AASB 2010-7 - Amendments to Australian Accounting Standards arising from AASB 9 (December 2010) - December 2010
32Paragraphs 1 and 18-19A are amended to read as follows, paragraph 41D is deleted and paragraph 41F is added:
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32 Paragraphs 1 and 18-19A are amended to read as follows, paragraph 41D is deleted and paragraph 41F is added:
1 This Standard shall be applied in accounting for investments in associates. However, it does not apply to investments in associates held by:
that are measured at fair value through profit or loss in accordance with AASB 9 Financial Instruments. An entity shall measure such investments at fair value through profit or loss in accordance with AASB 9. An entity holding such an investment shall make the disclosures required by paragraph 37(f).
18 An investor shall discontinue the use of the equity method from the date when it ceases to have significant influence over an associate and shall account for the investment in accordance with AASB 9 from that date, provided the associate does not become a subsidiary or a joint venture as defined in AASB 131. On the loss of significant influence, …
19 When an investment ceases to be an associate and is accounted for in accordance with AASB 9, the fair value of the investment at the date when it ceases to be an associate shall be regarded as its fair value on initial recognition as a financial asset in accordance with AASB 9.
19A If an investor loses significant influence over an associate, … For example, if an associate has cumulative exchange differences relating to a foreign operation and the investor loses significant influence over the associate, the investor shall reclassify to profit or loss the gain or loss previously recognised in other comprehensive income in relation to the foreign operation. If …
41D [Deleted by the IASB]
41F AASB 2010-7 Amendments to Australian Accounting Standards arising from AASB 9 (December 2010), issued in December 2010, amended paragraphs 1 and 18-19A and deleted paragraph 41D. An entity shall apply those amendments when it applies AASB 9 as issued in December 2010.