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Change in accounting policy note

Accountants Enterprise in Australia only

An entity that adopts AIFRS in its entirety must be set as a reporting entity and has exemptions available under AASB 1: First-time Adoption of Australian Equivalents to International Financial Reporting Standards. The impact of adopting these exemptions will be represented in the Change in Accounting Policy note.

The specific exemptions available are related to the standards:

  • AASB 132: Financial Instruments: Disclosure and Presentation

  • AASB 139: Financial Instruments: Recognition and Measurement

  • AASB 9: Financial Instruments (reporting companies and associations only)

  • AASB 15: Revenue Contracts with Customers (reporting companies and associations only).

AASB 132 and AASB 139

These standards allow the disclosure of the financial impact on inventory and available-for-sale financial assets.

For the printing of the Change in Accounting Policy note for either of these scenarios, enter details of disclosures in the either of the following Database Map items listed.


Database Map table




Enter the adjustments available for the sale of financial assets due to the adoption of the exemptions.


Enter the adjustments in inventory due to the adoption of the exemptions.

Alternatively, if AIFRS has not been adopted in its entirety, the changes due to the adoption of the selected policies can still be disclosed in the Change in Accounting Policy note. This can be achieved by entering details for the following Database Map items.


Database Map table




Enter the name and details of the change in policy.


Enter the adjustments in financial items due to the change in policy.

In addition, notes to the adjustments due to the adoption of selected AIFRS policies can be entered in the same Database Map tables as for the First-time Adoption of AIFRS. These notes will be subsequently printed in the Reconciliation of Equity, Reconciliation of Profit and Loss formats.

AASB 9 and AASB 15

Reporting companies and associations only.

To enter the required information for the Change in accounting policy, go to Non-Transaction Data > Notes > ChangeInAccountingPolicy > ChangeGeneral.

Ensure AASB9 or AASB15 is enabled: go to Non-Transaction Data > Notes > AccountingStandards > AccountingStandardsAASB9_and_AASB15_Adoption, choose AASB9 or AASB15 and select Yes

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