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COPYRIGHT

© 2015 Commonwealth of Australia

This compiled 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 Director of Finance and Administration, Australian Accounting Standards Board, PO Box 204, Collins Street West, Victoria 8007.

All 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 for commercial purposes outside Australia should be addressed to the IFRS Foundation at www.ifrs.org.

CONTENTS

COMPILATION DETAILS

Comparison with IFRS 1

Accounting Standard

AASB 1 First-time Adoption of Australian Accounting Standards

Paragraphs

Objective 1

Application Aus1.1 – Aus1.5

Reduced disclosure requirements Aus1.6 – Aus1.8

Scope 2 – 5

Recognition and measurement

Opening Australian-Accounting-Standards statement of financial position 6

Accounting policies 7 – 12

Exceptions to the retrospective application of other Australian Accounting Standards 13

Estimates 14 – 17

Exemptions from other Australian Accounting Standards 18

Presentation and disclosure 20

Comparative information 21 – RDR21.1

Non-Australian-Accounting-Standards comparative information and historical summaries 22

Explanation of transition to Australian Accounting Standards 23 – 23B

Reconciliations 24 – 28

Designation of financial assets or financial liabilities 29 – 29A

Use of fair value as deemed cost 30

Use of deemed cost for investments in subsidiaries, joint ventures and associates 31

Use of deemed cost for oil and gas assets 31A

Use of deemed cost for operations subject to rate regulation 31B

Use of deemed cost after severe hyperinflation 31C

Interim financial reports 32 – 33

Effective date 34 – 39AA

Appendices:

A. Defined terms Page 20

B. Exceptions to the retrospective application of other Australian Accounting Standards Page 21

C. Exemptions for business combinations Page 24

D. Exemptions from other Australian Accounting Standards Page 27

E. Short-term exemptions from Australian Accounting Standards Page 33

DELETED IFRS 1 TEXT Page 35

IMPLEMENTATION GUIDANCE ON IFRS 1
(available on the AASB website)

BASIS FOR CONCLUSIONS ON IFRS 1
(available on the AASB website)

TABLE OF CONCORDANCE FOR IFRS 1
(available on the AASB website)

Australian Accounting Standard AASB 1 First-time Adoption of Australian Accounting Standards (as amended) is set out in paragraphs 1 – 39AA and Appendices A – E. All the paragraphs have equal authority. Paragraphs in bold type state the main principles. AASB 1 is to be read in the context of other Australian Accounting Standards, including AASB 1048 Interpretation of Standards, which identifies the Australian Accounting Interpretations. In the absence of explicit guidance, AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies.

compilation details

Accounting Standard AASB 1 First-time Adoption of Australian Accounting Standards as amended

This compiled Standard applies to annual reporting periods beginning on or after 1 January 2018. It takes into account amendments up to and including 21 January 2015 and was prepared on 20 March 2015 by the staff of the Australian Accounting Standards Board (AASB).

This compilation is not a separate Accounting Standard made by the AASB. Instead, it is a representation of AASB 1 (May 2009) as amended by other Accounting Standards, which are listed in the Table below.

