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A contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the …

An onerous contract is a contract in which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under …

A restructuring is a programme that is planned and controlled by management, and materially changes either: (a) the scope of a business undertaken by an entity; or (b) the manner in which that business is …

The following terms are used in this Standard with the meanings specified: …

Accounting estimates are monetary amounts in financial statements that are subject to measurement uncertainty. …

Accounting policies are the specific principles, bases, conventions, rules and practices applied by an entity in preparing and presenting financial …

Material is defined in paragraph 7 of AASB 101 and is used in this Standard with the same meaning. …

Prior period errors are omissions from, and misstatements in, the entity’s financial statements for one or more prior periods arising from a failure to use, or misuse of, reliable information that: (a) was available when financial statements for those …

Retrospective application is applying a new accounting policy to transactions, other events and conditions as if that policy had always been …

Retrospective restatement is correcting the recognition, measurement and disclosure of amounts of elements of financial statements as if a prior period error had never …