Preface

Standards Amended by AASB 2009-11

This Standard makes amendments to the following Australian Accounting Standards and Interpretations:

1. AASB 1 First-time Adoption of Australian Accounting Standards;
2. AASB 1 First-time Adoption of Australian Equivalents to International Financial Reporting Standards
3. AASB 3 Business Combinations;
4. AASB 4 Insurance Contracts;
5. AASB 5 Non-current Assets Held for Sale and Discontinued Operations;
6. AASB 7 Financial Instruments: Disclosures;
7. AASB 101 Presentation of Financial Statements;
8. AASB 102 Inventories;
9. AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors;
10. AASB 112 Income Taxes;
11. AASB 118 Revenue;
12. AASB 121 The Effects of Changes in Foreign Exchange Rates;
13. AASB 127 Consolidated and Separate Financial Statements;
14. AASB 128 Investments in Associates;
15. AASB 131 Interests in Joint Ventures;
16. AASB 132 Financial Instruments: Presentation;
17. AASB 136 Impairment of Assets;
18. AASB 139 Financial Instruments: Recognition and Measurement;
19. AASB 1023 General Insurance Contracts;
20. AASB 1038 Life Insurance Contracts;
21. Interpretation 10 Interim Financial Reporting and Impairment; and
22. Interpretation 12 Service Concession Arrangements.

These amendments arise from the issuance of AASB 9 Financial Instruments that sets out requirements for the classification and measurement of financial assets. The requirements in AASB 9 form part of the first phase of the International Accounting Standards Board’s project to replace IAS 39 Financial Instruments: Recognition and Measurement.

Main features of this Standard

Application Date

This Standard applies to annual reporting periods beginning on or after 1 January 2013. This Standard shall be applied when AASB 9 is applied. This Standard may be applied to annual reporting periods ending on or after 31 December 2009 that begin before 1 January 2013 provided AASB 9 is also applied for the same period. When an entity applies this Standard to such an annual reporting period, it shall disclose that fact.

Main Requirements

This Standard gives effect to consequential changes arising from the issuance of AASB 9. The Preface to AASB 9 summarises the main requirements of that Standard.