AASB 2009-11 - Amendments to Australian Accounting Standards arising from AASB 9 - December 2009
Amendments to Interpretation 12Amendments to Interpretation 12
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Amendments to Interpretation 12
60 In the ‘References’ section, a reference to AASB 9 Financial Instruments is added.
61 Paragraphs 23-25 are amended and paragraph 28A is added as follows:
23 AASB 7 Financial Instruments: Disclosures, AASB 9 Financial Instruments, AASB 132 Financial Instruments: Presentation and AASB 139 Financial Instruments: Recognition and Measurement apply to the financial asset recognised under paragraphs 16 and 18.
24 The amount due from or at the direction of the grantor is accounted for in accordance with AASB 9 AASB 139 as:
(a) at amortised cost a loan or receivable; or
(b) measured at fair value through profit or loss an available-for-sale financial asset; or.
(c) if so designated upon initial recognition, a financial asset at fair value through profit or loss, if the conditions for that classification are met.
25 If the amount due from the grantor is accounted for either as a loan or receivable or as an available-for-sale financial asset at amortised cost, AASB 9 AASB 139 requires interest calculated using the effective interest method to be recognised in profit or loss.
28A AASB 2009-11 Amendments to Australian Accounting Standards arising from AASB 9, issued in December 2009, amended paragraphs 23-25. An entity shall apply those amendments when it applies AASB 9.