula, the carrying amount in total and by class, the amount expensed in the period, write-downs and reversals under AASB 102, and inventories pledged as security; not-for-profit entities add the basis for assessing lost service potential in distribution inventories
125-131 Associates and joint ventures: disclose material policies, the carrying amounts, the fair value of equity-accounted investments with published price quotations, dividends from cost-model associates, the share of equity-accounted profit and discontinued operations, aggregate joint venture commitments, and the financial instrument disclosures for investments carried under AASB 9
132-133 Investment property at fair value: disclose the valuation methods and assumptions, whether and to what extent an independent qualified valuer was used, restrictions on realisation or remittance, contractual obligations to buy, build, develop, repair or enhance, and a current-period reconciliation of carrying amounts; owners and lessees also give the lease disclosures
134-136 Property, plant and equipment and cost-model investment property: for each class disclose measurement bases, depreciation methods, useful lives or rates, gross carrying amount and accumulated depreciation at the opening and closing dates and a current-period movement reconciliation; also restricted title and pledged assets, capital commitments, investment property with no reliably measurable fair value, and revaluation details

Other controls in Topic disclosures replacing the full Tier 1 disclosure sets (paragraphs 104 to 205) – AASB 1060 General Purpose Financial Statements Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities

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