Table of Standards

<table cellspacing="0" cellpadding="0" style="width:322.8pt; border-collapse:collapse"><tbody><tr><td style="width:67.1pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p class="NoNumBold1"><span>Standard</span></p></td><td style="width:59.05pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p class="NoNumBold1"><span>Date made</span></p></td><td style="width:114.7pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p class="NoNumBold1"><span>Application date</span><br><span style="font-style:italic">(annual reporting periods … on or after …)</span></p></td><td colspan="2" style="width:58.4pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p class="NoNumBold1"><span>Application, saving or transitional provisions</span></p></td></tr><tr><td style="width:67.1pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>AASB </span><span>1</span></p></td><td style="width:59.05pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>21 May 2009</span></p></td><td style="width:114.7pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span style="font-style:italic">(beginning)</span><span> 1 Jul 2009</span></p></td><td colspan="2" style="width:58.4pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>see (a) below</span></p></td></tr><tr><td style="width:67.1pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>AASB 2009-9</span></p></td><td style="width:59.05pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>24 Sep 2009</span></p></td><td style="width:114.7pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span style="font-style:italic">(beginning)</span><span> 1 Jan 2010</span></p></td><td colspan="2" style="width:58.4pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>see (b) below</span></p></td></tr><tr><td style="width:67.1pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>AASB 2009-11</span></p></td><td style="width:59.05pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>7 Dec 2009</span></p></td><td style="width:114.7pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span style="font-style:italic">(beginning)</span><span> 1 Jan 201</span><span>8</span></p></td><td colspan="2" style="width:58.4pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>see (c) below</span></p></td></tr><tr><td style="width:67.1pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>AASB 2009-13</span></p></td><td style="width:59.05pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>21 Dec 2009</span></p></td><td style="width:114.7pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span style="font-style:italic">(beginning)</span><span> 1 Jul 2010</span></p></td><td colspan="2" style="width:58.4pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>see (d</span><span>) below</span></p></td></tr><tr><td style="width:67.1pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>AASB 2010-1</span></p></td><td style="width:59.05pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>3 Feb 2010</span></p></td><td style="width:114.7pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span style="font-style:italic">(beginning)</span><span> 1 Jul 2010</span></p></td><td colspan="2" style="width:58.4pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>see (e</span><span>) below</span></p></td></tr><tr><td style="width:67.1pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>AASB 2010-4</span></p></td><td style="width:59.05pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>23 Jun 2010</span></p></td><td style="width:114.7pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span style="font-style:italic">(beginning)</span><span> 1 Jan 2011</span></p></td><td colspan="2" style="width:58.4pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>see (f</span><span>) below</span></p></td></tr><tr><td style="width:67.1pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>AASB 2010-2</span></p></td><td style="width:59.05pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>30 Jun 2010</span></p></td><td style="width:114.7pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span style="font-style:italic">(beginning)</span><span> 1 Jul 2013</span></p></td><td colspan="2" style="width:58.4pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>see (g</span><span>) below</span></p></td></tr><tr><td style="width:67.1pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>AASB 2010-5</span></p></td><td style="width:59.05pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>27 Oct 2010</span></p></td><td style="width:114.7pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span style="font-style:italic">(beginning)</span><span> 1 Jan 2011</span></p></td><td colspan="2" style="width:58.4pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>see (f</span><span>) below</span></p></td></tr><tr><td style="width:67.1pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>AASB 2010-6</span></p></td><td style="width:59.05pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>8 Nov 2010</span></p></td><td style="width:114.7pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span style="font-style:italic">(beginning)</span><span> 1 Jul 2011</span></p></td><td colspan="2" style="width:58.4pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>see (</span><span>h</span><span>) below</span></p></td></tr><tr><td style="width:67.1pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>AASB 2010-7</span></p></td><td style="width:59.05pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>6 Dec 2010</span></p></td><td style="width:114.7pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span style="font-style:italic">(beginning)</span><span> 1 Jan 201</span><span>8</span></p></td><td colspan="2" style="width:58.4pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>see (i) below</span></p></td></tr><tr><td style="width:67.1pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>AASB 2010-9</span></p></td><td style="width:59.05pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>31 Dec 2010</span></p></td><td style="width:114.7pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span style="font-style:italic">(beginning)</span><span> 1 Jul 2011</span></p></td><td colspan="2" style="width:58.4pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>see (</span><span>h</span><span>) below</span></p></td></tr><tr><td style="width:67.1pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>AASB 2011-1</span></p></td><td style="width:59.05pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>11 May 2011</span></p></td><td style="width:114.7pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span style="font-style:italic">(beginning)</span><span> 1 Jul 2011</span></p></td><td colspan="2" style="width:58.4pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>see (</span><span>j</span><span>) below</span></p></td></tr><tr><td style="width:67.1pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>AASB 2011-7</span></p></td><td style="width:59.05pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>29 Aug 2011</span></p></td><td style="width:114.7pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span style="font-style:italic">(beginning)</span><span> 1 Jan 2013</span></p></td><td colspan="2" style="width:58.4pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>see (</span><span>k</span><span>) below</span></p></td></tr><tr><td style="width:67.1pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>AASB 2011-8</span></p></td><td style="width:59.05pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>2</span><span> Sep 201</span><span>1</span></p></td><td style="width:114.7pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span style="font-style:italic">(beginning)</span><span> 1 Jan 2013</span></p></td><td colspan="2" style="width:58.4pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>see (</span><span>l</span><span>) below</span></p></td></tr><tr><td style="width:67.1pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>AASB 