AASB 2010-7 - Amendments to Australian Accounting Standards arising from AASB 9 (December 2010) - December 2010
24Paragraph 53 is amended to read as follows, paragraph 54A is deleted and paragraph 54B is added:
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24 Paragraph 53 is amended to read as follows, paragraph 54A is deleted and paragraph 54B is added:
53 Hindsight should not be used when applying a new accounting policy to, or correcting amounts for, a prior period, either in making assumptions about what management’s intentions would have been in a prior period or estimating the amounts recognised, measured or disclosed in a prior period. For example, when an entity corrects a prior period error in calculating its liability for employees’ accumulated sick leave in accordance with AASB 119 Employee Benefits, it disregards information about an unusually severe influenza season during the next period that became available after the financial statements for the prior period were authorised for issue. The fact that significant estimates are frequently required when amending comparative information presented for prior periods does not prevent reliable adjustment or correction of the comparative information.
54A [Deleted by the IASB]
54B AASB 2010-7 Amendments to Australian Accounting Standards arising from AASB 9 (December 2010), issued in December 2010, amended paragraph 53 and deleted paragraph 54A. An entity shall apply those amendments when it applies AASB 9 as issued in December 2010.