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).
aCCOUNTING STANDARD AASB 1
First-time Adoption of Australian Accounting Standards
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:
(c) in paragraph 24, the text “To comply with paragraph 23,”.
Part Recognition and measurement - AASB 1 - First-time Adoption of Australian Accounting Standards - May 2009 - Recognition and measurement | Zoe
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.
Recognition and measurement
Opening Australian-Accounting-Standards statement of financial position
6 An entity shall prepare and present an opening Australian-Accounting-Standards statement of financial position at the date of transition to Australian Accounting Standards. This is the starting point for its accounting in accordance with Australian Accounting Standards.
Accounting policies
7 An entity shall use the same accounting policies in its opening Australian-Accounting-Standards statement of financial position and throughout all periods presented in its first Australian-Accounting-Standards financial statements. Those accounting policies shall comply with each Australian Accounting Standard effective at the end of its first Australian-Accounting-Standards reporting period, except as specified in paragraphs 13-19 and Appendices B-E.
8 An entity shall not apply different versions of Australian Accounting Standards that were effective at earlier dates. An entity may apply a new Standard that is not yet mandatory if that Standard permits early application.
Example: Consistent application of latest version of Australian Accounting Standards
Background
The end of entity A’s first Australian-Accounting-Standards reporting period is 31 December 20X5. Entity A decides to present comparative information in those financial statements for one year only (see paragraph 21). Therefore, its date of transition to Australian Accounting Standards is the beginning of business on 1 January 20X4 (or, equivalently, close of business on 31 December 20X3). Entity A presented financial statements in accordance with its previous GAAP annually to 31 December each year up to, and including, 31 December 20X4.
Application of requirements
Entity A is required to apply the Australian Accounting Standards effective for periods ending on 31 December 20X5 in:
(a) preparing and presenting its opening Australian-Accounting-Standards statement of financial position at 1 January 20X4; and
(b) preparing and presenting its statement of financial position for 31 December 20X5 (including comparative amounts for 20X4), statement of comprehensive income, statement of changes in equity and statement of cash flows for the year to 31 December 20X5 (including comparative amounts for 20X4) and disclosures (including comparative information for 20X4).
If a new Standard is not yet mandatory but permits early application, entity A is permitted, but not required, to apply that Standard in its first Australian-Accounting-Standards financial statements.
9 The transitional provisions in other Australian Accounting Standards apply to changes in accounting policies made by an entity that already uses Australian Accounting Standards; they do not apply to a first-time adopter’s transition to Australian Accounting Standards, except as specified in Appendices B-E.
10 Except as described in paragraphs 13-19 and Appendices B-E, an entity shall, in its opening Australian-Accounting-Standards statement of financial position:
(a) recognise all assets and liabilities whose recognition is required by Australian Accounting Standards;
(b) not recognise items as assets or liabilities if Australian Accounting Standards do not permit such recognition;
(c) reclassify items that it recognised in accordance with previous GAAP as one type of asset, liability or component of equity, but are a different type of asset, liability or component of equity in accordance with Australian Accounting Standards; and
(d) apply Australian Accounting Standards in measuring all recognised assets and liabilities.
11 The accounting policies that an entity uses in its opening Australian-Accounting-Standards statement of financial position may differ from those that it used for the same date using its previous GAAP. The resulting adjustments arise from events and transactions before the date of transition to Australian Accounting Standards. Therefore, an entity shall recognise those adjustments directly in retained earnings (or, if appropriate, another category of equity) at the date of transition to Australian Accounting Standards.
12 This Standard establishes two categories of exceptions to the principle that an entity’s opening Australian-Accounting-Standards statement of financial position shall comply with each Australian Accounting Standard:
(a) paragraphs 14-17 and Appendix B prohibit retrospective application of some aspects of other Australian Accounting Standards.
(b) Appendices C-E grant exemptions from some requirements of other Australian Accounting Standards.
Exceptions to the retrospective application of other Australian Accounting Standards
13 This Standard prohibits retrospective application of some aspects of other Australian Accounting Standards. These exceptions are set out in paragraphs 14-17 and Appendix B.
Estimates
14 An entity’s estimates in accordance with Australian Accounting Standards at the date of transition to Australian Accounting Standards shall be consistent with estimates made for the same date in accordance with previous GAAP (after adjustments to reflect any difference in accounting policies), unless there is objective evidence that those estimates were in error.
