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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 …

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 …

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. …

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. …

Financial information that is useful to primary users of general purpose financial reports in making decisions relating to providing resources to the reporting entity. To be useful, financial information must be relevant and faithfully represent what it …

See primary users (of general purpose financial reports). …