Wednesday, August 4, 2021
ED 312 proposes further amendments that would require entities to disclose material accounting policy information rather than significant accounting policies.
The amendments proposed to:
are consistent with amendments already made to a number of other Australian Accounting Standards by AASB 2021-2 Amendments to Australian Accounting Standards – Disclosure of Accounting Policies and Definition of Accounting Estimates.
The proposed amendments are necessary to ensure there is consistency in the terminology used in Australian Accounting Standards to minimise the risk of interpretation and application differences.