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 The requirements specified in this Standard apply to the financial statements where information resulting from their application is material in accordance with AASB 1031 Materiality.

Aus1.5 When applicable, this Standard supersedes:

(a) AASB 1016 Accounting for Investments in Associates as notified in the Commonwealth of Australia Gazette No S 415, 25 August 1998 as amended by AASB 1016A Amendments to Accounting Standard AASB 1016 as notified in the Commonwealth of Australia Gazette No S 502, 15 October 1998; and

(b) AAS 14 Accounting for Investments in Associates as issued in May 1997.

Aus1.6 Both AASB 1016 and AAS 14 remain applicable until superseded by this Standard.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.

Aus1.8 [Deleted by the AASB]