The Australian Accounting Standards Board made Accounting Standard AASB 134 Interim Financial Reporting under section 334 of the Corporations Act 2001 on 15 July 2004.
This compiled version of AASB 134 applies to annual reporting periods beginning on or after 1 January 2017. It incorporates relevant amendments contained in other AASB Standards made by the AASB up to and including 28 January 2015 (see Compilation Details).
aCCOUNTING STANDARD AASB 134
Interim Financial Reporting
Objective
The objective of this Standard is to prescribe the minimum content of an interim financial report and to prescribe the principles for recognition and measurement in complete or condensed financial statements for an interim period. Timely and reliable interim financial reporting improves the ability of investors, creditors, and others to understand an entity’s capacity to generate earnings and cash flows and its financial condition and liquidity.
Application
Aus1.1 This Standard applies to:
(a) each disclosing entity required to prepare half-year financial reports in accordance with Part 2M.3 of the Corporations Act;
(b) interim financial reports that are general purpose financial statements of each other reporting entity; and
(c) interim financial reports that are, or are held out to be, general purpose financial statements.
Aus1.2 Under the Corporations Act, disclosing entities are required to prepare half-year financial reports. Disclosing entities may also voluntarily prepare other general purpose interim financial reports. This Standard prescribes the form and content of general purpose interim financial reports, including half-year financial reports prepared by disclosing entities.
Aus1.3 Interim financial reports that are intended to be special purpose financial reports do not fall within the scope of this Standard. However, interim financial reports that are purported to be special purpose financial reports but have the characteristics of general purpose financial statements fall within the scope of this Standard. Interim financial reports that are widely available but lack the characteristics of general purpose financial statements are not regarded as general purpose financial statements. An example is selected interim summary financial information, such as turnover and profit, voluntarily released by some entities. In some cases, professional judgement is needed to determine whether particular interim financial reports are general purpose financial statements.
Aus1.4 This Standard applies to interim periods beginning on or after 1 January 2005.
[Note: For application dates of paragraphs changed or added by an amending Standard, see Compilation Details.]
Part Recognition and Measurement - AASB 134 - Interim Financial Reporting - July 2004 - Recognition and Measurement | Zoe
Aus1.5 This Standard shall not be applied to interim periods beginning before 1 January 2005.
Aus1.6 [Deleted by the AASB]
Aus1.7 When applicable, this Standard supersedes AASB 1029 Interim Financial Reporting as notified in the Commonwealth of Australia Gazette No S 534, 5 October 2000.
Aus1.8 AASB 1029 remains applicable until superseded by this Standard.
Aus1.9 Notice of this Standard was published in the Commonwealth of Australia Gazette No S 294, 22 July 2004.
Reduced Disclosure Requirements
Aus1.10 The following do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements:
(a) paragraphs 5(f), 16A(g), 19 and 21;
(b) in paragraph 16A(i), the sentence “In the case of … required by AASB 3 Business Combinations.”; and
(c) in paragraph 16A(l), the text “115”.
Entities applying Australian Accounting Standards – Reduced Disclosure Requirements may elect to comply with some or all of these excluded requirements.
Aus1.11 The requirements that do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements are identified in this Standard by shading of the relevant text.
Aus1.12 The RDR paragraph in this Standard applies only to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements.
Scope
1 This Standard does not mandate which entities should be required to publish interim financial reports, how frequently, or how soon after the end of an interim period. However, governments, securities regulators, stock exchanges, and accountancy bodies often require entities whose debt or equity securities are publicly traded to publish interim financial reports. This Standard applies if an entity is required or elects to publish an interim financial report in accordance with Australian Accounting Standards. The International Accounting Standards Committee[1] encourages publicly traded entities to provide interim financial reports that conform to the recognition, measurement, and disclosure principles set out in this Standard. Specifically, publicly traded entities are encouraged:
(a) to provide interim financial reports at least as of the end of the first half of their annual reporting period; and
(b) to make their interim financial reports available not later than 60 days after the end of the interim period.
