Section 60N - Accounting Standard AASB 18 Presentation and Disclosure in Financial Statements - AASB 18 issued in June 2024 amended paragraph 48. An entity shall apply those amendments when it applies AASB 18. | Zoe
60N AASB 18 issued in June 2024 amended paragraph 48. An entity shall apply those amendments when it applies AASB 18.
AASB 124 Related Party Disclosures (July 2015)
Paragraphs 20 and IG11 are amended and paragraph 28D is added. New text is underlined and deleted text is struck through.
Disclosures
All entities
...
20 The classification of amounts payable to, and receivable from, related parties in the different categories as required in paragraph 19 is an extension of the disclosure requirement in AASB 18 Presentation and Disclosure in Financial Statements AASB 101 Presentation of Financial Statements for information to be either presented either in the statement of financial position or disclosed in the notes. The categories are extended to provide a more comprehensive analysis of related party balances and apply to related party transactions.
...
...
28D AASB 18 issued in June 2024 amended paragraphs 20 and IG11. An entity shall apply those amendments when it applies AASB 18.
...
Australian implementation guidance for not-for-profit public sector entities
...
Related party transactions
...
IG11 A related party transaction is a transfer of resources, services or obligations between an entity and its related party, regardless of whether a price is charged. In the not-for-profit public sector, many entities are likely to engage frequently with persons who are a related party of that entity in the course of delivering the entity’s public service objectives, including the raising of funds (for example, rates and taxes) to meet those objectives. These related party transactions often occur on terms and conditions no different to those applying to the general public (for example, the Medicare rebate or public school fees). A not-for-profit public sector entity may determine that information about related party transactions occurring during the course of delivering its public service objectives and which occur on no different terms to that of the general public is not material for disclosure in its general purpose financial statements and accordingly need not be disclosed. Guidance relevant to an entity’s assessment of the materiality of a disclosure to its general purpose financial statements is included in AASB 18 Presentation and Disclosure in Financial Statements AASB 101 Presentation of Financial Statements and AASB 108 Basis of Preparation of Financial StatementsAccounting Policies, Changes in Accounting Estimates and Errors. The factors described in paragraph 27 of the Standard may also assist an entity in making this determination.
AASB 127 Separate Financial Statements (August 2015)
A footnote is added to ‘(as defined in AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors),’ in paragraph 18G. New text is underlined.
1 When it issued AASB 18 Presentation and Disclosure in Financial Statements in June 2024, the AASB changed the title of AASB 108 to Basis of Preparation of Financial Statements.
A footnote is added to ‘AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors.’ in paragraph 18J. New text is underlined.
2 When it issued AASB 18, the AASB changed the title of AASB 108.
AASB 128 Investments in Associates and Joint Ventures (August 2015)
| Paragraph 10 is amended and paragraph 45L is added. New text is underlined and deleted text is struck through. |
Equity method
10 Under the equity method, on initial recognition the investment in an associate or a joint venture is recognised at cost, and the carrying amount is increased or decreased to recognise the investor’s share of the profit or loss of the investee after the date of acquisition. The investor’s share of the investee’s profit or loss is recognised in the investor’s profit or loss. Distributions received from an investee reduce the carrying amount of the investment. Adjustments to the carrying amount may also be necessary for changes in the investor’s proportionate interest in the investee arising from changes in the investee’s other comprehensive income. Such changes include those arising from the revaluation of property, plant and equipment and from foreign exchange translation differences. The investor’s share of those changes is recognised in the investor’s other comprehensive income (see AASB 18 Presentation and Disclosure in Financial StatementsAASB 101 Presentation of Financial Statements).
...
...
45L AASB 18 issued in June 2024 amended paragraphs 10 and 45B. An entity shall apply those amendments when it applies AASB 18.
A footnote is added to ‘AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors.’ in paragraph 45B. New text is underlined.
1 When it issued AASB 18 Presentation and Disclosure in Financial Statements in June 2024, the AASB changed the title of AASB 108 to Basis of Preparation of Financial Statements.
AASB 129 Financial Reporting in Hyperinflationary Economies (August 2015)
Paragraphs 8 and 25 are amended and paragraph 42 is added. New text is underlined and deleted text is struck through.
The restatement of financial statements
...
8 The financial statements of an entity whose functional currency is the currency of a hyperinflationary economy, whether they are based on a historical cost approach or a current cost approach, shall be stated in terms of the measuring unit current at the end of the reporting period. The corresponding figures for the previous period required by AASB 18 Presentation and Disclosure in Financial Statements AASB 101 Presentation of Financial Statements and any information in respect of earlier periods shall also be stated in terms of the measuring unit current at the end of the reporting period. For the purpose of presenting comparative amounts in a different presentation currency, paragraphs 42(b) and 43 of AASB 121 The Effects of Changes in Foreign Exchange Rates apply.
...
Historical cost financial statements
...
25 At the end of the first period and in subsequent periods, all components of owners’ equity are restated by applying a general price index from the beginning of the period or the date of contribution, if later. The movements for the period in owners’ equity are disclosed in accordance with AASB 18AASB 101.
...
...