Scope (AASB18_06-24) (NFP-super)

An entity shall apply this Standard in presenting and disclosing information in financial statements prepared in accordance with Australian Accounting Standards.

This Standard sets out general and specific requirements for the presentation of information in the statement(s) of financial performance, the statement of financial position and the statement of changes in equity. This Standard also sets out requirements for the disclosure of information in the notes. AASB 107 Statement of Cash Flows sets out requirements for the presentation and disclosure of cash flow information. However, the general requirements for financial statements in paragraphs 9–43 and 113–114 apply to the statement of cash flows.

Other Australian Accounting Standards set out the recognition, measurement, presentation and disclosure requirements for specific transactions and other events.

This Standard does not apply to the presentation and disclosure of information in condensed interim financial statements prepared applying AASB 134 Interim Financial Reporting. However, paragraphs 41–45 and 117–125 apply to such financial statements.

This Standard uses terminology that is suitable for profit-oriented entities, including public sector business entities. If entities with not-for-profit activities in the private sector or the public sector apply this Standard, they may need to amend the descriptions used for particular line items, categories, subtotals or totals in the financial statements and for the financial statements themselves.

Similarly, entities that do not have equity as defined in AASB 132 Financial Instruments: Presentation (for example, some mutual funds) and entities whose share capital is not equity (for example, some co-operative entities) may need to adapt the financial statement presentation of members’ or unitholders’ interests.

Many entities provide a financial review by management, which is separate from the financial statements (see paragraph 10), that describes and explains the main features of the entity’s financial performance and financial position, as well as the principal uncertainties it faces. Such a review is outside the scope of Australian Accounting Standards.