15 An entity may receive information after the date of transition to Australian Accounting Standards about estimates that it had made under previous GAAP. In accordance with paragraph 14, an entity shall treat the receipt of that information in the same way as non-adjusting events after the reporting period in accordance with AASB 110 Events after the Reporting Period. For example, assume that an entity’s date of transition to Australian Accounting Standards is 1 January 20X4 and new information on 15 July 20X4 requires the revision of an estimate made in accordance with previous GAAP at 31 December 20X3. The entity shall not reflect that new information in its opening Australian-Accounting-Standards statement of financial position (unless the estimates need adjustment for any differences in accounting policies or there is objective evidence that the estimates were in error). Instead, the entity shall reflect that new information in profit or loss (or, if appropriate, other comprehensive income) for the year ended 31 December 20X4.
16 An entity may need to make estimates in accordance with Australian Accounting Standards at the date of transition to Australian Accounting Standards that were not required at that date under previous GAAP. To achieve consistency with AASB 110, those estimates in accordance with Australian Accounting Standards shall reflect conditions that existed at the date of transition to Australian Accounting Standards. In particular, estimates at the date of transition to Australian Accounting Standards of market prices, interest rates or foreign exchange rates shall reflect market conditions at that date.
17 Paragraphs 14-16 apply to the opening Australian-Accounting-Standards statement of financial position. They also apply to a comparative period presented in an entity’s first Australian-Accounting-Standards financial statements, in which case the references to the date of transition to Australian Accounting Standards are replaced by references to the end of that comparative period.
Exemptions from other Australian Accounting Standards
18 An entity may elect to use one or more of the exemptions contained in Appendices C-E. An entity shall not apply these exemptions by analogy to other items.
19 [Deleted by the IASB]
Presentation and disclosure
20 This Standard does not provide exemptions from the presentation and disclosure requirements in other Australian Accounting Standards.
Comparative information
21 An entity’s first Australian-Accounting-Standards financial statements shall include at least three statements of financial position, two statements of profit or loss and other comprehensive income, two separate statements of profit or loss (if presented), two statements of cash flows and two statements of changes in equity and related notes, including comparative information for all statements presented.
RDR21.1 In respect of entities applying Australian Accounting Standards – Reduced Disclosure Requirements, to comply with AASB 101, an entity’s first Australian-Accounting-Standards-Reduced-Disclosure-Requirements financial statements shall include at least two statements of financial position, two statements of profit or loss and other comprehensive income, two separate statements of profit or loss (if presented), two statements of cash flows and two statements of changes in equity and related notes, including comparative information.
Non-Australian-Accounting-Standards comparative information and historical summaries
22 Some entities present historical summaries of selected data for periods before the first period for which they present full comparative information in accordance with Australian Accounting Standards. This Standard does not require such summaries to comply with the recognition and measurement requirements of Australian Accounting Standards. Furthermore, some entities present comparative information in accordance with previous GAAP as well as the comparative information required by AASB 101. In any financial statements containing historical summaries or comparative information in accordance with previous GAAP, an entity shall:
(a) label the previous GAAP information prominently as not being prepared in accordance with Australian Accounting Standards; and
(b) disclose the nature of the main adjustments that would make it comply with Australian Accounting Standards. An entity need not quantify those adjustments.
Explanation of transition to Australian Accounting Standards
23 An entity shall explain how the transition from previous GAAP to Australian Accounting Standards affected its reported financial position, financial performance and cash flows.
23A An entity that has applied Australian Accounting Standards or IFRSs in a previous period, as described in paragraph 4A, shall disclose:
(a) the reason it stopped applying Australian Accounting Standards or IFRSs; and
(b) the reason it is resuming or commencing the application of Australian Accounting Standards.
23B When an entity, in accordance with paragraph 4A, does not elect to apply AASB 1, the entity shall explain the reasons for electing to apply Australian Accounting Standards as if it had never stopped applying Australian Accounting Standards or IFRSs.
Reconciliations
24 To comply with paragraph 23, an entity’s first Australian-Accounting-Standards financial statements shall include:
(a) reconciliations of its equity reported in accordance with previous GAAP to its equity in accordance with Australian Accounting Standards for both of the following dates:
(i) the date of transition to Australian Accounting Standards; and
(ii) the end of the latest period presented in the entity’s most recent annual financial statements in accordance with previous GAAP.
