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

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

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

(b) AASB 3 Business Combinations;

(c) AASB 4 Insurance Contracts;

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

(e) AASB 7 Financial Instruments: Disclosures;

(f) AASB 101 Presentation of Financial Statements;

(g) AASB 102 Inventories;

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

(i) AASB 112 Income Taxes;

(j) AASB 118 Revenue;

(k) AASB 120 Accounting for Government Grants and Disclosure of Government Assistance;

(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 137 Provisions, Contingent Liabilities and Contingent Assets;

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

(t) AASB 1023 General Insurance Contracts;

(u) AASB 1038 Life Insurance Contracts;

(v) Interpretation 2 Members’ Shares in Co-operative Entities and Similar Instruments;

(w) Interpretation 5 Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds;

(x) Interpretation 10 Interim Financial Reporting and Impairment;

(y) Interpretation 12 Service Concession Arrangements;

(z) Interpretation 19 Extinguishing Financial Liabilities with Equity Instruments; and

(aa) Interpretation 127 Evaluating the Substance of Transactions Involving the Legal Form of a Lease;

as a consequence of the issuance of AASB 9 Financial Instruments in December 2010.

Application Application

Application