30Paragraphs 35, 37, 38 and 40 are amended to read as follows, paragraph 45D is deleted and paragraph 45E is added:

30 Paragraphs 35, 37, 38 and 40 are amended to read as follows, paragraph 45D is deleted and paragraph 45E is added:

35 If a parent loses control of a subsidiary, … For example, if a subsidiary has cumulative exchange differences relating to a foreign operation and the parent loses control of the subsidiary, the parent shall reclassify to profit or loss the gain or loss previously recognised in other comprehensive income in relation to the foreign operation. Similarly, …

37 The fair value of any investment retained in the former subsidiary at the date when control is lost shall be regarded as the fair value on initial recognition of a financial asset in accordance with AASB 9 Financial Instruments or, when appropriate, the cost on initial recognition of an investment in an associate or jointly controlled entity.

Accounting for investments in subsidiari Accounting for investments in subsidiaries, jointly controlled entities and associates in separate financial statements

Accounting for investments in subsidiaries, jointly controlled entities and associates in separate financial statements

38 When an entity prepares separate financial statements, it shall account for investments in subsidiaries, jointly controlled entities and associates either:

The entity shall apply the same accounting for each category of investments. Investments accounted for at cost shall be accounted for in accordance with AASB 5 Non-current Assets Held for Sale and Discontinued Operations when they are classified as held for sale (or included in a disposal group that is classified as held for sale). The accounting for investments in accordance with AASB 9 is not changed in such circumstances.

40 Investments in jointly controlled entities and associates that are accounted for in accordance with AASB 9 in the consolidated financial statements shall be accounted for in the same way in the investor’s separate financial statements.

45D [Deleted by the IASB]

45E AASB 2010-7 Amendments to Australian Accounting Standards arising from AASB 9 (December 2010), issued in December 2010, amended paragraphs 35, 37, 38 and 40 and deleted paragraph 45D. An entity shall apply those amendments when it applies AASB 9 as issued in December 2010.