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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 …

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 …

Borrowing costs are interest and other costs that an entity incurs in connection with the borrowing of funds. …

A qualifying asset is an asset that necessarily takes a substantial period of time to get ready for its intended use or sale. …

Events after the reporting period are those events, favourable and unfavourable, that occur between the end of the reporting period and the date when the financial statements are authorised for issue. Two types of events can be identified: (a) those that …

Government refers to government, government agencies and similar bodies whether local, national or international. …