endnoteS

Endnotes are part of AASB 131

AASB 2011-8 early application amendments

1 Australian Accounting Standard AASB 13 Fair Value Measurement may be applied early to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2013.

2 The early-application amendments to AASB 131 are set out in paragraphs 3- 7 below, for application if AASB 131 is applied in conjunction with early application of AASB 13. The amendments are presented in relation to the annual reporting periods to which various versions of the pronouncement apply mandatorily.

3 Paragraph 1 is amended (new text is underlined and deleted text is struck through) and paragraph 58F is added in the versions of AASB 131 that apply to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2013, as follows:

1 This Standard shall be applied in accounting for interests in joint ventures and the reporting of joint venture assets, liabilities, income and expenses … of venturers and investors, regardless of the structures or forms under which the joint venture activities take place. However, it does not apply to venturers’ interests in jointly controlled entities held by:

(a) venture capital organisations, or

(b) mutual funds, unit trusts and similar entities including investment-linked insurance funds

that upon initial recognition are designated as at fair value through profit or loss or are classified as held for trading and accounted for in accordance with AASB 139 Financial Instruments: Recognition and Measurement. For such Such investments shall be measured at fair value in accordance with AASB 139, an entity shall recognise with changes in fair value recognised in profit or loss …

58F AASB 2011-8 Amendments to Australian Accounting Standards arising from AASB 13, issued in September 2011, amended paragraph 1. An entity shall apply that amendment when it applies AASB 13 Fair Value Measurement.

4 The amendment to AASB 131 in paragraph 5 below, via
AASB 2009-11, applies if AASB 2009-11 is applied to annual reporting periods ending on or after 31 December 2009 that begin before 1 January 2013 in conjunction with early application of AASB 13.

5 In paragraph 31 of AASB 2009-11, the amended paragraph 1 of AASB 131 is amended as follows (new text is underlined and deleted text is struck through):

1 This Standard shall be applied in accounting for interests in joint ventures and the reporting of joint venture assets, liabilities, income and expenses in the financial statements of venturers and investors, regardless of the structures or forms under which the joint venture activities take place. However, it does not apply to venturers’ interests in jointly controlled entities held by: