AASB 1 - First-time Adoption of Australian Accounting Standards - May 2009
Use of deemed cost for investments in suUse of deemed cost for investments in subsidiaries, joint ventures and associates
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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.