2011-9</span></p></td><td style="width:59.05pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>5 Sep 2011</span></p></td><td style="width:114.7pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span style="font-style:italic">(beginning)</span><span> 1 J</span><span>ul</span><span> 2012</span></p></td><td colspan="2" style="width:58.4pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>see (</span><span>m</span><span>) below</span></p></td></tr><tr><td style="width:67.1pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>AASB 2011-10</span></p></td><td style="width:59.05pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>5 Sep 2011</span></p></td><td style="width:114.7pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span style="font-style:italic">(beginning)</span><span> 1 Jan 2013</span></p></td><td colspan="2" style="width:58.4pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>see (</span><span>n</span><span>) below</span></p></td></tr><tr><td style="width:67.1pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>AASB 2011-12</span></p></td><td style="width:59.05pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>14 Nov 2011</span></p></td><td style="width:114.7pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span style="font-style:italic">(beginning)</span><span> 1 Jan 2013</span></p></td><td colspan="2" style="width:58.4pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>see (</span><span>o</span><span>) below</span></p></td></tr><tr><td style="width:67.1pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>AASB 2012-4</span></p></td><td style="width:59.05pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>29 Jun 2012</span></p></td><td style="width:114.7pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span style="font-style:italic">(beginning)</span><span> 1 Jan 2013</span></p></td><td colspan="2" style="width:58.4pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>see (</span><span>p</span><span>) below</span></p></td></tr><tr><td style="width:67.1pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>AASB 2012-5</span></p></td><td style="width:59.05pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>29 Jun 2012</span></p></td><td style="width:114.7pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span style="font-style:italic">(beginning)</span><span> 1 Jan 2013</span></p></td><td colspan="2" style="width:58.4pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>see (</span><span>q</span><span>) below</span></p></td></tr><tr><td style="width:67.1pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>AASB 2012-10</span></p></td><td style="width:59.05pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>18 Dec 2012</span></p></td><td style="width:114.7pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span style="font-style:italic">(beginning)</span><span> 1 Jan 2013</span></p></td><td colspan="2" style="width:58.4pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>see (</span><span>p</span><span>) below</span></p></td></tr><tr><td style="width:67.1pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>AASB 2012-11</span></p></td><td style="width:59.05pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>18 Dec 2012</span></p></td><td style="width:114.7pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span style="font-style:italic">(beginning)</span><span> 1 Jul 2013</span></p></td><td colspan="2" style="width:58.4pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>see (g)</span><span> below</span></p></td></tr><tr><td style="width:67.1pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>AASB 2013-5</span></p></td><td style="width:59.05pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>14 Aug 2013</span></p></td><td style="width:114.7pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span style="font-style:italic">(beginning)</span><span> 1 </span><span>Jan</span><span> 2014</span></p></td><td colspan="2" style="width:58.4pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>see (r) below</span></p></td></tr><tr><td style="width:67.1pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>AASB 2013-9</span></p></td><td style="width:59.05pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>20 Dec 2013</span></p></td><td colspan="2" style="width:115pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>Pt B </span><span style="font-style:italic">(beginning)</span><span> 1 Jan 2014</span></p></td><td style="width:58.1pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>see (s) below</span></p></td></tr><tr><td style="width:67.1pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>AASB 2014-1</span></p></td><td style="width:59.05pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>4 Jun 2014</span></p></td><td style="width:114.7pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>Pt D </span><span style="font-style:italic">(beginning</span><span style="font-style:italic">)</span><span> 1 Jan 2016</span></p><p><span>Pt E </span><span style="font-style:italic">(beginning)</span><span> 1 Jan 201</span><span>8</span></p></td><td colspan="2" style="width:58.4pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>see (t</span><span>) below</span></p><p><span>see (u</span><span>) below</span></p></td></tr><tr><td style="width:67.1pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>AASB 2014-3</span></p></td><td style="width:59.05pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>11 Aug 2014</span></p></td><td style="width:114.7pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span style="font-style:italic">(beginning)</span><span> 1 Jan 2016</span></p></td><td colspan="2" style="width:58.4pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>see (v) below</span></p></td></tr><tr><td style="width:67.1pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>AASB 2014-5</span></p></td><td style="width:59.05pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>12 Dec 2014</span></p></td><td style="width:114.7pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span style="font-style:italic">(beginning)</span><span> 1 Jan 2017</span></p></td><td colspan="2" style="width:58.4pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>see (w) below</span></p></td></tr><tr><td style="width:67.1pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>AASB 2014-7</span></p></td><td style="width:59.05pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>17 Dec 2014</span></p></td><td style="width:114.7pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span style="font-style:italic">(beginning)</span><span> 1 Jan 2018</span></p></td><td colspan="2" style="width:58.4pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>see </span><span>(x</span><span>) below</span></p></td></tr><tr><td style="width:67.1pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>AASB 2014-9</span></p></td><td style="width:59.05pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>23 Dec 2014</span></p></td><td style="width:114.7pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span style="font-style:italic">(beginning)</span><span> 1 Jan 2016</span></p></td><td colspan="2" style="width:58.4pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>see (y) below</span></p></td></tr><tr><td style="width:67.1pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>AASB 2015-1</span></p></td><td style="width:59.05pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>21 Jan 2015</span></p></td><td style="width:114.7pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span style="font-style:italic">(beginning)</span><span> 1 Jan 2016</span></p></td><td colspan="2" style="width:58.4pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>see (z</span><span>) below</span></p></td></tr><tr style="height:0pt"><td style="width:72.8pt"></td><td style="width:64.75pt"></td><td style="width:120.4pt"></td><td style="width:0.3pt"></td><td style="width:63.8pt"></td></tr></tbody></table>

