Revised AASB - - PDF document

TA ALERT 2008-08 JULY 2008

All TA Alerts can be found on the National Extranet (www.gtassist.com.au/extranet) under Professional Services/Assurance/Forms and Precedents/Technical Assistance for Grant Thornton staff only and the Grant Thornton website (www.grantthornton.com.au) under Publications/IFRS and technical resources. This Alert is not a comprehensive analysis of the subject matter covered and is not intended to provide accounting advice. All relevant facts and circumstances, including the pertinent authoritative literature, need to be considered to arrive at accounting decisions that comply with matters addressed in this Alert. Grant Thornton Australia Limited is a member firm within Grant Thornton International Ltd. Grant Thornton International Ltd and the member firms are not a worldwide partnership. Grant Thornton Australia Limited, together with its subsidiaries and related entities, delivers its services independently in Australia.

Liability limited by a scheme approved under Professional Standards Legislation.

• Revised AASB 101 Presentation of Financial Statement
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TA ALERT 2008-08 JULY 2008

Illustrations:

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Revenue from continuing operations 100 Other income 20 Raw materials and consumables used (35) Employee benefits expense (25) Depreciation and amortisation expense (10) Impairment of goodwill (2) Other expenses (12) Finance costs (5) Profit before income tax 31 Income tax expense (9) Profit from continuing operations 22 Profit for the year 22 Other comprehensive Income Gain on revaluation of land and buildings 10 Fair value movements on available-for-sale financial assets (6) Income tax relating to components of other comprehensive income (2) Other comprehensive income for the year, after tax 2 Total comprehensive income for the year 24

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2009 ($m) Revenue from continuing operations 100 Other income 20 Raw materials and consumables used (35) Employee benefits expense (25) Depreciation and amortisation expense (10) Impairment of goodwill (2) Other expenses (12) Finance costs (5) Profit before income tax 31 Income tax expense (9) Profit form continuing operations 22 Profit for the year 22

TA ALERT 2008-08 JULY 2008

All TA Alerts can be found on the National Extranet (www.gtassist.com.au/extranet) under Professional Services/Assurance/Forms and Precedents/Technical Assistance for Grant Thornton staff only and the Grant Thornton website (www.grantthornton.com.au) under Publications/IFRS and technical resources. This Alert is not a comprehensive analysis of the subject matter covered and is not intended to provide accounting advice. All relevant facts and circumstances, including the pertinent authoritative literature, need to be considered to arrive at accounting decisions that comply with matters addressed in this Alert. Grant Thornton Australia Limited is a member firm within Grant Thornton International Ltd. Grant Thornton International Ltd and the member firms are not a worldwide partnership. Grant Thornton Australia Limited, together with its subsidiaries and related entities, delivers its services independently in Australia.

Liability limited by a scheme approved under Professional Standards Legislation.

• Statement of Comprehensive Income1

2009 ($m) Profit for the year 22 Other comprehensive income Gain on revaluation of land and buildings 10 Fair value movements on available-for-sale financial assets (6) Income tax relating to components of other comprehensive income (2) Other comprehensive income for the year, after tax 2 Total comprehensive income for the year 24

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