256 paragraphs found in PS 2
This AASB Practice Statement 2 Making Materiality Judgements (Practice Statement) provides reporting entities with non‑mandatory guidance on making materiality judgements when preparing general purpose financial statements in accordance with Australian …
AusCF paragraphs and footnotes included in this Practice Statement apply only to: (a) not-for-profit entities; and (b) for-profit entities that are not applying the Conceptual Framework for Financial Reporting . Such entities are referred …
The guidance may also help other parties involved in financial reporting to understand how an entity makes materiality judgements when preparing such financial …
The Practice Statement is applicable when preparing financial statements in accordance with Australian Accounting Standards. It is applicable for all reporting entities including those in the not-for-profit private and public …
The Practice Statement provides non‑mandatory guidance; therefore, its application is not required to state compliance with Australian Accounting Standards or IFRS …
The Conceptual Framework for Financial Reporting as identified in AASB 1048 Interpretation of Standards (the Conceptual Framework ) provides the following definition of material information ( paragraph 7 of AASB 101 Presentation of Financial Statements …
Notwithstanding paragraph 5 , in respect of AusCF entities, the Framework for the Preparation and Presentation of Financial Statements as identified in AASB 1048 Interpretation of Standards (the Framework ) provides the following definition of material …
When making materiality judgements, an entity needs to take into account how information could reasonably be expected to influence the primary users of its financial statements—its primary users—when they make decisions [3] on the basis of those …
The objective of financial statements is to provide financial information about a reporting entity that is useful to existing and potential investors, lenders and other creditors in making decisions about providing resources to the entity. [5] , [ AusCF5 …
See paragraph 7 of AASB 101 Presentation of Financial Statements . …