2 Each financial report, annual or interim, is evaluated on its own for conformity to Australian Accounting Standards. The fact that an entity may not have provided interim financial reports during a particular annual reporting period or may have provided interim financial reports that do not comply with this Standard does not prevent the entity’s annual financial statements from conforming to Australian Accounting Standards if they otherwise do so.
Aus2.1 This Standard does not apply to interim financial reports for the General Government Sector of each government.
3 If an entity’s interim financial report is described as complying with Australian Accounting Standards, it must comply with all of the requirements of this Standard. Paragraph 19 requires certain disclosures in that regard.
Definitions
4 The following terms are used in this Standard with the meanings specified.
Interim financial report means a financial report containing either a complete set of financial statements (as described in AASB 101 Presentation of Financial Statements (as revised in 2007)) or a set of condensed financial statements (as described in this Standard) for an interim period.
Interim period is a reporting period shorter than a full annual reporting period.
Content of an Interim Financial Report
5 AASB 101 defines a complete set of financial statements as including the following components:
(a) a statement of financial position as at the end of the period;
(b) a statement of profit or loss and other comprehensive income for the period;
(c) a statement of changes in equity for the period;
(d) a statement of cash flows for the period;
(e) notes, comprising significant accounting policies and other explanatory information;
(ea) comparative information in respect of the preceding period as specified in paragraphs 38 and 38A of AASB 101; and
(f) a statement of financial position as at the beginning of the preceding period when an entity applies an accounting policy retrospectively or makes a retrospective restatement of items in its financial statements, or when it reclassifies items in its financial statements in accordance with paragraphs 40A-40D of AASB 101.
An entity may use titles for the statements other than those used in this Standard. For example, an entity may use the title ‘statement of comprehensive income’ instead of ‘statement of profit or loss and other comprehensive income’.
6 In the interest of timeliness and cost considerations and to avoid repetition of information previously reported, an entity may be required to or may elect to provide less information at interim dates as compared with its annual financial statements. This Standard defines the minimum content of an interim financial report as including condensed financial statements and selected explanatory notes. The interim financial report is intended to provide an update on the latest complete set of annual financial statements. Accordingly, it focuses on new activities, events, and circumstances and, except for comparatives, does not duplicate information previously reported.
7 Nothing in this Standard is intended to prohibit or discourage an entity from publishing a complete set of financial statements (as described in AASB 101) in its interim financial report, rather than condensed financial statements and selected explanatory notes. Nor does this Standard prohibit or discourage an entity from including in condensed interim financial statements more than the minimum line items or selected explanatory notes as set out in this Standard. The recognition and measurement guidance in this Standard applies also to complete financial statements for an interim period, and such statements would include all of the disclosures required by this Standard (particularly the selected note disclosures in paragraph 16A) as well as those required by other Australian Accounting Standards.
Minimum Components of an Interim Financial Report
8 An interim financial report shall include, at a minimum, the following components:
(a) a condensed statement of financial position;
(b) a condensed statement or condensed statements of profit or loss and other comprehensive income;
(c) a condensed statement of changes in equity;
(d) a condensed statement of cash flows; and
(e) selected explanatory notes.
8A If an entity presents items of profit or loss in a separate statement as described in paragraph 10A of AASB 101 (as amended in 2011), it presents interim condensed information from that statement.
Form and Content of Interim Financial Statements
9 If an entity publishes a complete set of financial statements in its interim financial report, the form and content of those statements shall conform to the requirements of AASB 101 for a complete set of financial statements.
10 If an entity publishes a set of condensed financial statements in its interim financial report, those condensed statements shall include, at a minimum, each of the headings and subtotals that were included in its most recent annual financial statements and the selected explanatory notes as required by this Standard. Additional line items or notes shall be included if their omission would make the condensed interim financial statements misleading.
11 In the statement that presents the components of profit or loss for an interim period, an entity shall present basic and diluted earnings per share for that period when the entity is within the scope of AASB 133 Earnings per Share[2].
11A If an entity presents items of profit or loss in a separate statement as described in paragraph 10A of AASB 101 (as amended in 2011), it presents basic and diluted earnings per share in that statement.
