AASB 108 - Accounting Policies, Changes in Accounting Estimates and Errors - July 2004
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Accounting Standard AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors as amended
This compiled Standard applies to annual reporting periods beginning on or after 1 January 2018. It takes into account amendments up to and including 28 January 2015 and was prepared on 2 April 2015 by the staff of the Australian Accounting Standards Board (AASB).
This compilation is not a separate Accounting Standard made by the AASB. Instead, it is a representation of AASB 108 (July 2004) as amended by other Accounting Standards, which are listed in the Table below.
Table of Standards
Standard
Date made
Application date(annual reporting periods … on or after …)
Application, saving or transitional provisions
AASB 108
15 Jul 2004
(beginning) 1 Jan 2005
AASB 2007-4
30 Apr 2007
(beginning) 1 Jul 2007
see (a) below
AASB 2007-8
24 Sep 2007
(beginning) 1 Jan 2009
see (b) below
AASB 2007-10
13 Dec 2007
(beginning) 1 Jan 2009
see (b) below
AASB 2008-5
24 Jul 2008
(beginning) 1 Jan 2009
see (c) below
AASB 2009-11
7 Dec 2009
(beginning) 1 Jan 2018
see (d) below
AASB 2009-12
15 Dec 2009
(beginning) 1 Jan 2011
see (e) below
AASB 2010-2
30 Jun 2010
(beginning) 1 Jul 2013
see (f) below
AASB 2010-7
6 Dec 2010
(beginning) 1 Jan 2018
see (g) below
AASB 2011-1
11 May 2011
(beginning) 1 Jul 2011
see (h) below
AASB 2011-8
2 Sep 2011
(beginning) 1 Jan 2013
see (i) below
AASB 2012-10
18 Dec 2012
(beginning) 1 Jan 2013
see (j) below
AASB 2013-9
20 Dec 2013
Pt A (ending) 20 Dec 2013Pt B (beginning) 1 Jan 2014
Part compilation details - AASB 108 - Accounting Policies, Changes in Accounting Estimates and Errors - July 2004 - compilation details | Zoe
see (k) belowsee (l) below
AASB 2014-1
4 Jun 2014
Pt E (beginning) 1 Jan 2018
see (m) below
AASB 2014-7
17 Dec 2014
(beginning) 1 Jan 2018
see (n) below
AASB 2015-3
28 Jan 2015
(beginning) 1 Jul 2015
see (o) below
(a) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 July 2007.
(b) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2009, provided that AASB 101 Presentation of Financial Statements (September 2007) is also applied to such periods.
(c) Entities may elect to apply this Standard, or its amendments to individual Standards, to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2009.
(d) AASB 2009-11 has been amended by AASB 2010-10 (made 31 December 2010) and AASB 2012-6 (made 10 September 2012). Part E of AASB 2014-1 (made 4 June 2014) updated the application date of the amendments in this Standard to 1 January 2018.
Entities may elect to apply the amendments in this Standard to annual reporting periods ending on or after 31 December 2009 that begin before 1 January 2018, provided that AASB 9 (2009) Financial Instruments is also applied to such periods.
(e) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2011.
(f) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 July 2009 but before 1 July 2013, provided that AASB 1053 Application of Tiers of Australian Accounting Standards is also applied to such periods.
(g) AASB 2010-7 has been amended by AASB 2010-10 (made 31 December 2010) and AASB 2012-6 (made 10 September 2012). Part E of AASB 2014-1 (made 4 June 2014) updated the application date of the amendments in this Standard to 1 January 2018.
Entities may elect to apply the amendments in this Standard as set out in paragraph 6 of AASB 2010-7.
(h) Entities may elect to apply this Standard, or its amendments to individual pronouncements, to annual reporting periods beginning on or after 1 January 2005 but before 1 July 2011, provided that AASB 1054 Australian Additional Disclosures is, or its relevant individual disclosure requirements are, also applied to such periods.
(i) AASB 2011-8 has been amended by AASB 2011-10 (made 5 September 2011) and AASB 2012-6 (made 10 September 2012).
Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2013, provided that AASB 13 Fair Value Measurement is also applied to such periods.
(j) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2013.
(k) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 that end before 20 December 2013, provided that AASB CF 2013-1 Amendments to the Australian Conceptual Framework and AASB 1048 Interpretation of Standards (December 2013) are also applied to the such periods.
(l) Early application of Part B of this Standard is not permitted.
(m) Entities may elect to apply Part E of this Standard to annual reporting periods ending on or after 31 December 2009 that begin before 1 January 2018, provided that AASB 9 Financial Instruments (2009) or AASB 9 Financial Instruments (2010) is also applied to such periods.
(n) Entities may elect to apply this Standard to annual reporting periods beginning on or after 24 July 2014 but before 1 January 2018, provided that AASB 9 Financial Instruments (2014) is also applied to such periods.
(o) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2014 but before 1 July 2015.
Table of Amendments
Paragraph affected
How affected
By … [paragraph]
Aus2.4
deleted
AASB 2013-9B [37, 38]
Aus2.5-Aus2.6
amended
AASB 2015-3 [12]
Aus2.8
deleted
AASB 2011-1 [16]
Aus2.9-Aus2.11 (and preceding heading)
added
AASB 2010-2 [26]
5
amendedamended
AASB 2007-4 [36] AASB 2007-8 [41]
6
amended
AASB 2013-9A [26]
7
amendedamended
AASB 2008-5 [21]AASB 2010-2 [27]
8
amended
AASB 2007-10 [47]
9
amended
AASB 2008-5 [21]
10
amended
AASB 2007-10 [48]
11
amendedamended
AASB 2008-5 [21]AASB 2013-9A [27]
26
amended
AASB 2007-8 [6]
RDR28.1
added
AASB 2010-2 [26]
32
amended
AASB 2007-10 [47]
41
amended
AASB 2007-10 [48]
42
amended
AASB 2007-10 [49]
51
amendedamended
AASB 2007-8 [6]AASB 2009-12 [11]
52
amended
AASB 2011-8 [42]
53
amendedamended
AASB 2009-11 [23]AASB 2010-7 [7, 24]
54 (preceding heading)
amended
AASB 2012-10 [47]
54A
addeddeleted
AASB 2009-11 [23]AASB 2010-7 [7, 24]
54B
addeddeleted
AASB 2010-7 [24]AASB 2014-1E [85]
54C
added
AASB 2011-8 [43]
54D
addeddeleted
AASB 2014-1E [85]AASB 2014-7 [37]
54E
added
AASB 2014-7 [37]
General Terminology Amendments
References to ‘financial report(s)’ were amended to ‘financial statements’ by AASB 2007-8 and AASB 2007-10, except in relation to specific Corporations Act references. These amendments are not shown in the above Table of Amendments.