(b) a reconciliation to its total comprehensive income in accordance with Australian Accounting Standards for the latest period in the entity’s most recent annual financial statements. The starting point for that reconciliation shall be total comprehensive income in accordance with previous GAAP for the same period or, if an entity did not report such a total, profit or loss under previous GAAP.
(c) if the entity recognised or reversed any impairment losses for the first time in preparing its opening Australian-Accounting-Standards statement of financial position, the disclosures that AASB 136 Impairment of Assets would have required if the entity had recognised those impairment losses or reversals in the period beginning with the date of transition to Australian Accounting Standards.
25 The reconciliations required by paragraph 24(a) and (b) shall give sufficient detail to enable users to understand the material adjustments to the statement of financial position and statement of comprehensive income. If an entity presented a statement of cash flows under its previous GAAP, it shall also explain the material adjustments to the statement of cash flows.
26 If an entity becomes aware of errors made under previous GAAP, the reconciliations required by paragraph 24(a) and (b) shall distinguish the correction of those errors from changes in accounting policies.
27 AASB 108 does not apply to the changes in accounting policies an entity makes when it adopts Australian Accounting Standards or to changes in those policies until after it presents its first Australian-Accounting-Standards financial statements. Therefore, AASB 108’s requirements about changes in accounting policies do not apply in an entity’s first Australian-Accounting-Standards financial statements.
27A If during the period covered by its first Australian-Accounting-Standards financial statements an entity changes its accounting policies or its use of the exemptions contained in this Standard, it shall explain the changes between its first Australian-Accounting-Standards interim financial report and its first Australian-Accounting-Standards financial statements, in accordance with paragraph 23, and it shall update the reconciliations required by paragraph 24(a) and (b).
28 If an entity did not present financial statements for previous periods, its first Australian-Accounting-Standards financial statements shall disclose that fact.
Designation of financial assets or financial liabilities
29 An entity is permitted to designate a previously recognised financial asset as a financial asset measured at fair value through profit or loss in accordance with paragraph D19A. The entity shall disclose the fair value of financial assets so designated at the date of designation and their classification and carrying amount in the previous financial statements.
29A An entity is permitted to designate a previously recognised financial liability as a financial liability at fair value through profit or loss in accordance with paragraph D19. The entity shall disclose the fair value of financial liabilities so designated at the date of designation and their classification and carrying amount in the previous financial statements.
Use of fair value as deemed cost
30 If an entity uses fair value in its opening Australian-Accounting-Standards statement of financial position as deemed cost for an item of property, plant and equipment, an investment property or an intangible asset (see paragraphs D5 and D7), the entity’s first Australian-Accounting-Standards financial statements shall disclose, for each line item in the opening Australian-Accounting-Standards statement of financial position:
(a) the aggregate of those fair values; and
(b) the aggregate adjustment to the carrying amounts reported under previous GAAP.
Use of deemed cost for investments in subsidiaries, joint ventures and associates
31 Similarly, if an entity uses a deemed cost in its opening Australian-Accounting-Standards statement of financial position for an investment in a subsidiary, joint venture or associate in its separate financial statements (see paragraph D15), the entity’s first Australian-Accounting-Standards separate financial statements shall disclose:
(a) the aggregate deemed cost of those investments for which deemed cost is their previous GAAP carrying amount;
(b) the aggregate deemed cost of those investments for which deemed cost is fair value; and
(c) the aggregate adjustment to the carrying amounts reported under previous GAAP.
Use of deemed cost for oil and gas assets
31A If an entity uses the exemption in paragraph D8A(b) for oil and gas assets, it shall disclose that fact and the basis on which carrying amounts determined under previous GAAP were allocated.
Use of deemed cost for operations subject to rate regulation
31B If an entity uses the exemption in paragraph D8B for operations subject to rate regulation, it shall disclose that fact and the basis on which carrying amounts were determined under previous GAAP.
Use of deemed cost after severe hyperinflation
31C If an entity elects to measure assets and liabilities at fair value and to use that fair value as the deemed cost in its opening Australian-Accounting-Standards statement of financial position because of severe hyperinflation (see paragraphs D26-D30), the entity’s first Australian-Accounting-Standards financial statements shall disclose an explanation of how, and why, the entity had, and then ceased to have, a functional currency that has both of the following characteristics:
(a) a reliable general price index is not available to all entities with transactions and balances in the currency.
