ApplicationApplication

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 January 2005.
[Note: For application dates of paragraphs changed or added by an amending Standard, see Compilation Details.]

Aus1.3 This Standard shall not be applied to annual reporting periods beginning before 1 January 2005.

Aus1.4 [Deleted by the AASB]

Aus1.5 When applicable, this Standard supersedes:

(a) AASB 1015 Acquisitions of Assets as notified in the Commonwealth of Australia Gazette No S 527, 5 November 1999;

(b) AASB 1021 Depreciation as notified in the Commonwealth of Australia Gazette No S 341, 29 August 1997;

(c) AASB 1041 Revaluation of Non-Current Assets as notified in the Commonwealth of Australia Gazette No S 294, 19 July 2001;

(d) AAS 4 Depreciation as issued in August 1997; and

(e) AAS 21 Acquisitions of Assets as issued in November 1999.

Aus1.6 AASB 1015, AASB 1021, AASB 1041, AAS 4 and AAS 21 remain applicable until superseded by this Standard.

Aus1.7 Notice of this Standard was published in the Commonwealth of Australia Gazette No S 294, 22 July 2004.