To help inform users of financial statements about the change to IFRSs, AASB 1047 requires disclosure of:
- any known or reliably estimable information about the quantified impacts on the financial report had it been prepared using IFRSs; or
- if such impacts are not known or reliably estimable, a statement to that effect. In this case AASB 1047, suggests that entities should also update their disclosures made in 2004 about the management of the transition to IFRSs and the explanation of the key differences in accounting policies expected to arise.
To the extent that an entity knows or is able to reliably estimate the quantitative impact of some, but not all of the key accounting policy changes, ASIC believes that disclosure should comprise the quantified impacts of those accounting policy changes that can be reliably estimated and a narrative explanation of any unquantifiable items. Click to download