110In paragraph 15(a), ‘fair value’ is footnoted as follows:

110 In paragraph 15(a), ‘fair value’ is footnoted as follows:

AASB 117 uses the term ‘fair value’ in a way that differs in some respects from the definition of fair value in AASB 13. Therefore, when applying AASB 117 an entity measures fair value in accordance with AASB 117, not AASB 13.

Amendments to Interpretation 12 Amendments to Interpretation 12

Amendments to Interpretation 12

111 In the Illustrative Examples accompanying Interpretation 12, paragraphs IE15 and IE31 are amended as follows (new text is underlined and deleted text is struck through):

IE15 During the construction phase of the arrangement the operator’s asset (representing its accumulating right to be paid for providing construction services) is classified as an intangible asset (licence to charge users of the infrastructure). The operator estimates measures the fair value of its consideration received to be as equal to the forecast construction costs plus 5 per cent margin, which the operator concludes is consistent with the rate that a market participant would require as compensation for providing the construction services and for assuming the risk associated with the construction costs. It is also assumed that …

IE31 During the construction phase of the arrangement the operator’s asset (representing its accumulating right to be paid for providing construction services) is classified as a right to receive a licence to charge users of the infrastructure. The operator estimates measures the fair value of its consideration received or receivable as equal to the forecast construction costs plus 5 per cent, which the operator concludes is consistent with the rate that a market participant would require as compensation for providing the construction services and for assuming the risk associated with the construction costs. It is also assumed that …

Amendments to Interpretation 13 Amendments to Interpretation 13

Amendments to Interpretation 13