12 AASB 101 (as revised in 2007) provides guidance on the structure of financial statements. The Implementation Guidance for IAS 1 illustrates ways in which the statement of financial position, statement of comprehensive income and statement of changes in equity may be presented.
13 [Deleted by the IASB]
14 An interim financial report is prepared on a consolidated basis if the entity’s most recent annual financial statements were consolidated statements. The parent’s separate financial statements are not consistent or comparable with the consolidated statements in the most recent annual financial report. If an entity’s annual financial report included the parent’s separate financial statements in addition to consolidated financial statements, this Standard neither requires nor prohibits the inclusion of the parent’s separate statements in the entity’s interim financial report.
Significant Events and Transactions
15 An entity shall include in its interim financial report an explanation of events and transactions that are significant to an understanding of the changes in financial position and performance of the entity since the end of the last annual reporting period. Information disclosed in relation to those events and transactions shall update the relevant information presented in the most recent annual financial report.
15A A user of an entity’s interim financial report will have access to the most recent annual financial report of that entity. Therefore, it is unnecessary for the notes to an interim financial report to provide relatively insignificant updates to the information that was reported in the notes in the most recent annual financial report.
15B The following is a list of events and transactions for which disclosures would be required if they are significant; the list is not exhaustive:
(a) the write-down of inventories to net realisable value and the reversal of such a write-down;
(b) recognition of a loss from the impairment of financial assets, property, plant and equipment, intangible assets, assets arising from contracts with customers, or other assets, and the reversal of such an impairment loss;
(c) the reversal of any provisions for the costs of restructuring;
(d) acquisitions and disposals of items of property, plant and equipment;
(e) commitments for the purchase of property, plant and equipment;
(f) litigation settlements;
(g) corrections of prior period errors;
(h) changes in the business or economic circumstances that affect the fair value of the entity’s financial assets and financial liabilities, whether those assets or liabilities are recognised at fair value or amortised cost;
(i) any loan default or breach of a loan agreement that has not been remedied on or before the end of the reporting period;
(j) related party transactions;
(k) transfers between levels of the fair value hierarchy used in measuring the fair value of financial instruments;
(l) changes in the classification of financial assets as a result of a change in the purpose or use of those assets; and
(m) changes in contingent liabilities or contingent assets.
15C Individual Australian Accounting Standards provide guidance regarding disclosure requirements for many of the items listed in paragraph 15B. When an event or transaction is significant to an understanding of the changes in an entity’s financial position or performance since the last annual reporting period, its interim financial report should provide an explanation of and an update to the relevant information included in the financial statements of the last annual reporting period.
Other Disclosures
16 [Deleted by the IASB]
16A In addition to disclosing significant events and transactions in accordance with paragraphs 15–15C, an entity shall include the following information, in the notes to its interim financial statements or elsewhere in the interim financial report. The following disclosures shall be given either in the interim financial statements or incorporated by cross-reference from the interim financial statements to some other statement (such as management commentary or risk report) that is available to users of the financial statements on the same terms as the interim financial statements and at the same time. If users of the financial statements do not have access to the information incorporated by cross-reference on the same terms and at the same time, the interim financial report is incomplete. The information shall normally be reported on an annual reporting period-to-date basis.
