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.