Amendments to AASB 107Amendments to AASB 107

Amendments to AASB 107

28 Paragraphs 37, 38 and 42B are amended as follows (new text is underlined and deleted text is struck through):

37 When accounting for an investment in an associate, a joint venture or a subsidiary accounted for by use of the equity or cost method, an investor restricts its reporting in the statement of cash flows to the cash flows between itself and the investee, for example, to dividends and advances.

38 An entity which reports its interest in a jointly controlled entity (see AASB 131 Interests in Joint Ventures) using proportionate consolidation, includes in its consolidated statement of cash flows its proportionate share of the jointly controlled entity’s cash flows. An entity which that reports its such an interest in an associate or a joint venture using the equity method includes in its statement of cash flows the cash flows in respect of its investments in the jointly controlled entity associate or joint venture, and distributions and other payments or receipts between it and the jointly controlled entity associate or joint venture.

42B Changes in ownership interests in a subsidiary that do not result in a loss of control, such as the subsequent purchase or sale by a parent of a subsidiary’s equity instruments, are accounted for as equity transactions (see AASB 127 AASB 10 Consolidated and Separate Financial Statements (as amended in March 2008)). Accordingly, …

29 Paragraph 50(b) is deleted and a note added as follows:

50 Additional information …

(a) …

(b) [deleted by the IASB]

(c) …

30 Paragraph 57 is added as follows:

57 AASB 2011-7 Amendments to Australian Accounting Standards arising from the Consolidation and Joint Arrangements Standards, issued in August 2011, amended paragraphs 37, 38 and 42B and deleted paragraph 50(b). An entity shall apply those amendments when it applies AASB 10 and AASB 11 Joint Arrangements.