(a) a statement that the same accounting policies and methods of computation are followed in the interim financial statements as compared with the most recent annual financial statements or, if those policies or methods have been changed, a description of the nature and effect of the change;
(b) explanatory comments about the seasonality or cyclicality of interim operations;
(c) the nature and amount of items affecting assets, liabilities, equity, net income or cash flows that are unusual because of their nature, size or incidence;
(d) the nature and amount of changes in estimates of amounts reported in prior interim periods of the current annual reporting period or changes in estimates of amounts reported in prior annual reporting periods;
(e) issues, repurchases and repayments of debt and equity securities;
(f) dividends paid (aggregate or per share) separately for ordinary shares and other shares;
(g) the following segment information (disclosure of segment information is required in an entity’s interim financial report only if AASB 8 Operating Segments requires that entity to disclose segment information in its annual financial statements):
(i) revenues from external customers, if included in the measure of segment profit or loss reviewed by the chief operating decision maker or otherwise regularly provided to the chief operating decision maker;
(ii) intersegment revenues, if included in the measure of segment profit or loss reviewed by the chief operating decision maker or otherwise regularly provided to the chief operating decision maker;
(iii) a measure of segment profit or loss;
(iv) a measure of total assets and liabilities for a particular reportable segment if such amounts are regularly provided to the chief operating decision maker and if there has been a material change from the amount disclosed in the last annual financial statements for that reportable segment;
(v) a description of differences from the last annual financial statements in the basis of segmentation or in the basis of measurement of segment profit or loss;
(vi) a reconciliation of the total of the reportable segments’ measures of profit or loss to the entity’s profit or loss before tax expense (tax income) and discontinued operations. However, if an entity allocates to reportable segments items such as tax expense (tax income), the entity may reconcile the total of the segments’ measures of profit or loss to profit or loss after those items. Material reconciling items shall be separately identified and described in that reconciliation;
(h) events after the interim period that have not been reflected in the financial statements for the interim period;
(i) the effect of changes in the composition of the entity during the interim period, including business combinations, obtaining or losing control of subsidiaries and long-term investments, restructurings, and discontinued operations. In the case of business combinations, the entity shall disclose the information required by AASB 3 Business Combinations;
(j) for financial instruments, the disclosures about fair value required by paragraphs 91-93(h), 94-96, 98 and 99 of AASB 13 Fair Value Measurement and paragraphs 25, 26 and 28-30 of AASB 7 Financial Instruments: Disclosures;
(k) for entities becoming, or ceasing to be, investment entities, as defined in AASB 10 Consolidated Financial Statements, the disclosures in AASB 12 Disclosure of Interests in Other Entities paragraph 9B; and
(l) the disaggregation of revenue from contracts with customers required by paragraphs 114–115 of AASB 15 Revenue from Contracts with Customers.
17 [Deleted by the IASB]
18 [Deleted by the IASB]
Disclosure of Compliance with Australian Accounting Standards
19 If an entity’s interim financial report is in compliance with this Standard, that fact shall be disclosed. An interim financial report shall not be described as complying with Australian Accounting Standards unless it complies with all the requirements of Australian Accounting Standards.
RDR19.1 If an entity’s interim financial report is in compliance with this Standard as it applies to entities applying the Australian Accounting Standards – Reduced Disclosure Requirements, that fact shall be disclosed. An interim financial report shall not be described as complying with Australian Accounting Standards – Reduced Disclosure Requirements unless it complies with all of the requirements of Australian Accounting Standards – Reduced Disclosure Requirements.
Periods for which Interim Financial Statements are Required to be Presented
20 Interim reports shall include interim financial statements (condensed or complete) for periods as follows:
(a) statement of financial position as of the end of the current interim period and a comparative statement of financial position as of the end of the immediately preceding annual reporting period;
(b) statements of profit or loss and other comprehensive income for the current interim period and cumulatively for the current annual reporting period to date, with comparative statements of profit or loss and other comprehensive income for the comparable interim periods (current and annual reporting period-to-date) of the immediately preceding annual reporting period. As permitted by AASB 101 (as amended in 2011), an interim report may present for each period a statement or statements of profit or loss and other comprehensive income;
(c) statement of changes in equity cumulatively for the current annual reporting period to date, with a comparative statement for the comparable annual reporting period-to-date period of the immediately preceding annual reporting period; and
(d) statement of cash flows cumulatively for the current annual reporting period to date, with a comparative statement for the comparable annual reporting period-to-date period of the immediately preceding annual reporting period.
21 For an entity whose business is highly seasonal, financial information for the twelve months up to the end of the interim period and comparative information for the prior twelve-month period may be useful. Accordingly, entities whose business is highly seasonal are encouraged to consider reporting such information in addition to the information called for in the preceding paragraph.
22 Part A of the illustrative examples accompanying this Standard illustrates the periods required to be presented by an entity that reports half-yearly and an entity that reports quarterly.
