AASB 2010-7 - Amendments to Australian Accounting Standards arising from AASB 9 (December 2010) - December 2010
12In Appendix E, a heading and paragraphs E1 and E2 are added:
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12 In Appendix E, a heading and paragraphs E1 and E2 are added:
Exemption from the requirement to restat Exemption from the requirement to restate comparative information for AASB 9
Exemption from the requirement to restate comparative information for AASB 9
E1 In its first Australian-Accounting-Standards financial statements, an entity that (a) adopts Australian Accounting Standards for annual periods beginning before 1 January 2012 and (b) applies AASB 9 shall present at least one year of comparative information. However, this comparative information need not comply with AASB 7 Financial Instruments: Disclosures or AASB 9, to the extent that the disclosures required by AASB 7 relate to items within the scope of AASB 9. For such entities, references to the ‘date of transition to Australian Accounting Standards’ shall mean, in the case of AASB 7 and AASB 9 only, the beginning of the first Australian-Accounting-Standards reporting period.
E2 An entity that chooses to present comparative information that does not comply with AASB 7 and AASB 9 in its first year of transition shall:
(a) apply the recognition and measurement requirements of its previous GAAP in place of the requirements of AASB 9 to comparative information about items within the scope of AASB 9.
(b) disclose this fact together with the basis used to prepare this information.
(c) treat any adjustment between the statement of financial position at the comparative period’s reporting date (ie the statement of financial position that includes comparative information under previous GAAP) and the statement of financial position at the start of the first Australian-Accounting-Standards reporting period (ie the first period that includes information that complies with AASB 7 and AASB 9) as arising from a change in accounting policy and give the disclosures required by paragraph 28(a)-(e) and (f)(i) of AASB 108. Paragraph 28(f)(i) applies only to amounts presented in the statement of financial position at the comparative period’s reporting date.
(d) apply paragraph 17(c) of AASB 101 to provide additional disclosures when compliance with the specific requirements in Australian Accounting Standards is insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity’s financial position and financial performance.