(b) exchangeability between the currency and a relatively stable foreign currency does not exist.
Interim financial reports
32 To comply with paragraph 23, if an entity presents an interim financial report in accordance with AASB 134 for part of the period covered by its first Australian-Accounting-Standards financial statements, the entity shall satisfy the following requirements in addition to the requirements of AASB 134:
(a) Each such interim financial report shall, if the entity presented an interim financial report for the comparable interim period of the immediately preceding financial year, include:
(i) a reconciliation of its equity in accordance with previous GAAP at the end of that comparable interim period to its equity under Australian Accounting Standards at that date; and
(ii) a reconciliation to its total comprehensive income in accordance with Australian Accounting Standards for that comparable interim period (current and year to date). The starting point for that reconciliation shall be total comprehensive income in accordance with previous GAAP for that period or, if an entity did not report such a total, profit or loss in accordance with previous GAAP.
(b) In addition to the reconciliations required by (a), an entity’s first interim financial report in accordance with AASB 134 for part of the period covered by its first Australian-Accounting-Standards financial statements shall include the reconciliations described in paragraph 24(a) and (b) (supplemented by the details required by paragraphs 25 and 26) or a cross-reference to another published document that includes these reconciliations.
(c) If an entity changes its accounting policies or its use of the exemptions contained in this Standard, it shall explain the changes in each such interim financial report in accordance with paragraph 23 and update the reconciliations required by (a) and (b).
33 AASB 134 requires minimum disclosures, which are based on the assumption that users of the interim financial report also have access to the most recent annual financial statements. However, AASB 134 also requires an entity to disclose ‘any events or transactions that are material to an understanding of the current interim period’. Therefore, if a first-time adopter did not, in its most recent annual financial statements in accordance with previous GAAP, disclose information material to an understanding of the current interim period, its interim financial report shall disclose that information or include a cross-reference to another published document that includes it.
Effective date
34 An entity shall apply this Standard if its first Australian-Accounting-Standards financial statements are for an annual reporting period beginning on or after 1 July 2009. Earlier application is permitted.
35 AASB 2007-6 Amendments to Australian Accounting Standards arising from AASB 123 amended paragraphs of the previous version of this Standard that correspond with paragraphs D1(n) and D23 in this version. An entity shall apply the amendments for annual reporting periods beginning on or after 1 July 2009. If an entity applies AASB 123 Borrowing Costs (as revised in 2007) for an earlier period, those amendments shall be applied for that earlier period.
36 AASB 2008-3 Amendments to Australian Accounting Standards arising from AASB 3 and AASB 127 amended paragraphs of the previous version of this Standard that correspond with paragraphs 19, C1 and C4(f) and (g) in this version. If an entity applies AASB 3 Business Combinations (revised 2008) for an earlier period, the amendments shall also be applied for that earlier period.
37 AASB 2008-3 amended paragraphs of the previous version of this Standard that correspond with paragraphs B1 and B7 in this version. If an entity applies AASB 127 Consolidated and Separate Financial Statements (amended 2008) for an earlier period, the amendments shall be applied for that earlier period.
38 AASB 2008-7 Amendments to Australian Accounting Standards – Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate, issued in July 2008, added paragraphs to the previous version of this Standard that correspond with paragraphs 31, D1(g), D14 and D15 in this version. An entity shall apply those paragraphs for annual reporting periods beginning on or after 1 July 2009. Earlier application is permitted. If an entity applies the paragraphs for an earlier period, it shall disclose that fact.
39 The paragraph of the previous version of this Standard that corresponds with paragraph B7 in this version was amended by AASB 2008-6 Further Amendments to Australian Accounting Standards arising from the Annual Improvements Project issued in July 2008. An entity shall apply those amendments for annual reporting periods beginning on or after 1 July 2009. If an entity applies AASB 127 (amended 2008) for an earlier period, the amendments shall be applied for that earlier period.