Materiality
23 In deciding how to recognise, measure, classify, or disclose an item for interim financial reporting purposes, materiality shall be assessed in relation to the interim period financial data. In making assessments of materiality, it shall be recognised that interim measurements may rely on estimates to a greater extent than measurements of annual financial data.
24 AASB 101 and AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors define an item as material if its omission or misstatement could influence the economic decisions of users of the financial statements. AASB 101 requires separate disclosure of material items, including (for example) discontinued operations, and AASB 108 requires disclosure of changes in accounting estimates, errors and changes in accounting policies. The two Standards do not contain quantified guidance as to materiality.
25 While judgement is always required in assessing materiality, this Standard bases the recognition and disclosure decision on data for the interim period by itself for reasons of understandability of the interim figures. Thus, for example, unusual items, changes in accounting policies or estimates, and errors are recognised and disclosed on the basis of materiality in relation to interim period data to avoid misleading inferences that might result from non-disclosure. The overriding goal is to ensure that an interim financial report includes all information that is relevant to understanding an entity’s financial position and performance during the interim period.
Disclosure in Annual Financial Statements
26 If an estimate of an amount reported in an interim period is changed significantly during the final interim period of the annual reporting period but a separate financial report is not published for that final interim period, the nature and amount of that change in estimate shall be disclosed in a note in the annual financial statements for that annual reporting period.
27 AASB 108 requires disclosure of the nature and (if practicable) the amount of a change in estimate that either has a material effect in the current period or is expected to have a material effect in subsequent periods. Paragraph 16A(d) of this Standard requires similar disclosure in an interim financial report. Examples include changes in estimate in the final interim period relating to inventory write-downs, restructurings, or impairment losses that were reported in an earlier interim period of the annual reporting period. The disclosure required by the preceding paragraph is consistent with the AASB 108 requirement and is intended to be narrow in scope – relating only to the change in estimate. An entity is not required to include additional interim period financial information in its annual financial statements.
Recognition and Measurement
Same Accounting Policies as Annual
28 An entity shall apply the same accounting policies in its interim financial statements as are applied in its annual financial statements, except for accounting policy changes made after the date of the most recent annual financial statements that are to be reflected in the next annual financial statements. However, the frequency of an entity’s reporting (annual, half-yearly, or quarterly) shall not affect the measurement of its annual results. To achieve that objective, measurements for interim reporting purposes shall be made on an annual reporting period-to-date basis.
29 Requiring that an entity apply the same accounting policies in its interim financial statements as in its annual statements may seem to suggest that interim period measurements are made as if each interim period stands alone as an independent reporting period. However, by providing that the frequency of an entity’s reporting should not affect the measurement of its annual results, paragraph 28 acknowledges that an interim period is a part of a larger annual reporting period. Annual reporting period-to-date measurements may involve changes in estimates of amounts reported in prior interim periods of the current annual reporting period. But the principles for recognising assets, liabilities, income and expenses for interim periods are the same as in annual financial statements.
30 To illustrate:
(a) the principles for recognising and measuring losses from inventory write-downs, restructurings, or impairments in an interim period are the same as those that an entity would follow if it prepared only annual financial statements. However, if such items are recognised and measured in one interim period and the estimate changes in a subsequent interim period of that annual reporting period, the original estimate is changed in the subsequent interim period either by accrual of an additional amount of loss or by reversal of the previously recognised amount;
(b) a cost that does not meet the definition of an asset at the end of an interim period is not deferred in the statement of financial position either to await future information as to whether it has met the definition of an asset or to smooth earnings over interim periods within an annual reporting period; and
(c) income tax expense is recognised in each interim period based on the best estimate of the weighted average annual income tax rate expected for the full annual reporting period. Amounts accrued for income tax expense in one interim period may have to be adjusted in a subsequent interim period of that annual reporting period if the estimate of the annual income tax rate changes.
31 Under the Framework for the Preparation and Presentation of Financial Statements (the Framework) (as identified in AASB 1048 Interpretation of Standards)[3], recognition is the “process of incorporating in the balance sheet or income statement an item that meets the definition of an element and satisfies the criteria for recognition”. The definitions of assets, liabilities, income and expenses are fundamental to recognition, at the end of both annual and interim financial reporting periods.
