BC105C The Board decided that Disclosure Initiative (Amendments to IAS 1) should be applied for annual periods beginning on or after 1 January 2016 with early application permitted.
BC105D The Board noted that these amendments clarify existing requirements in IAS 1. They provide additional guidance to assist entities to apply judgement when meeting the presentation and disclosure requirements in IFRS. These amendments do not affect recognition and measurement. They should not result in the reassessment of the judgements about presentation and disclosure made in periods prior to the application of these amendments.
BC105E Paragraph 38 of IAS 1 requires an entity to present comparative information for all amounts reported in the current period financial statements and for narrative or descriptive information ‘if it is relevant to understanding the current period’s financial statements’. If an entity alters the order of the notes or the information presented or disclosed compared to
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