AASB 1060 General Purpose Financial Statements Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities 20-24: Comparatives, materiality, aggregation and offsetting: give prior-period comparatives for every amount and for relevant narrative, present each material class separately, omit immaterial specific disclosures, and never offset unless a Standard requires or permits it

What does 20-24 require?

Unless the Standard says otherwise, every amount in the current period's statements carries a comparative for the previous period, and narrative information is repeated where it helps users understand the current period. Each material class of similar items is shown separately, and dissimilar items are not combined unless immaterial. Information is material when leaving it out, misstating it or obscuring it could plausibly sway the decisions of the statements' primary users; a specific disclosure listed in the Standard, even one called a minimum, need not be given when the resulting information is immaterial. Assets and liabilities, and income and expenses, are not offset unless another Standard requires or allows it.