{"id":"F2024L01481","name":"Accounting Standard AASB 2024-4 Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128","slug":"accounting-standard-aasb-2024-4-amendments-to-australian-accounting-standards-effective-date-of-amen","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":105467,"registerId":"commonwealth-F2024L01481-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"Obtaining a copy of this Accounting Stan","sectionType":"part","heading":"Obtaining a copy of this Accounting Standard","content":"# Obtaining a copy of this Accounting Standard\n\nThis Standard is available on the AASB website: www.aasb.gov.au.\n\nAustralian Accounting Standards Board\n\nPO Box 204\n\nCollins Street West\n\nVictoria 8007\n\nAUSTRALIA\n\nPhone: (03) 9617 7600\n\nE-mail: standard@aasb.gov.au\n\nWebsite: www.aasb.gov.au","sortOrder":0},{"sectionNumber":"Other enquiries","sectionType":"part","heading":"Other enquiries","content":"# Other enquiries\n\nPhone: (03) 9617 7600\n\nE-mail: standard@aasb.gov.au\n\nCOPYRIGHT\n\n© Commonwealth of Australia 2024\n\nThis AASB Standard contains IFRS Foundation copyright material. Reproduction within Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use subject to the inclusion of an acknowledgment of the source. Requests and enquiries concerning reproduction and rights for commercial purposes within Australia should be addressed to The Managing Director, Australian Accounting Standards Board, PO Box 204, Collins Street West, Victoria 8007.\n\nAll existing rights in this material are reserved outside Australia. Reproduction outside Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use only. Further information and requests for authorisation to reproduce IFRS Foundation copyright material for commercial purposes outside Australia should be addressed to the IFRS Foundation at www.ifrs.org.\n\nISSN 1036-4803","sortOrder":1},{"sectionNumber":"Contents","sectionType":"part","heading":"Contents","content":"# Contents\n\nPreface\n\nAccounting Standard  \nAASB 2024-4 Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128\n\nfrom paragraph\n\nObjective 1\n\nApplication 2\n\nAMENDMENTS TO AASB 10 6\n\nAMENDMENTS TO AASB 128 9\n\nCOMMENCEMENT OF THE LEGISLATIVE INSTRUMENT 12\n\nAustralian Accounting Standard AASB 2024-4 Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128 is set out in paragraphs 1–12. All the paragraphs have equal authority.","sortOrder":2},{"sectionNumber":"Preface","sectionType":"part","heading":"Preface","content":"# Preface\n\n## Standards amended by AASB 2024-4\n\nThis Standard makes amendments to AASB 10 Consolidated Financial Statements (July 2015) and AASB 128 Investments in Associates and Joint Ventures (August 2015).\n\nThese amendments relate to International Financial Reporting Standard Effective Date of Amendments to IFRS 10 and IAS 28, issued by the International Accounting Standards Board (IASB) in December 2015.\n\n## Main features of this Standard\n\nMain requirements\n\nThis Standard defers the mandatory effective date (application date) of amendments to AASB 10 and AASB 128 that were originally made in AASB 2014-10 Amendments to Australian Accounting Standards – Sale or Contribution of Assets between an Investor and its Associate or Joint Venture so that the amendments are required to be applied for annual reporting periods beginning on or after 1 January 2028 instead of 1 January 2025.\n\nThe amendments in AASB 2014-10 originally applied to annual reporting periods beginning on or after 1 January 2016, but were later deferred by the IASB indefinitely. Due to legal requirements, the AASB is unable to defer the amendments indefinitely, and instead deferred the amendments to apply to annual reporting periods beginning on or after 1 January 2018 through AASB 2015-10 Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128. The amendments were further deferred to apply to annual periods beginning on or after 1 January 2022 through AASB 2017-5 Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128 and Editorial Corrections and then again to annual reporting periods beginning on or after 1 January 2025 through AASB 2021-7 Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128 and Editorial Corrections.\n\nAs the IASB’s amendments continue to be deferred indefinitely, this Standard further defers the amendments to annual reporting periods beginning on or after 1 January 2028. Consistent with the IASB’s approach, the amendments can still be applied by an entity in advance of this new mandatory application date.\n\nApplication date\n\nThis Standard applies to annual periods beginning on or after 1 January 2025, being the date from which the amendments to AASB 10 and AASB 128 were previously to apply mandatorily. Earlier application is permitted.","sortOrder":3},{"sectionNumber":"Standards amended by AASB 2024-4","sectionType":"part","heading":"Standards amended by AASB 2024-4","content":"## Standards amended by AASB 2024-4\n\nThis Standard makes amendments to AASB 10 Consolidated Financial Statements (July 2015) and AASB 128 Investments in Associates and Joint Ventures (August 2015).\n\nThese amendments relate to International Financial Reporting Standard Effective Date of Amendments to IFRS 10 and IAS 28, issued by the International Accounting Standards Board (IASB) in December 2015.","sortOrder":4},{"sectionNumber":"Main features of this Standard","sectionType":"part","heading":"Main features of this Standard","content":"## Main features of this Standard\n\nMain requirements\n\nThis Standard defers the mandatory effective date (application date) of amendments to AASB 10 and AASB 128 that were originally made in AASB 2014-10 Amendments to Australian Accounting Standards – Sale or Contribution of Assets between an Investor and its Associate or Joint Venture so that the amendments are required to be applied for annual reporting periods beginning on or after 1 January 2028 instead of 1 January 2025.