(a) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 July 2009.

(b) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2010.

(c) AASB 2009-11 has been amended by AASB 2010-10 (made 31 December 2010) and AASB 2012-6 (made 10 September 2012). Part E of AASB 2014-1 (made 4 June 2014) updated the application date of the amendments in this Standard to 1 January 2018.

Entities may elect to apply the amendments in this Standard to annual reporting periods ending on or after 31 December 2009 that begin before 1 January 2018, provided that AASB 9 (2009) Financial Instruments is also applied to such periods.

(d) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 July 2010, provided that Interpretation 19 Extinguishing Financial Liabilities with Equity Instruments is also applied to such periods.

(e) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 July 2010.

(f) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2011.

(g) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 July 2009 but before 1 July 2013, provided that AASB 1053 Application of Tiers of Australian Accounting Standards is also applied to such periods.

(h) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 July 2011.

(i) AASB 2010-7 has been amended by AASB 2010-10 (made 31 December 2010) and AASB 2012-6 (made 10 September 2012). Part E of AASB 2014-1 (made 4 June 2014) updated the application date of the amendments in this Standard to 1 January 2018.

Entities may elect to apply the amendments in this Standard as set out in paragraph 6 of AASB 2010-7.

(j) Entities may elect to apply this Standard, or its amendments to individual pronouncements, to annual reporting periods beginning on or after 1 January 2005 but before 1 July 2011, provided that AASB 1054 Australian Additional Disclosures is, or its relevant individual disclosure requirements are, also applied to such periods.

(k) AASB 2011-7 has been amended by AASB 2012-6 (made 10 September 2012) and AASB 2012-10 (made 18 December 2012). This Standard shall be applied when AASB 10 Consolidated Financial Statements and associated Standards are applied.

For-profit entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2013. The Standard applies for not-for-profit entities to annual reporting periods beginning on or after 1 January 2014. Not-for-profit entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2013 but before 1 January 2014. If an entity elects to apply this Standard to such annual reporting periods, it shall also apply AASB 10 Consolidated Financial Statements and associated Standards to such periods.

(l) AASB 2011-8 has been amended by AASB 2011-10 (made 5 September 2011) and AASB 2012-6 (made 10 September 2012).

Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2013, provided that AASB 13 Fair Value Measurement is also applied to such periods.

(m) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 July 2012.

(n) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2013, provided that AASB 119 Employee Benefits (September 2011) is also applied to such periods.

(o) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2013, provided that Interpretation 20 Stripping Costs in the Production Phase of a Surface Mine is also applied to such periods.

(p) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2013.

(q) Entities may elect to apply this Standard, or its amendments to individual pronouncements, to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2013.

(r) For-profit entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2014. Not-for-profit entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2013 but before 1 January 2014. If an entity elects to apply this Standard to such annual reporting periods, it shall also apply AASB 10 Consolidated Financial Statements and associated Standards to such periods.

(s) Early application of Part B of this Standard is not permitted.

(t) Entities may elect to apply Part D of this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2016.

(u) Entities may elect to apply Part E of this Standard to annual reporting periods ending on or after 31 December 2009 that begin before 1 January 2018, provided that AASB 9 Financial Instruments (2009) or AASB 9 Financial Instruments (2010) is also applied to such periods.

(v) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2016, provided that AASB 11 Joint Arrangements is also applied to such periods.

(w) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2017, provided that AASB 15 Revenue from Contracts with Customers is also applied to such periods.

(x) Entities may elect to apply this Standard to annual reporting periods beginning on or after 24 July 2014 but before 1 January 2018, provided that AASB 9 Financial Instruments (2014) is also applied to such periods.

(y) For-profit entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2016. Not-for-profit entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2013 but before 1 January 2016.

(z) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2016.

Table of Amendments

Accounting Standard AASB 1 First-time Adoption of Australian Accounting Standards as amended

This compiled Standard applies to annual reporting periods beginning on or after 1 January 2018. It takes into account amendments up to and including 21 January 2015 and was prepared on 20 March 2015 by the staff of the Australian Accounting Standards Board (AASB).

This compilation is not a separate Accounting Standard made by the AASB. Instead, it is a representation of AASB 1 (May 2009) as amended by other Accounting Standards, which are listed in the Table below.

