Amendments to AASB 101Amendments to AASB 101

Amendments to AASB 101

21 In paragraph 7, the definition of ‘other comprehensive income’ and paragraphs 68, 82, 93 and 95 are amended and paragraph 139E is added as follows:

7 ...

Other comprehensive income comprises items of income and expense (including reclassification adjustments) that are not recognised in profit or loss as required or permitted by other Australian Accounting Standards.

The components of other comprehensive income include:

(a) ...

(d) gains and losses on remeasuring available-for-sale financial assets (see AASB 139 Financial Instruments: Recognition and Measurement) from investments in equity instruments measured at fair value through other comprehensive income in accordance with paragraph 5.4.4 of AASB 9 Financial Instruments;

(e) the effective portion of gains and losses on hedging instruments in a cash flow hedge (see AASB 139).

68 The operating cycle of an entity ... Current assets also include assets held primarily for the purpose of trading (examples include some financial assets that meet the definition of classified as held for trading in accordance with AASB 139) and the current portion of non-current financial assets.

82 As a minimum, the statement of comprehensive income shall include line items that present the following amounts for the period:

(a) revenue;

(aa) gains and losses arising from the derecognition of financial assets measured at amortised cost;

(b) finance costs;

(c) share of the profit or loss of associates and joint ventures accounted for using the equity method;

(ca) if a financial asset is reclassified so that it is measured at fair value, any gain or loss arising from a difference between the previous carrying amount and its fair value at the reclassification date (as defined in AASB 9);

(d) ...

93 Other Australian Accounting Standards specify whether and when amounts previously recognised in other comprehensive income are reclassified to profit or loss. Such reclassifications are referred to in this Standard as reclassification adjustments. A reclassification adjustment is included with the related component of other comprehensive income in the period that the adjustment is reclassified to profit or loss. For example, gains realised on the disposal of available-for-sale financial assets are included in profit or loss of the current period. These amounts may have been recognised in other comprehensive income …

95 Reclassification adjustments arise, for example, on disposal of a foreign operation (see AASB 121), on derecognition of available-for-sale financial assets (see AASB 139) and when a hedged forecast transaction affects profit or loss (see paragraph 100 of AASB 139 in relation to cash flow hedges).