49 paragraphs found in SAC 1
This Statement may be cited as Statement of Accounting Concepts SAC 1 “Definition of the Reporting Entity”. …
This Statement applies to each reporting entity in relation to its first reporting period that ends on or after 31 August 1990, and in relation to subsequent reporting periods. [Note: For application dates of paragraphs changed or added by an amending …
This Statement does not apply in relation to reporting periods beginning on or after 1 July 2021 to: (a) for-profit private sector entities that are required by legislation to prepare financial statements that comply with either Australian …
If an entity identified in paragraph 2A elects to apply the Conceptual Framework for Financial Reporting to an annual reporting period prior to its mandatory application for the entity, the entity shall not apply this Statement to that …
The purpose of this Statement is to define and explain the concept of a reporting entity and to establish a benchmark for the minimum required quality of financial reporting for such an entity. [1] This Statement outlines the circumstances in which an …
In the Discussion section of this Statement, the term “entity” should be read as referring also to an economic entity, except where the narrower meaning of the term is …
In relation to the benchmark for the minimum required quality of financial reporting, this Statement specifies that reporting entities shall prepare general purpose financial reports and that these are reports which comply with Statements of Accounting …
This Statement does not consider techniques of accounting for and the method of presentation of financial information about a reporting entity. Such considerations are included in Accounting …
“control” means the capacity of an entity to dominate decision-making, directly or indirectly, in relation to the financial and operating policies of another entity so as to enable that other entity to operate with it in achieving the objectives of the …