Table of Standards

<table cellspacing="0" cellpadding="0" style="width:322.8pt; border-collapse:collapse"><tbody><tr><td style="width:67.1pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p class="NoNumBold1"><span>Standard</span></p></td><td style="width:59.05pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p class="NoNumBold1"><span>Date made</span></p></td><td style="width:114.7pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p class="NoNumBold1"><span>Application date</span><br><span style="font-style:italic">(annual reporting periods … on or after …)</span></p></td><td colspan="2" style="width:58.4pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p class="NoNumBold1"><span>Application, saving or transitional provisions</span></p></td></tr><tr><td style="width:67.1pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>AASB </span><span>1</span></p></td><td style="width:59.05pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>21 May 2009</span></p></td><td style="width:114.7pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span style="font-style:italic">(beginning)</span><span> 1 Jul 2009</span></p></td><td colspan="2" style="width:58.4pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>see (a) below</span></p></td></tr><tr><td style="width:67.1pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>AASB 2009-9</span></p></td><td style="width:59.05pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>24 Sep 2009</span></p></td><td style="width:114.7pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span style="font-style:italic">(beginning)</span><span> 1 Jan 2010</span></p></td><td colspan="2" style="width:58.4pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>see (b) below</span></p></td></tr><tr><td style="width:67.1pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>AASB 2009-11</span></p></td><td style="width:59.05pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>7 Dec 2009</span></p></td><td style="width:114.7pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span style="font-style:italic">(beginning)</span><span> 1 Jan 201</span><span>8</span></p></td><td colspan="2" style="width:58.4pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>see (c) below</span></p></td></tr><tr><td style="width:67.1pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>AASB 2009-13</span></p></td><td style="width:59.05pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>21 Dec 2009</span></p></td><td style="width:114.7pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span style="font-style:italic">(beginning)</span><span> 1 Jul 2010</span></p></td><td colspan="2" style="width:58.4pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>see (d</span><span>) below</span></p></td></tr><tr><td style="width:67.1pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>AASB 2010-1</span></p></td><td style="width:59.05pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>3 Feb 2010</span></p></td><td style="width:114.7pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span style="font-style:italic">(beginning)</span><span> 1 Jul 2010</span></p></td><td colspan="2" style="width:58.4pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>see (e</span><span>) below</span></p></td></tr><tr><td style="width:67.1pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>AASB 2010-4</span></p></td><td style="width:59.05pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>23 Jun 2010</span></p></td><td style="width:114.7pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span style="font-style:italic">(beginning)</span><span> 1 Jan 2011</span></p></td><td colspan="2" style="width:58.4pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>see (f</span><span>) below</span></p></td></tr><tr><td style="width:67.1pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>AASB 2010-2</span></p></td><td style="width:59.05pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>30 Jun 2010</span></p></td><td style="width:114.7pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span style="font-style:italic">(beginning)</span><span> 1 Jul 2013</span></p></td><td colspan="2" style="width:58.4pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>see (g</span><span>) below</span></p></td></tr><tr><td style="width:67.1pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>AASB 2010-5</span></p></td><td style="width:59.05pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>27 Oct 2010</span></p></td><td style="width:114.7pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span style="font-style:italic">(beginning)</span><span> 1 Jan 2011</span></p></td><td colspan="2" style="width:58.4pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>see (f</span><span>) below</span></p></td></tr><tr><td style="width:67.1pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>AASB 2010-6</span></p></td><td style="width:59.05pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>8 Nov 2010</span></p></td><td style="width:114.7pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span style="font-style:italic">(beginning)</span><span> 1 Jul 2011</span></p></td><td colspan="2" style="width:58.4pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>see (</span><span>h</span><span>) below</span></p></td></tr><tr><td style="width:67.1pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>AASB 2010-7</span></p></td><td style="width:59.05pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>6 Dec 2010</span></p></td><td style="width:114.7pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span style="font-style:italic">(beginning)</span><span> 1 Jan 201</span><span>8</span></p></td><td colspan="2" style="width:58.4pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>see (i) below</span></p></td></tr><tr><td style="width:67.1pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>AASB 2010-9</span></p></td><td style="width:59.05pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>31 Dec 2010</span></p></td><td style="width:114.7pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span style="font-style:italic">(beginning)</span><span> 1 Jul 2011</span></p></td><td colspan="2" style="width:58.4pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>see (</span><span>h</span><span>) below</span></p></td></tr><tr><td style="width:67.1pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>AASB 2011-1</span></p></td><td style="width:59.05pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>11 May 2011</span></p></td><td style="width:114.7pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span style="font-style:italic">(beginning)</span><span> 1 Jul 2011</span></p></td><td colspan="2" style="width:58.4pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>see (</span><span>j</span><span>) below</span></p></td></tr><tr><td style="width:67.1pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>AASB 2011-7</span></p></td><td style="width:59.05pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>29 Aug 2011</span></p></td><td style="width:114.7pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span style="font-style:italic">(beginning)</span><span> 1 Jan 2013</span></p></td><td colspan="2" style="width:58.4pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>see (</span><span>k</span><span>) below</span></p></td></tr><tr><td style="width:67.1pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>AASB 2011-8</span></p></td><td style="width:59.05pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>2</span><span> Sep 201</span><span>1</span></p></td><td style="width:114.7pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span style="font-style:italic">(beginning)</span><span> 1 Jan 2013</span></p></td><td colspan="2" style="width:58.4pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>see (</span><span>l</span><span>) below</span></p></td></tr><tr><td style="width:67.1pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>AASB 2011-9</span></p></td><td