Part Objective - AASB 2011-7 - Amendments to Australian Accounting Standards arising from the Consolidation and Joint Arrangements Standards - August 2011 - Objective

ObjectiveObjective

Start here

Get a plain-English read of Objective

Turn the raw legal text into a practical explanation grounded in AASB 2011-7 - Amendments to Australian Accounting Standards arising from the Consolidation and Joint Arrangements Standards - August 2011.

Objective

1 The objective of this Standard is to make amendments to:

(a) AASB 1 First-time Adoption of Australian Accounting Standards;

(b) AASB 2 Share-based Payment;

(d) AASB 5 Non-current Assets Held for Sale and Discontinued Operations;

(e) AASB 7 Financial Instruments: Disclosures;

(f)-(h) [Deleted]

(i) AASB 101 Presentation of Financial Statements;

(j) AASB 107 Statement of Cash Flows;

(k) AASB 112 Income Taxes;

(l) AASB 118 Revenue;

(m) AASB 121 The Effects of Changes in Foreign Exchange Rates;

(n) AASB 124 Related Party Disclosures;

(o) AASB 132 Financial Instruments: Presentation;

(p) AASB 133 Earnings per Share;

(q) AASB 136 Impairment of Assets;

(r) AASB 138 Intangible Assets;

(s) AASB 139 Financial Instruments: Recognition and Measurement;

(t) AASB 1023 General Insurance Contracts;

(u) AASB 1038 Life Insurance Contracts;

(v) Interpretation 5 Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds;

(w) Interpretation 9 Reassessment of Embedded Derivatives;

(x) Interpretation 16 Hedges of a Net Investment in a Foreign Operation; and

(y) Interpretation 17 Distributions of Non-cash Assets to Owners;

as a consequence of the issuance of AASB 10 Consolidated Financial Statements, AASB 11 Joint Arrangements, AASB 12 Disclosure of Interests in Other Entities, AASB 127 Separate Financial Statements and AASB 128 Investments in Associates and Joint Ventures in August 2011.