CTHRepealedLegislation
AASB 1 - First-time Adoption of Australian Accounting Standards - May 2009
Designation of contracts to buy or sell Designation of contracts to buy or sell a non-financial item
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Designation of contracts to buy or sell a non-financial item
D33 AASB 9 permits some contracts to buy or sell a non-financial item to be designated at inception as measured at fair value through profit or loss (see paragraph 2.5 of AASB 9). Despite this requirement an entity is permitted to designate, at the date of transition to Australian Accounting Standards, contracts that already exist on that date as measured at fair value through profit or loss but only if they meet the requirements of paragraph 2.5 of AASB 9 at that date and the entity designates all similar contracts.