32 For assets, the same tests of future economic benefits apply at interim dates and at the end of an entity’s annual reporting period. Costs that, by their nature, would not qualify as assets at the end of an annual reporting period would not qualify at interim dates either. Similarly, a liability at the end of an interim reporting period must represent an existing obligation at that date, just as it must at the end of an annual reporting period.
33 An essential characteristic of income (revenue) and expenses is that the related inflows and outflows of assets and liabilities have already taken place. If those inflows or outflows have taken place, the related revenue and expense are recognised; otherwise they are not recognised. The Framework says that “expenses are recognised in the income statement when a decrease in future economic benefits related to a decrease in an asset or an increase of a liability has arisen that can be measured reliably.... [The] Framework does not allow the recognition of items in the balance sheet which do not meet the definition of assets or liabilities”.
34 In measuring the assets, liabilities, income, expenses and cash flows reported in its financial statements, an entity that reports only annually is able to take into account information that becomes available throughout the annual reporting period. Its measurements are, in effect, on an annual reporting period-to-date basis.
35 An entity that reports half-yearly uses information available by mid-year or shortly thereafter in making the measurements in its financial statements for the first six-month period and information available by the end of the annual reporting period or shortly thereafter for the twelve-month period. The twelve-month measurements will reflect possible changes in estimates of amounts reported for the first six-month period. The amounts reported in the interim financial report for the first six-month period are not retrospectively adjusted. Paragraphs 16A(d) and 26 require, however, that the nature and amount of any significant changes in estimates be disclosed.
36 An entity that reports more frequently than half-yearly measures income and expenses on an annual reporting period-to-date basis for each interim period using information available when each set of financial statements is being prepared. Amounts of income and expenses reported in the current interim period will reflect any changes in estimates of amounts reported in prior interim periods of the annual reporting period. The amounts reported in prior interim periods are not retrospectively adjusted. Paragraphs 16A(d) and 26 require, however, that the nature and amount of any significant changes in estimates be disclosed.
Revenues Received Seasonally, Cyclically, or Occasionally
37 Revenues that are received seasonally, cyclically, or occasionally within an annual reporting period shall not be anticipated or deferred as of an interim date if anticipation or deferral would not be appropriate at the end of the entity’s annual reporting period.
38 Examples include dividend revenue, royalties and government grants. Additionally, some entities consistently earn more revenues in certain interim periods of an annual reporting period than in other interim periods, for example, seasonal revenues of retailers. Such revenues are recognised when they occur.
Costs Incurred Unevenly During the Annual Reporting Period
39 Costs that are incurred unevenly during an entity’s annual reporting period shall be anticipated or deferred for interim reporting purposes if, and only if, it is also appropriate to anticipate or defer that type of cost at the end of each annual reporting period.
Applying the Recognition and Measurement Principles
40 Part B of the illustrative examples accompanying this Standard provides examples of applying the general recognition and measurement principles set out in paragraphs 28-39.
Use of Estimates
41 The measurement procedures to be followed in an interim financial report shall be designed to ensure that the resulting information is reliable and that all material financial information that is relevant to an understanding of the financial position or performance of the entity is appropriately disclosed. While measurements in both annual and interim financial reports are often based on reasonable estimates, the preparation of interim financial reports generally will require a greater use of estimation methods than annual financial reports.
42 Part C of the illustrative examples accompanying this Standard provides examples of the use of estimates in interim periods.
Restatement of Previously Reported Interim Periods
43 A change in accounting policy, other than one for which the transition is specified by a new Australian Accounting Standard, shall be reflected by:
(a) restating the financial statements of prior interim periods of the current annual reporting period and the comparable interim periods of any prior annual reporting periods that will be restated in the annual financial statements in accordance with AASB 108; or
(b) when it is impracticable to determine the cumulative effect at the beginning of the annual reporting period of applying a new accounting policy to all prior periods, adjusting the financial statements of prior interim periods of the current annual reporting period, and comparable interim periods of prior annual reporting periods to apply the new accounting policy prospectively from the earliest date practicable.
