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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 …

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 …

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The smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of …

Operations and cash flows that can be clearly distinguished, operationally and for financial reporting purposes, from the rest of the …