39A AASB 2009-9 Amendments to Australian Accounting Standards – Additional Exemptions for First-time Adopters, issued in September 2009, added paragraphs 31A, D8A, D9A and D21A and amended paragraph D1(c), (d) and (l). An entity shall apply those amendments for annual reporting periods beginning on or after 1 January 2010. Earlier application is permitted. If an entity applies the amendments for an earlier period it shall disclose that fact.
39B [Deleted by the IASB]
39C AASB 2009-13 Amendments to Australian Accounting Standards arising from Interpretation 19, issued in December 2009, added paragraph D25. An entity shall apply that amendment when it applies Interpretation 19 Extinguishing Financial Liabilities with Equity Instruments as identified in AASB 1048 Interpretation of Standards.
39D AASB 2010-1 Amendments to Australian Accounting Standards – Limited Exemption from Comparative AASB 7 Disclosures for First-time Adopters, issued in February 2010, added paragraph E3. An entity shall apply that amendment for annual reporting periods beginning on or after 1 July 2010. Earlier application is permitted. If an entity applies the amendment for an earlier period, it shall disclose that fact.
39E AASB 2010-4 Further Amendments to Australian Accounting Standards arising from the Annual Improvements Project issued in June 2010 added paragraphs 27A, 31B and D8B and amended paragraphs 27, 32, D1(c) and D8. An entity shall apply those amendments for annual reporting periods beginning on or after 1 January 2011. Earlier application is permitted. If an entity applies the amendments for an earlier period it shall disclose that fact. Entities that adopted Australian Accounting Standards in periods before the effective date of AASB 1 or applied AASB 1 in a previous period are permitted to apply the amendment to paragraph D8 retrospectively in the first annual reporting period after the amendment is effective. An entity applying paragraph D8 retrospectively shall disclose that fact.
39F AASB 2010-6 Amendments to Australian Accounting Standards – Disclosures on Transfers of Financial Assets, issued in November 2010, added paragraph E4. An entity shall apply that amendment for annual reporting periods beginning on or after 1 July 2011. Earlier application is permitted. If an entity applies the amendment for an earlier period, it shall disclose that fact.
39G [Deleted by the IASB]
39H AASB 2010-9 Amendments to Australian Accounting Standards – Severe Hyperinflation and Removal of Fixed Dates for First-time Adopters, issued in December 2010, amended paragraphs B2, D1 and D20 and added paragraphs 31C and D26-D30. An entity shall apply those amendments for annual reporting periods beginning on or after 1 July 2011. Earlier application is permitted.
39I AASB 2011-7 Amendments to Australian Accounting Standards arising from the Consolidation and Joint Arrangements Standards, issued in August 2011, amended paragraphs 31, B7, C1, D1, D14 and D15 and added paragraph D31. An entity shall apply those amendments when it applies AASB 10 Consolidated Financial Statements and AASB 11 Joint Arrangements.
39J AASB 2011-8 Amendments to Australian Accounting Standards arising from AASB 13, issued in September 2011, deleted paragraph 19, amended the definition of fair value in Appendix A and amended paragraphs D15 and D20. An entity shall apply those amendments when it applies AASB 13 Fair Value Measurement.
39K AASB 2011-9 Amendments to Australian Accounting Standards – Presentation of Items of Other Comprehensive Income, issued in September 2011, amended paragraph 21. An entity shall apply that amendment when it applies AASB 101 as amended in September 2011.
39L AASB 2011-10 Amendments to Australian Accounting Standards arising from AASB 119 (September 2011) amended paragraph D1, deleted paragraphs D10 and D11 and added paragraph E5. An entity shall apply those amendments when it applies AASB 119 (September 2011).
39M AASB 2011-12 Amendments to Australian Accounting Standards arising from AASB Interpretation 20 added paragraph D32 and amended paragraph D1. An entity shall apply that amendment when it applies AASB Interpretation 20 Stripping Costs in the Production Phase of a Surface Mine as identified in AASB 1048.
39N AASB 2012-4 Amendments to Australian Accounting Standards – Government Loans, issued in June 2012, amended paragraph B1 and added paragraphs B10-B12. An entity shall apply those paragraphs for annual reporting periods beginning on or after 1 January 2013. Earlier application is permitted.
39O Paragraphs B10 and B11 refer to AASB 9. If an entity applies this Standard but does not yet apply AASB 9, the references in paragraphs B10 and B11 to AASB 9 shall be read as references to AASB 139 Financial Instruments: Recognition and Measurement.