style="width:59.05pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>5 Sep 2011</span></p></td><td style="width:114.7pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span style="font-style:italic">(beginning)</span><span> 1 J</span><span>ul</span><span> 2012</span></p></td><td colspan="2" style="width:58.4pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>see (</span><span>m</span><span>) below</span></p></td></tr><tr><td style="width:67.1pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>AASB 2011-10</span></p></td><td style="width:59.05pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>5 Sep 2011</span></p></td><td style="width:114.7pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span style="font-style:italic">(beginning)</span><span> 1 Jan 2013</span></p></td><td colspan="2" style="width:58.4pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>see (</span><span>n</span><span>) below</span></p></td></tr><tr><td style="width:67.1pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>AASB 2011-12</span></p></td><td style="width:59.05pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>14 Nov 2011</span></p></td><td style="width:114.7pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span style="font-style:italic">(beginning)</span><span> 1 Jan 2013</span></p></td><td colspan="2" style="width:58.4pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>see (</span><span>o</span><span>) below</span></p></td></tr><tr><td style="width:67.1pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>AASB 2012-4</span></p></td><td style="width:59.05pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>29 Jun 2012</span></p></td><td style="width:114.7pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span style="font-style:italic">(beginning)</span><span> 1 Jan 2013</span></p></td><td colspan="2" style="width:58.4pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>see (</span><span>p</span><span>) below</span></p></td></tr><tr><td style="width:67.1pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>AASB 2012-5</span></p></td><td style="width:59.05pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>29 Jun 2012</span></p></td><td style="width:114.7pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span style="font-style:italic">(beginning)</span><span> 1 Jan 2013</span></p></td><td colspan="2" style="width:58.4pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>see (</span><span>q</span><span>) below</span></p></td></tr><tr><td style="width:67.1pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>AASB 2012-10</span></p></td><td style="width:59.05pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>18 Dec 2012</span></p></td><td style="width:114.7pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span style="font-style:italic">(beginning)</span><span> 1 Jan 2013</span></p></td><td colspan="2" style="width:58.4pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>see (</span><span>p</span><span>) below</span></p></td></tr><tr><td style="width:67.1pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>AASB 2012-11</span></p></td><td style="width:59.05pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>18 Dec 2012</span></p></td><td style="width:114.7pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span style="font-style:italic">(beginning)</span><span> 1 Jul 2013</span></p></td><td colspan="2" style="width:58.4pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>see (g)</span><span> below</span></p></td></tr><tr><td style="width:67.1pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>AASB 2013-5</span></p></td><td style="width:59.05pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>14 Aug 2013</span></p></td><td style="width:114.7pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span style="font-style:italic">(beginning)</span><span> 1 </span><span>Jan</span><span> 2014</span></p></td><td colspan="2" style="width:58.4pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>see (r) below</span></p></td></tr><tr><td style="width:67.1pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>AASB 2013-9</span></p></td><td style="width:59.05pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>20 Dec 2013</span></p></td><td colspan="2" style="width:115pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>Pt B </span><span style="font-style:italic">(beginning)</span><span> 1 Jan 2014</span></p></td><td style="width:58.1pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>see (s) below</span></p></td></tr><tr><td style="width:67.1pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>AASB 2014-1</span></p></td><td style="width:59.05pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>4 Jun 2014</span></p></td><td style="width:114.7pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>Pt D </span><span style="font-style:italic">(beginning</span><span style="font-style:italic">)</span><span> 1 Jan 2016</span></p><p><span>Pt E </span><span style="font-style:italic">(beginning)</span><span> 1 Jan 201</span><span>8</span></p></td><td colspan="2" style="width:58.4pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>see (t</span><span>) below</span></p><p><span>see (u</span><span>) below</span></p></td></tr><tr><td style="width:67.1pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>AASB 2014-3</span></p></td><td style="width:59.05pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>11 Aug 2014</span></p></td><td style="width:114.7pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span style="font-style:italic">(beginning)</span><span> 1 Jan 2016</span></p></td><td colspan="2" style="width:58.4pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>see (v) below</span></p></td></tr><tr><td style="width:67.1pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>AASB 2014-5</span></p></td><td style="width:59.05pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>12 Dec 2014</span></p></td><td style="width:114.7pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span style="font-style:italic">(beginning)</span><span> 1 Jan 2017</span></p></td><td colspan="2" style="width:58.4pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>see (w) below</span></p></td></tr><tr><td style="width:67.1pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>AASB 2014-7</span></p></td><td style="width:59.05pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>17 Dec 2014</span></p></td><td style="width:114.7pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span style="font-style:italic">(beginning)</span><span> 1 Jan 2018</span></p></td><td colspan="2" style="width:58.4pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>see </span><span>(x</span><span>) below</span></p></td></tr><tr><td style="width:67.1pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>AASB 2014-9</span></p></td><td style="width:59.05pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>23 Dec 2014</span></p></td><td style="width:114.7pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span style="font-style:italic">(beginning)</span><span> 1 Jan 2016</span></p></td><td colspan="2" style="width:58.4pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>see (y) below</span></p></td></tr><tr><td style="width:67.1pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>AASB 2015-1</span></p></td><td style="width:59.05pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>21 Jan 2015</span></p></td><td style="width:114.7pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span style="font-style:italic">(beginning)</span><span> 1 Jan 2016</span></p></td><td colspan="2" style="width:58.4pt; border:0.75pt solid #000000; padding-right:2.48pt; padding-left:2.48pt; vertical-align:top"><p><span>see (z</span><span>) below</span></p></td></tr><tr style="height:0pt"><td style="width:72.8pt"></td><td style="width:64.75pt"></td><td style="width:120.4pt"></td><td style="width:0.3pt"></td><td style="width:63.8pt"></td></tr></tbody></table>

