AASB 120 - Accounting for Government Grants and Disclosure of Government Assistance - July 2004
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Paragraph 40
An entity adopting the Standard for the first time shall:
(a) comply with the disclosure requirements, where appropriate; and
(b) either:
(i) adjust its financial statements for the change in accounting policy in accordance with IAS 8; or
(ii) apply the accounting provisions of the Standard only to grants or portions of grants becoming receivable or repayable after the effective date of the Standard.
Paragraph 41
This Standard becomes operative for financial statements covering periods beginning on or after 1 January 1984.
Paragraph 42
IAS 1 (as revised in 2007) amended the terminology used throughout IFRSs. In addition it added paragraph 29A. An entity shall apply those amendments for annual periods beginning on or after 1 January 2009. If an entity applies IAS 1 (revised 2007) for an earlier period, the amendments shall be applied for that earlier period.