44 One objective of the preceding principle is to ensure that a single accounting policy is applied to a particular class of transactions throughout an entire annual reporting period. Under AASB 108, a change in accounting policy is reflected by retrospective application, with restatement of prior period financial data as far back as is practicable. However, if the cumulative amount of the adjustment relating to prior annual reporting periods is impracticable to determine, then under AASB 108 the new policy is applied prospectively from the earliest date practicable. The effect of the principle in paragraph 43 is to require that within the current annual reporting period any change in accounting policy is applied either retrospectively or, if that is not practicable, prospectively, from no later than the beginning of the annual reporting period.
45 To allow accounting changes to be reflected as of an interim date within the annual reporting period would allow two differing accounting policies to be applied to a particular class of transactions within a single annual reporting period. The result would be interim allocation difficulties, obscured operating results, and complicated analysis and understandability of interim period information.
Effective Date
46 [Deleted by the AASB]
47 [Deleted by the AASB]
48 [Deleted by the AASB]
49 Paragraph 15 was amended, paragraphs 15A-15C and 16A were added and paragraphs 16, 17 and 18 were deleted by AASB 2010-4 Further Amendments to Australian Accounting Standards arising from the Annual Improvements Project issued in June 2010. An entity shall apply those amendments for annual reporting periods beginning on or after 1 January 2011. Earlier application is permitted. If an entity applies the amendments for an earlier period it shall disclose that fact.
50 AASB 2011-8 Amendments to Australian Accounting Standards arising from AASB 13, issued in September 2011, added paragraph 16A(j) and amended paragraphs C4 and C7 in the illustrative examples. An entity shall apply those amendments when it applies AASB 13.
51 AASB 2011-9 Amendments to Australian Accounting Standards – Presentation of Items of Other Comprehensive Income, issued in September 2011, amended paragraphs 8, 8A, 11A and 20. An entity shall apply those amendments when it applies AASB 101 as amended in September 2011.
52 AASB 2012-5 Amendments to Australian Accounting Standards arising from Annual Improvements 2009–2011 Cycle, issued in June 2012, amended paragraph 5. An entity shall apply that amendment retrospectively in accordance with AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors for annual reporting periods beginning on or after 1 January 2013. Earlier application is permitted. If an entity applies that amendment for an earlier period it shall disclose that fact.
53 AASB 2012-5 Amendments to Australian Accounting Standards arising from Annual Improvements 2009–2011 Cycle, issued in June 2012, amended paragraph 16A. An entity shall apply that amendment retrospectively in accordance with AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors for annual reporting periods beginning on or after 1 January 2013. Earlier application is permitted. If an entity applies that amendment for an earlier period it shall disclose that fact.
54 AASB 2013-5 Amendments to Australian Accounting Standards – Investment Entities, issued in August 2013, amended paragraph 16A. An entity shall apply that amendment for annual reporting periods beginning on or after 1 January 2014. Earlier application of AASB 2013-5 is permitted. If an entity applies that amendment earlier it shall also apply all amendments included in AASB 2013-5 at the same time.
55 AASB 2014-5 Amendments to Australian Accounting Standards arising from AASB 15, issued in December 2014, amended paragraphs 15B and 16A. An entity shall apply those amendments when it applies AASB 15.
56 AASB 2015-1 Amendments to Australian Accounting Standards – Annual Improvements to Australian Accounting Standards 2012–2014 Cycle, issued in January 2015, amended paragraph 16A. An entity shall apply that amendment retrospectively in accordance with AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors for annual reporting periods beginning on or after 1 January 2016. Earlier application is permitted. If an entity applies the amendment for an earlier period it shall disclose that fact.
57 AASB 2015-2 Amendments to Australian Accounting Standards – Disclosure Initiative: Amendments to AASB 101, issued in January 2015, amended paragraph 5. An entity shall apply that amendment for annual reporting periods beginning on or after 1 January 2016. Earlier application of that amendment is permitted.