ApplicationApplication

Application

Aus1.1 This Standard applies to:

(a) each entity that is required to prepare financial reports in accordance with Part 2M.3 of the Corporations Act and that is a reporting entity;

(b) general purpose financial statements of each other reporting entity; and

(c) financial statements that are, or are held out to be, general purpose financial statements.

Aus1.2 This Standard applies prospectively to business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after 1 July 2009.
[Note: For application dates of paragraphs changed or added by an amending Standard, see Compilation Details.]

Aus1.3 This Standard may be applied from the beginning of an annual reporting period that begins on or after 30 June 2007 but before 1 July 2009. If an entity applies this Standard to an annual reporting period beginning before 1 July 2009, it shall disclose that fact and apply AASB 127 Consolidated and Separate Financial Statements (as amended in March 2008) at the same time.

Aus1.4 [Deleted by the AASB]

Aus1.5 When applied or operative, this Standard supersedes:

(a) AASB 3 Business Combinations (July 2004, as amended);

(b) Interpretation 1001 Consolidated Financial Reports in relation to Pre-Date-of-Transition Dual Listed Company Arrangements issued in July 2005;

(c) Interpretation 1002 Post-Date-of-Transition Stapling Arrangements issued in December 2005; and

(d) Interpretation 1013 Consolidated Financial Reports in relation to Pre-Date-of-Transition Stapling Arrangements issued in April 2005.

Aus1.6 Where assets and liabilities are transferred to a local government from another local government at no cost, or for nominal consideration, pursuant to legislation, ministerial directive or other externally imposed requirement, paragraphs Aus63.1 to Aus63.9 shall be applied.