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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. …

Accounting policies are defined in paragraph 5 of AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors , and the term is used in this Standard with the same …

General purpose financial statements (referred to as ‘financial statements’) are those intended to meet the needs of users who are not in a position to require an entity to prepare reports tailored to their particular information …

Impracticable Applying a requirement is impracticable when the entity cannot apply it after making every reasonable effort to do so. …

International Financial Reporting Standards (IFRSs) are Standards and Interpretations issued by the International Accounting Standards Board (IASB). They comprise: (a) International Financial Reporting Standards; (b) International Accounting Standards; …