39P AASB 2012-5 Amendments to Australian Accounting Standards arising from Annual Improvements 2009–2011 Cycle, issued in June 2012, added paragraphs 4A, 4B, 23A and 23B. An entity shall apply that amendment retrospectively in accordance with AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors for annual reporting periods beginning on or after 1 January 2013. Earlier application is permitted. If an entity applies that amendment for an earlier period it shall disclose that fact.
39Q AASB 2012-5 Amendments to Australian Accounting Standards arising from Annual Improvements 2009–2011 Cycle, issued in June 2012, amended paragraph D23. An entity shall apply that amendment retrospectively in accordance with AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors for annual reporting periods beginning on or after 1 January 2013. Earlier application is permitted. If an entity applies that amendment for an earlier period it shall disclose that fact.
39R AASB 2012-5 Amendments to Australian Accounting Standards arising from Annual Improvements 2009–2011 Cycle, issued in June 2012, amended paragraph 21. An entity shall apply that amendment retrospectively in accordance with AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors for annual reporting periods beginning on or after 1 January 2013. Earlier application is permitted. If an entity applies that amendment for an earlier period it shall disclose that fact.
39S AASB 2012-10 Amendments to Australian Accounting Standards – Transition Guidance and Other Amendments, issued in December 2012, amended paragraph D31. An entity shall apply that amendment when it applies AASB 11 (as amended in December 2012).
39T AASB 2013-5 Amendments to Australian Accounting Standards – Investment Entities, issued in August 2013, amended paragraphs D16, D17 and Appendix C and added a heading and paragraphs E6–E7. An entity shall apply those amendments for annual reporting periods beginning on or after 1 January 2014. Earlier application of AASB 2013-5 is permitted. If an entity applies those amendments earlier it shall also apply all amendments included in AASB 2013-5 at the same time.
39U [Deleted by the IASB]
39V AASB 2014-1 Amendments to Australian Accounting Standards, issued in June 2014, amended paragraph D8B. An entity shall apply that amendment for annual reporting periods beginning on or after 1 January 2016. Earlier application is permitted. If an entity applies AASB 14 for an earlier period, the amendment shall be applied for that earlier period.
39W AASB 2014-3 Amendments to Australian Accounting Standards – Accounting for Acquisitions of Interests in Joint Operations, issued in August 2014, amended paragraph C5. An entity shall apply that amendment in annual reporting periods beginning on or after 1 January 2016. If an entity applies related amendments to AASB 11 from AASB 2014-3 in an earlier period, the amendment to paragraph C5 shall be applied in that earlier period.
39X AASB 2014-5 Amendments to Australian Accounting Standards arising from AASB 15, issued in December 2014, deleted paragraph D24 and its related heading and added paragraphs D34–D35 and their related heading. An entity shall apply those amendments when it applies AASB 15.
39Y AASB 2010-7 Amendments to Australian Accounting Standards arising from AASB 9 (December 2010) (as amended), AASB 2014-1 Amendments to Australian Accounting Standards and AASB 2014-7 Amendments to Australian Accounting Standards arising from AASB 9 (December 2014), amended paragraphs 29, B1–B6, D1, D14, D19 and D20, deleted paragraphs 39B and added paragraphs 29A, B8–B8G, B9, D19A–D19C, D33, E1 and E2. Paragraph 39G, added by AASB 2010-7, was deleted by AASB 2014-1. Paragraph 39U, added by AASB 2014-1, was deleted by AASB 2014-7. An entity shall apply those amendments when it applies AASB 9 (December 2014).
39Z AASB 2014-9 Amendments to Australian Accounting Standards – Equity Method in Separate Financial Statements, issued in December 2014, amended paragraph D14 and added paragraph D15A. An entity shall apply those amendments for annual reporting periods beginning on or after 1 January 2016. Earlier application is permitted. If an entity applies those amendments for an earlier period, it shall disclose that fact.
39AA AASB 2015-1 Amendments to Australian Accounting Standards – Annual Improvements to Australian Accounting Standards 2012–2014 Cycle, issued in January 2015, added paragraph E4A. An entity shall apply that amendment for annual reporting periods beginning on or after 1 January 2016. Earlier application is permitted. If an entity applies that amendment for an earlier period it shall disclose that fact.