APPENDIX e

Short-term exemptions from Australian Accounting Standards

This appendix is an integral part of AASB 1.

Exemption from the requirement to restate comparative information for AASB 9

E1 If an entity’s first Australian-Accounting-Standards reporting period begins before 1 January 2019 and the entity applies the completed version of AASB 9 (issued in December 2014), the comparative information in the entity’s first Australian-Accounting-Standards financial statements need not comply with AASB 7 Financial Instruments: Disclosure or the completed version of AASB 9 (issued in December 2014), to the extent that the disclosures required by AASB 7 relate to items within the scope of AASB 9. For such entities, references to the ‘date of transition to Australian Accounting Standards’ shall mean, in the case of AASB 7 and AASB 9 (December 2014) only, the beginning of the first Australian-Accounting-Standards reporting period.

E2 An entity that chooses to present comparative information that does not comply with AASB 7 and the completed version of AASB 9 (issued in December 2014) in its first year of transition shall:

(a) apply the requirements of its previous GAAP in place of the requirements of AASB 9 to comparative information about items within the scope of AASB 9.

(b) disclose this fact together with the basis used to prepare this information.

(c) treat any adjustment between the statement of financial position at the comparative period’s reporting date (ie the statement of financial position that includes comparative information under previous GAAP) and the statement of financial position at the start of the first Australian-Accounting-Standards reporting period (ie the first period that includes information that complies with AASB 7 and the completed version of AASB 9 (issued in December 2014)) as arising from a change in accounting policy and give the disclosures required by paragraph 28(a)-(e) and (f)(i) of AASB 108. Paragraph 28(f)(i) applies only to amounts presented in the statement of financial position at the comparative period’s reporting date.

(d) apply paragraph 17(c) of AASB 101 to provide additional disclosures when compliance with the specific requirements in Australian Accounting Standards is insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity’s financial position and financial performance.

Disclosures about financial instruments

E3 A first-time adopter may apply the transition provisions in paragraph 44G of AASB 7.[4]

E4 A first-time adopter may apply the transition provisions in paragraph 44M of AASB 7.[5]

E4A A first-time adopter may apply the transition provisions in paragraph 44AA of AASB 7.