Part Objective - AASB 2009-11 - Amendments to Australian Accounting Standards arising from AASB 9 - December 2009 - Objective

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Turn the raw legal text into a practical explanation grounded in AASB 2009-11 - Amendments to Australian Accounting Standards arising from AASB 9 - December 2009.

Objective

1 The objective of this Standard is to make amendments to:

(a) AASB 1 First-time Adoption of Australian Accounting Standards;

(b) AASB 1 First-time Adoption of Australian Equivalents to International Financial Reporting Standards;

(d) AASB 4 Insurance Contracts;

(e) AASB 5 Non-current Assets Held for Sale and Discontinued Operations;

(f) AASB 7 Financial Instruments: Disclosures;

(g) AASB 101 Presentation of Financial Statements;

(h) AASB 102 Inventories;

(i) AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors;

(j) AASB 112 Income Taxes;

(k) AASB 118 Revenue;

(l) AASB 121 The Effects of Changes in Foreign Exchange Rates;

(m) AASB 127 Consolidated and Separate Financial Statements;

(n) AASB 128 Investments in Associates;

(o) AASB 131 Interests in Joint Ventures;

(p) AASB 132 Financial Instruments: Presentation;

(q) AASB 136 Impairment of Assets;

(r) AASB 139 Financial Instruments: Recognition and Measurement;

(s) AASB 1023 General Insurance Contracts;

(t) AASB 1038 Life Insurance Contracts;

(u) Interpretation 10 Interim Financial Reporting and Impairment; and

(v) Interpretation 12 Service Concession Arrangements;

as a consequence of the issuance of AASB 9 Financial Instruments in December 2009.