Appendix A Defined terms (AASB1_07-15_COMPdec20_07-21)

This appendix is an integral part of the Standard.

The beginning of the earliest period for which an entity presents full comparative information under Australian Accounting Standards in its first Australian-Accounting-Standards financial statements.

An amount used as a surrogate for cost or depreciated cost at a given date. Subsequent depreciation or amortisation assumes that the entity had initially recognised the asset or liability at the given date and that its cost was equal to the deemed cost.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. (See AASB 13.)

The first annual financial statements in which an entity adopts Australian Accounting Standards, by an explicit and unreserved statement of compliance with Australian Accounting Standards.

The latest reporting period covered by an entity’s first Australian-Accounting-Standards financial statements.

An entity that presents its first Australian-Accounting-Standards financial statements.

Standards and Interpretations issued by the International Accounting Standards Board (IASB). They comprise:

(a) International Financial Reporting Standards;

(b) International Accounting Standards;

(c) IFRIC Interpretations; and

(d) SIC Interpretations.^(a)

An entity’s statement of financial position at the date of transition to Australian Accounting Standards.

The basis of accounting that a first-time adopter used immediately before adopting Australian Accounting Standards.