FS 030 AASB 101 Presentation of financial statementsPublished 21 July 2020 |1FS 030 /21 JULY 2020 AASB 101 Presentation of Financial Statements This standard sets out the overall requirements for the presentation of general purpose financial statements (financial statements), guidelines for their structure and minimum requirements for their content. This ensures comparability with both an entity’s financial statements of previous reporting periods and with the financial statements of other entities. What is included in a set of financial statements under the Standard and the RO Act? Components of a set of financial statements Under AASB 101 a complete set of financial statements includes the following: Statement of financial position Statement of profit or loss and other comprehensive income Statement of cash flows (refer to AASB 107 Statement of Cash Flows) Statement of changes in equity Notes comprising significant accounting policies and other explanations Third statement of financial position and associated notes (where required) Thereporting guidelinesfor the purposes of section 253 of the Fair Work (Registered Organisations) Act 2009 (RO Act) specify that the following statements are to form part of a reporting unit’s financial statements: Remember that the committee of management statement, subsection 255(2A) report and, if applicable, the officer declaration statement all form part of the auditor’s scope andmustbe audited each financial year.