(a) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 July 2009.

(b) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2010.

(c) AASB 2009-11 has been amended by AASB 2010-10 (made 31 December 2010) and AASB 2012-6 (made 10 September 2012). Part E of AASB 2014-1 (made 4 June 2014) updated the application date of the amendments in this Standard to 1 January 2018.

Entities may elect to apply the amendments in this Standard to annual reporting periods ending on or after 31 December 2009 that begin before 1 January 2018, provided that AASB 9 (2009) Financial Instruments is also applied to such periods.

(d) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 July 2010, provided that Interpretation 19 Extinguishing Financial Liabilities with Equity Instruments is also applied to such periods.

(e) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 July 2010.

(f) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2011.

(g) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 July 2009 but before 1 July 2013, provided that AASB 1053 Application of Tiers of Australian Accounting Standards is also applied to such periods.

(h) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 July 2011.

(i) AASB 2010-7 has been amended by AASB 2010-10 (made 31 December 2010) and AASB 2012-6 (made 10 September 2012). Part E of AASB 2014-1 (made 4 June 2014) updated the application date of the amendments in this Standard to 1 January 2018.

Entities may elect to apply the amendments in this Standard as set out in paragraph 6 of AASB 2010-7.

(j) Entities may elect to apply this Standard, or its amendments to individual pronouncements, to annual reporting periods beginning on or after 1 January 2005 but before 1 July 2011, provided that AASB 1054 Australian Additional Disclosures is, or its relevant individual disclosure requirements are, also applied to such periods.

(k) AASB 2011-7 has been amended by AASB 2012-6 (made 10 September 2012) and AASB 2012-10 (made 18 December 2012). This Standard shall be applied when AASB 10 Consolidated Financial Statements and associated Standards are applied.

For-profit entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2013. The Standard applies for not-for-profit entities to annual reporting periods beginning on or after 1 January 2014. Not-for-profit entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2013 but before 1 January 2014. If an entity elects to apply this Standard to such annual reporting periods, it shall also apply AASB 10 Consolidated Financial Statements and associated Standards to such periods.

(l) AASB 2011-8 has been amended by AASB 2011-10 (made 5 September 2011) and AASB 2012-6 (made 10 September 2012).

Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2013, provided that AASB 13 Fair Value Measurement is also applied to such periods.

(m) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 July 2012.

(n) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2013, provided that AASB 119 Employee Benefits (September 2011) is also applied to such periods.

(o) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2013, provided that Interpretation 20 Stripping Costs in the Production Phase of a Surface Mine is also applied to such periods.

(p) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2013.

(q) Entities may elect to apply this Standard, or its amendments to individual pronouncements, to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2013.

(r) For-profit entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2014. Not-for-profit entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2013 but before 1 January 2014. If an entity elects to apply this Standard to such annual reporting periods, it shall also apply AASB 10 Consolidated Financial Statements and associated Standards to such periods.

(s) Early application of Part B of this Standard is not permitted.

(t) Entities may elect to apply Part D of this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2016.

(u) Entities may elect to apply Part E of this Standard to annual reporting periods ending on or after 31 December 2009 that begin before 1 January 2018, provided that AASB 9 Financial Instruments (2009) or AASB 9 Financial Instruments (2010) is also applied to such periods.

(v) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2016, provided that AASB 11 Joint Arrangements is also applied to such periods.

(w) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2017, provided that AASB 15 Revenue from Contracts with Customers is also applied to such periods.

(x) Entities may elect to apply this Standard to annual reporting periods beginning on or after 24 July 2014 but before 1 January 2018, provided that AASB 9 Financial Instruments (2014) is also applied to such periods.

(y) For-profit entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2016. Not-for-profit entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2013 but before 1 January 2016.

(z) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2016.

Table of Amendments

cOMPARISON WITH IFRS 1

AASB 1 First-time Adoption of Australian Accounting Standards as amended incorporates IFRS 1 First-time Adoption of International Financial Reporting Standards as issued and amended by the International Accounting Standards Board (IASB). Paragraphs that have been added to this Standard (and do not appear in the text of IFRS 1) are identified with the prefix “Aus” or “RDR”, followed by the number of the preceding IASB paragraph and decimal numbering. Paragraphs that apply only to not-for-profit entities begin by identifying their limited applicability.

Entities that comply with AASB 1 as amended will simultaneously be in compliance with IFRS 1 as amended, with the exception of not-for-profit public sector entities applying paragraph Aus3.2 and entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements.

aCCOUNTING STANDARD AASB 1

The Australian Accounting Standards Board made Accounting Standard AASB 1 First-time Adoption of Australian Accounting Standards under section 334 of the Corporations Act 2001 on 21 May 2009.

This compiled version of AASB 1 applies to annual reporting periods beginning on or after 1 January 2018. It incorporates relevant amendments contained in other AASB Standards made by the AASB up to and including 21 January 2015 (see Compilation Details).

Objective

1 The objective of this Standard is to ensure that an entity’s first Australian-Accounting-Standards financial statements, and its interim financial reports for part of the period covered by those financial statements, contain high quality information that:

(a) is transparent for users and comparable over all periods presented;

(b) provides a suitable starting point for accounting in accordance with Australian Accounting Standards[1]; and

(c) can be generated at a cost that does not exceed the benefits.

Application

Aus1.1 This Standard applies to:

(a) each entity that is required to prepare financial reports in accordance with Part 2M.3 of the Corporations Act and that is a reporting entity;

(b) general purpose financial statements of each other reporting entity; and

(c) financial statements that are, or are held out to be, general purpose financial statements.

Aus1.2 This Standard applies to annual reporting periods beginning on or after 1 July 2009.
[Note: For application dates of paragraphs changed or added by an amending Standard, see Compilation Details.]

