Amendments to AASB 1Amendments to AASB 1

Amendments to AASB 1

9 In paragraphs 31, D1(g), D14 and D15 and in the headings before paragraphs 31 and D14, ‘jointly controlled entity’ is amended to ‘joint venture’ and ‘jointly controlled entities’ is amended to ‘joint ventures’.

10 Paragraph 39I is added as follows:

39I AASB 2011-7 Amendments to Australian Accounting Standards arising from the Consolidation and Joint Arrangements Standards, issued in August 2011, amended paragraphs 31, B7, C1, D1, D14 and D15 and added paragraph D31. An entity shall apply those amendments when it applies AASB 10 Consolidated Financial Statements and AASB 11 Joint Arrangements.

11 Paragraph B7 is amended as follows (new text is underlined and deleted text is struck through):

B7 A first-time adopter shall apply the following requirements of AASB 127 Consolidated and Separate Financial Statements (as amended in 2008) AASB 10 prospectively from the date of transition to Australian Accounting Standards:

(a) the requirement in paragraph 28 B94 that total comprehensive income is attributed to the owners of the parent and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance;

(b) the requirements in paragraphs 30 and 31 23 and B93 for accounting for changes in the parent’s ownership interest in a subsidiary that do not result in a loss of control; and

(c) the requirements in paragraphs 34–37 B97-B99 for accounting for a loss of control over a subsidiary, and the related requirements of paragraph 8A of AASB 5 Non-current Assets Held for Sale and Discontinued Operations.

However, if a first-time adopter elects to apply AASB 3 Business Combinations (as revised in 2008) retrospectively to past business combinations, it also shall also apply AASB 127 (as amended in 2008) AASB 10 in accordance with paragraph C1 of this Standard.

12 Paragraph C1 is amended as follows (new text is underlined and deleted text is struck through):

C1 A first-time adopter may elect not to apply AASB 3 Business Combinations (as revised in 2008) retrospectively to past business combinations (business combinations that occurred before the date of transition to Australian Accounting Standards). However, if a first-time adopter restates any business combination to comply with AASB 3 (as revised in 2008), it shall restate all later business combinations and shall also apply AASB 127 Consolidated and Separate Financial Statements (as amended in 2008) AASB 10 from that same date. For example, if a first-time adopter elects to restate a business combination that occurred on 30 June 20X6, it shall restate all business combinations that occurred on 30 June 20X6 and the date of transition to Australian Accounting Standards, and it shall also apply AASB 127 (amended 2008) AASB 10 from 30 June 20X6.