Amendments to other Australian Accounting Standards

The following amendments are made by AASB 2004-1 Amendments to Australian Accounting Standards. In this appendix, new text is underlined and deleted text is struck through.

B1 In AASB 1 First-time Adoption of Australian Equivalents to International Financial Reporting Standards, a heading and paragraph 36B are added as follows:

Exemption from the requirement to provide comparative disclosures for AASB 6

36B In its first Australian-equivalents-to-IFRSs financial report, an entity that adopts Australian equivalents to IFRSs before 1 January 2006 need not present the disclosures required by AASB 6 Exploration for and Evaluation of Mineral Resources for comparative periods.

B2 In AASB 116 Property, Plant and Equipment, paragraph 3 is amended to read as follows:

3. This Standard does not apply to:

(a) property, plant and equipment classified as held for sale in accordance with AASB 5 Non-current Assets Held for Sale and Discontinued Operations;

(b) biological assets related to agricultural activity (see AASB 141 Agriculture); or

(c) the recognition and measurement of exploration and evaluation assets (see AASB 6 Exploration for and Evaluation of Mineral Resources); or

(dc) mineral rights and mineral reserves such as oil, natural gas and similar non-regenerative resources.

However, this Standard applies to property, plant and equipment used to develop or maintain the assets described in (b) and -(cd).

B3 In AASB 138 Intangible Assets, paragraph 2 is amended to read as follows:

2. This Standard shall be applied in accounting for intangible assets, except:

(a) intangible assets that are within the scope of another Australian Accounting Standard;

(b) financial assets, as defined in AASB 139 Financial Instruments: Recognition and Measurement;

(c) the recognition and measurement of exploration and evaluation assets (see AASB 6 Exploration for and Evaluation of Mineral Resources); and

(dc) mineral rights and expenditure on the exploration for, or development and extraction of, minerals, oil, natural gas and similar non-regenerative resources.