322 definitions found
AASB 108
Definition
5[4]
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 …
AASB 108
Definition
5[5]
Retrospective application is applying a new accounting policy to transactions, other events and conditions as if that policy had always been …
AASB 108
Definition
5[6]
Retrospective restatement is correcting the recognition, measurement and disclosure of amounts of elements of financial statements as if a prior period error had never …
AASB 108
Definition
5[7]
Impracticable Applying a requirement is impracticable when the entity cannot apply it after making every reasonable effort to do so. For a particular prior period, it is impracticable to apply a change in an accounting policy retrospectively or to make a …
AASB 108
Definition
5[8]
Prospective application of a change in accounting policy and of recognising the effect of a change in an accounting estimate, respectively, are: (a) applying the new accounting policy to transactions, other events and conditions occurring after the date …
Conceptual Framework
Definition
[1]
The adding together of assets, liabilities, equity, income or expenses that have shared characteristics and are included in the same classification. …
Conceptual Framework
Definition
[2]
A present economic resource controlled by the entity as a result of past events. CF.4.3 …
Conceptual Framework
Definition
[3]
The amount at which an asset, a liability or equity is recognised in the statement of financial position. CF.5.1 …