CTHRepealedLegislation
AASB 1 - First-time Adoption of Australian Accounting Standards - May 2009
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AASB 1 - First-time Adoption of Australian Accounting Standards - May 2009
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D31 A first-time adopter may apply the transition provisions in AASB 11 with the following exceptions:
(a) When applying the transition provisions in AASB 11, a first-time adopter shall apply these provisions at the date of transition to Australian Accounting Standards.
(b) When changing from proportionate consolidation to the equity method, a first-time adopter shall test for impairment the investment in accordance with AASB 136 as at the date of transition to Australian Accounting Standards, regardless of whether there is any indication that the investment may be impaired. Any resulting impairment shall be recognised as an adjustment to retained earnings at the date of transition to Australian Accounting Standards.