AASB 124 - Related Party Disclosures - December 2009
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Effective Date and Transition
28 An entity shall apply this Standard retrospectively for annual reporting periods beginning on or after 1 January 2011. Earlier application is permitted, either of the whole Standard or of the partial exemption in paragraphs 25 to 27 for government-related entities. If an entity applies either the whole Standard or that partial exemption for a period beginning before 1 January 2011, it shall disclose that fact.
28A AASB 2011-7 Amendments to Australian Accounting Standards arising from the Consolidation and Joint Arrangements Standards, issued in August 2011, amended paragraphs 3, 9, 11(b), 15, 19(b) and (e) and 25. An entity shall apply those amendments when it applies AASB 10, AASB 11 and AASB 12.
28B AASB 2013-5 Amendments to Australian Accounting Standards – Investment Entities, issued in August 2013, amended paragraphs 4 and 9. An entity shall apply those amendments for annual reporting periods beginning on or after 1 January 2014. Earlier application of AASB 2013-5 is permitted. If an entity applies those amendments earlier it shall also apply all amendments included in AASB 2013-5 at the same time.
28C AASB 2014-1 Amendments to Australian Accounting Standards, issued in June 2014, amended paragraph 9 and added paragraphs 17A and 18A. An entity shall apply that amendment for annual reporting periods beginning on or after 1 July 2014. Earlier application is permitted. If an entity applies that amendment for an earlier period it shall disclose that fact.