Aus1.3 This Standard may be applied to annual reporting periods beginning on or after 1 January 2005 but before 1 July 2009. If an entity applies this Standard to an annual reporting period beginning before 1 July 2009, it shall disclose that fact.

Aus1.4 [Deleted by the AASB]

Aus1.5 When applied or operative, this Standard supersedes AASB 1 First-time Adoption of Australian Equivalents to International Financial Reporting Standards issued in July 2004, as amended.

Reduced disclosure requirements

Aus1.6 The following do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements:

(a) paragraphs 21, 22, 23, 24(b), 24(c), 25-31B, 32 and 33;

(b) in paragraph 6, the text “and present”; and

(c) in paragraph 24, the text “To comply with paragraph 23,”.

Entities applying Australian Accounting Standards – Reduced Disclosure Requirements may elect to comply with some or all of these excluded requirements.

Aus1.7 The requirements that do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements are identified in this Standard by shading of the relevant text.

Aus1.8 The RDR paragraph in this Standard applies only to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements.

Scope

2 An entity shall apply this Standard in:

(a) its first Australian-Accounting-Standards financial statements; and

(b) each interim financial report, if any, that it presents in accordance with AASB 134 Interim Financial Reporting for part of the period covered by its first Australian-Accounting-Standards financial statements.

3 An entity’s first Australian-Accounting-Standards financial statements are the first annual financial statements in which the entity adopts Australian Accounting Standards, by an explicit and unreserved statement in those financial statements of compliance with Australian Accounting Standards. Financial statements in accordance with Australian Accounting Standards are an entity’s first Australian-Accounting-Standards financial statements if, for example, the entity:

(a) presented its most recent previous financial statements:

(i) in accordance with national requirements that are not consistent with Australian Accounting Standards or International Financial Reporting Standards (IFRSs) in all respects;

(ii) in conformity with Australian Accounting Standards or IFRSs in all respects, except that the financial statements did not contain an explicit and unreserved statement that they complied with Australian Accounting Standards or IFRSs;

(iii) containing an explicit statement of compliance with some, but not all, Australian Accounting Standards or IFRSs;

(iv) in accordance with national requirements inconsistent with Australian Accounting Standards or IFRSs, using some individual Australian Accounting Standards or IFRSs to account for items for which national requirements did not exist; or

(v) in accordance with national requirements, with a reconciliation of some amounts to the amounts determined in accordance with Australian Accounting Standards or IFRSs;

(b) prepared financial statements in accordance with Australian Accounting Standards or IFRSs for internal use only, without making them available to the entity’s owners or any other external users;

(c) prepared a reporting package in accordance with Australian Accounting Standards or IFRSs for consolidation purposes without preparing a complete set of financial statements as defined in AASB 101 Presentation of Financial Statements (as revised in 2007); or

(d) did not present financial statements for previous periods.

Aus3.1 [Deleted by the AASB]

Aus3.2 In rare circumstances, a not-for-profit public sector entity may experience extreme difficulties in complying with the requirements of certain Australian Accounting Standards due to information deficiencies that have caused the entity to state non-compliance with previous GAAP. In these cases, the conditions specified in paragraph 3 for the application of this Standard are taken to be satisfied provided the entity:

(a) discloses in its first Australian-Accounting-Standards financial statements:

(i) an explanation of information deficiencies and its strategy for rectifying those deficiencies; and

(ii) the Australian Accounting Standards that have not been complied with; and

(b) makes an explicit and unreserved statement of compliance with other Australian Accounting Standards for which there are no information deficiencies.

4 This Standard applies when an entity first adopts Australian Accounting Standards. It does not apply when, for example, an entity:

(a) stops presenting financial statements in accordance with national requirements, having previously presented them as well as another set of financial statements that contained an explicit and unreserved statement of compliance with Australian Accounting Standards or IFRSs;

(b) presented financial statements in the previous year in accordance with national requirements and those financial statements contained an explicit and unreserved statement of compliance with Australian Accounting Standards or IFRSs; or

(c) presented financial statements in the previous year that contained an explicit and unreserved statement of compliance with Australian Accounting Standards or IFRSs, even if the auditors qualified their audit report on those financial statements.

4A Notwithstanding the requirements in paragraphs 2-Aus3.2, an entity that has applied Australian Accounting Standards or IFRSs in a previous reporting period, but whose most recent previous annual financial statements did not contain an explicit and unreserved statement of compliance with Australian Accounting Standards or IFRSs, must either apply this Standard or else apply Australian Accounting Standards retrospectively in accordance with AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors as if the entity had never stopped applying Australian Accounting Standards or IFRSs.

4B When an entity does not elect to apply this Standard in accordance with paragraph 4A, the entity shall nevertheless apply the disclosure requirements in paragraphs 23A and 23B of AASB 1, in addition to the disclosure requirements in AASB 108.

5 This Standard does not apply to changes in accounting policies made by an entity that already applies Australian Accounting Standards. Such changes are the subject of:

(a) requirements on changes in accounting policies in AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors; and

(b) specific transitional requirements in other Australian Accounting Standards.