\n\nThe amendments in AASB 2014-10 originally applied to annual reporting periods beginning on or after 1 January 2016, but were later deferred by the IASB indefinitely. Due to legal requirements, the AASB is unable to defer the amendments indefinitely, and instead deferred the amendments to apply to annual reporting periods beginning on or after 1 January 2018 through AASB 2015-10 Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128. The amendments were further deferred to apply to annual periods beginning on or after 1 January 2022 through AASB 2017-5 Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128 and Editorial Corrections and then again to annual reporting periods beginning on or after 1 January 2025 through AASB 2021-7 Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128 and Editorial Corrections.\n\nAs the IASB’s amendments continue to be deferred indefinitely, this Standard further defers the amendments to annual reporting periods beginning on or after 1 January 2028. Consistent with the IASB’s approach, the amendments can still be applied by an entity in advance of this new mandatory application date.\n\nApplication date\n\nThis Standard applies to annual periods beginning on or after 1 January 2025, being the date from which the amendments to AASB 10 and AASB 128 were previously to apply mandatorily. Earlier application is permitted.","sortOrder":5},{"sectionNumber":"Accounting Standard AASB 2024-4","sectionType":"part","heading":"Accounting Standard AASB 2024-4","content":"# Accounting Standard AASB 2024-4\n\nThe Australian Accounting Standards Board makes Accounting Standard AASB 2024-4 Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128 under section 334 of the Corporations Act 2001.\n\nKeith Kendall\n\nDated 7 November 2024 Chair – AASB","sortOrder":6},{"sectionNumber":"Objective","sectionType":"part","heading":"Objective","content":"## Objective\n\n1 This Standard amends AASB 10 Consolidated Financial Statements (July 2015) and AASB 128 Investments in Associates and Joint Ventures (August 2015) to defer the application of previous amendments relating to the sale or contribution of assets between an investor and its associate or joint venture as the continuing consequence of International Financial Reporting Standard Effective Date of Amendments to IFRS 10 and IAS 28, issued by the International Accounting Standards Board in December 2015.","sortOrder":8},{"sectionNumber":"Application","sectionType":"part","heading":"Application","content":"## Application\n\n2 The amendments set out in this Standard apply to entities and financial statements in accordance with the application of AASB 10 and AASB 128 set out in AASB 1057 Application of Australian Accounting Standards.\n\n3 This Standard applies to annual periods beginning on or after 1 January 2025.\n\n4 This Standard may be applied to annual reporting periods beginning before 1 January 2025. When an entity applies this Standard to such an annual period, it shall disclose that fact.\n\n5 This Standard uses underlining, striking out and other typographical material to identify some of the amendments to AASB 10 and AASB 128 in order to make the amendments more understandable. However, the amendments made by this Standard do not include that underlining, striking out or other typographical material. Amended paragraphs are shown with deleted text struck through and new text underlined. Ellipses (…) are used to help provide the context within which amendments are made and also to indicate text that is not amended.","sortOrder":9},{"sectionNumber":"Amendments to AASB 10","sectionType":"part","heading":"Amendments to AASB 10","content":"## Amendments to AASB 10\n\n6 The amendments originally set out in paragraphs 8–10 of AASB 2014-10 Amendments to Australian Accounting Standards – Sale or Contribution of Assets between an Investor and its Associate or Joint Venture are reversed from AASB 10 (July 2015) for annual periods beginning on or after 1 January 2025 but before 1 January 2028. However, the amendments may be applied to annual periods beginning on or after 1 January 2014 but before 1 January 2028 when applying AASB 10 (July 2015).\n\n7 The following amendment to AASB 10 (July 2015) applies to annual periods beginning on or after 1 January 2025, with earlier application permitted.\n\n8 In Appendix C, paragraph C1C is amended as follows:\n\nC1C AASB 2014-10 Amendments to Australian Accounting Standards – Sale or Contribution of Assets between an Investor and its Associate or Joint Venture, issued in December 2014, in conjunction with AASB 2015-10 Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128, AASB 2017-5 Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128 and Editorial Corrections, and AASB 2021-7 Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128 and Editorial Corrections, and AASB 2024-4 Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128, amended paragraphs 25–26 and added paragraph B99A. An entity shall apply those amendments prospectively to transactions occurring in annual periods beginning on or after 1 January 2025 2028. Earlier application is permitted. If an entity applies those amendments earlier, it shall disclose that fact.","sortOrder":10},{"sectionNumber":"Amendments to AASB 128","sectionType":"part","heading":"Amendments to AASB 128","content":"## Amendments to AASB 128\n\n9 The amendments originally set out in paragraph 11 of AASB 2014-10 are reversed from AASB 128 (August 2015) for annual periods beginning on or after 1 January 2025 but before 1 January 2028. However, the amendments may be applied to annual periods beginning on or after 1 January 2014 but before 1 January 2028 when applying AASB 128 (August 2015).