This compiled Standard applies to annual reporting periods beginning on or after 1 January 2018. It takes into account amendments up to and including 4 June 2014 and was prepared on 10 September 2014 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 118 (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 118
15 Jul 2004
(beginning) 1 Jan 2005
AASB 2007-2
15 Feb 2007
(ending) 28 Feb 2007
see (a) below
AASB 2007-4
30 Apr 2007
(beginning) 1 Jul 2007
see (b) below
AASB 2007-8
24 Sep 2007
(beginning) 1 Jan 2009
see (c) below
AASB 2008-5
24 Jul 2008
(beginning) 1 Jan 2009
see (d) below
AASB 2008-7
25 Jul 2008
(beginning) 1 Jan 2009
see (e) below
Interpretation 15
27 Aug 2008
(beginning) 1 Jan 2009
see (e) below
AASB 2009-5
21 May 2009
(beginning) 1 Jan 2010
see (f) below
AASB 2009-11
7 Dec 2009
(beginning) 1 Jan 2018
see (g) below
AASB 2010-5
27 Oct 2010
(beginning) 1 Jan 2011
see (h) below
AASB 2010-7
6 Dec 2010
(beginning) 1 Jan 2018
see (i) below
AASB 2011-7
29 Aug 2011
(beginning) 1 Jan 2013
see (j) below
AASB 2011-8
2 Sep 2011
(beginning) 1 Jan 2013
see (k) below
AASB 2012-10
18 Dec 2012
(beginning) 1 Jan 2013
see (l) below
AASB 2013-9
20 Dec 2013
Pt A (ending) 20 Dec 2013Pt B (beginning) 1 Jan 2014
see (m) belowsee (n) below
AASB 2014-1
4 Jun 2014
Pt E (beginning) 1 Jan 2018
see (o) below
(a) Entities may elect to apply the relevant amendments to annual reporting periods beginning on or after 1 January 2005 that end before 28 February 2007.
(b) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 July 2007.
(c) 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.
(d) 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.
(e) Entities may elect to apply this pronouncement to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2009.
(f) 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 2010.
(g) 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.
(h) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2011.
(i) 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.
(j) AASB 2011-7 has been amended by AASB 2012-6 (made 10 September 2012) and AASB 2012-10 (made 18 December 2012).
For-profit entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2013. The Standard applies for not-for-profit entities to annual reporting periods beginning on or after 1 January 2014. Not-for-profit entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2013 but before 1 January 2014. If an entity elects to apply this Standard to such annual reporting periods, it shall also apply AASB 10 Consolidated Financial Statements and associated Standards to such periods.
(k) 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.
(l) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2013.
(m) 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.
(n) Early application of Part B of this Standard is not permitted.
(o) 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.