\n\n10 The following amendment to AASB 128 (August 2015) applies to annual periods beginning on or after 1 January 2025, with earlier application permitted.\n\n11 Paragraph 45C is amended as follows:\n\n45C AASB 2014-10 Amendments to Australian Accounting Standards – Sale or Contribution of Assets between an Investor and its Associate or Joint Venture, issued in December 2014, in conjunction with AASB 2015-10 Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128, AASB 2017-5 Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128 and Editorial Corrections, and AASB 2021-7 Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128 and Editorial Corrections, and AASB 2024-4 Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128, amended paragraphs 28 and 30 and added paragraphs 31A–31B. An entity shall apply those amendments prospectively to the sale or contribution of assets occurring in annual periods beginning on or after 1 January 2025 2028. Earlier application is permitted. If an entity applies those amendments earlier, it shall disclose that fact.","sortOrder":11},{"sectionNumber":"Commencement of the legislative instrume","sectionType":"part","heading":"Commencement of the legislative instrument","content":"## Commencement of the legislative instrument\n\n12 For legal purposes, this legislative instrument commences on 31 December 2024.","sortOrder":12}],"analysis":{"flash_summary":{"complexity_score":4,"scope_assessment":{"changed":false,"description":"The Standard does not alter the substantive accounting rules in AASB 10 or AASB 128; it only changes the mandatory application timing—deferring the mandatory effective date to 1 January 2028 while permitting earlier application—and reverses prior mandatory application for particular interim periods (paras 1, 6–11; para 12 for commencement)."},"complexity_factors":["Multiple prior deferrals and cross‑references to AASB 2014-10, AASB 2015-10, AASB 2017-5 and AASB 2021-7 (Preface; paras 1, 6–11).","Layered effective‑date rules and prospective application windows with permissions for earlier application (paras 6–11).","Partial reversals of earlier amendments for specific annual periods (paras 6, 9).","Domestic legal constraint noted (AASB cannot defer indefinitely) which shapes timing choice (Preface/Main features).","Formatting/typographical distinction between marked-up text and operative amendments (para 5).","Separate legal commencement date that differs from the deferred application date (para 12)."],"plain_english_summary":"This Standard defers the mandatory effective date of prior amendments to AASB 10 and AASB 128 (about sale or contribution of assets between an investor and its associate or joint venture) from 1 January 2025 to 1 January 2028. Entities may apply the amendments earlier if they choose.\n\nIt affects entities preparing consolidated financial statements or reporting investments in associates/joint ventures, and is relevant to preparers, auditors and users because it delays when the changed accounting treatment must be applied (paras 1, 6–11)."},"flash_summary_failed":{"failed":true,"reason":"Unauthenticated. Configure AI_GATEWAY_API_KEY or use a provider module. Learn more: https://ai-sdk.dev/unauthenticated-ai-gateway","source":"analysis-cron"},"kimi_summary":{"content_quality":"ok","complexity_score":4,"scope_assessment":{"changed":false,"description":"This standard maintains its original narrow purpose: deferring the effective date of specific accounting amendments. While it references multiple previous deferral standards, it has not expanded beyond its original intent of managing the timing of application for the 2014 asset transfer rules."},"complexity_factors":["Multiple layers of historical amendments referenced (AASB 2014-10, 2015-10, 2017-5, 2021-7, and now 2024-4)","Complex effective date mechanics with overlapping periods (reversal of amendments for 2025-2027, but optional application from 2014)","Cross-references to two other accounting standards (AASB 10 and AASB 128) and AASB 1057","Conditional application logic: mandatory vs. optional application depending on reporting period","Technical accounting terminology (prospective application, annual reporting periods, consolidated financial statements)","Only 12 operative paragraphs, but heavy reliance on understanding the history of the amendments"],"plain_english_summary":"The standard defers mandatory application of the 2014 related‑party transaction accounting rules for parent-to-associate/joint‑venture transfers from 1 Jan 2025 to 1 Jan 2028. It mainly affects groups preparing consolidated financial statements, entities with associates or JVs, and their auditors. Early adoption remains allowed (with disclosure). The delay keeps Australian timing aligned with the IASB’s ongoing work and prevents imposing stricter requirements on Australian companies ahead of international peers."}},"importantCases":[],"_links":{"self":"/api/acts/accounting-standard-aasb-2024-4-amendments-to-australian-accounting-standards-effective-date-of-amen","history":"/api/acts/accounting-standard-aasb-2024-4-amendments-to-australian-accounting-standards-effective-date-of-amen/history","analysis":"/api/acts/accounting-standard-aasb-2024-4-amendments-to-australian-accounting-standards-effective-date-of-amen/analysis","conflicts":"/api/acts/accounting-standard-aasb-2024-4-amendments-to-australian-accounting-standards-effective-date-of-amen/conflicts","importantCases":"/api/acts/accounting-standard-aasb-2024-4-amendments-to-australian-accounting-standards-effective-date-of-amen/important-cases","documents":"/api/acts/accounting-standard-aasb-2024-4-amendments-to-australian-accounting-standards-effective-date-of-amen/documents"}}