81 The following shall also be disclosed separately:
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(ab) the amount of income tax relating to each component of other comprehensive income (see paragraph 62 and paragraph 93 of AASB 18AASB 101);
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(h) in respect of discontinued operations, the tax expense relating to:
(i) the gain or loss on discontinuance; and
(ii) the profit or loss of from the ordinary activities of the discontinued operation for the period, together with the corresponding amounts for each prior period presented;
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98N AASB 18 issued in June 2024 amended paragraphs 62A, 77 (and its related subheading) and 78 (and its related subheading) and paragraphs 81 and 98H. 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 98H. New text is underlined.
1 When it issued AASB 18, the AASB changed the title of AASB 108 to Basis of Preparation of Financial Statements.
AASB 116 Property, Plant and Equipment (August 2015)
Paragraph 51 is amended. Paragraph 81O is added. New text is underlined and deleted text is struck through.
Measurement after recognition
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Depreciation
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Depreciable amount and depreciation period
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51 The residual value and the useful life of an asset shall be reviewed at least at each financial year‑end and, if expectations differ from previous estimates, the change(s) shall be accounted for as a change in an accounting estimate in accordance with AASB 108 Basis of Preparation of Financial Statements Accounting Policies, Changes in Accounting Estimates and Errors.
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81O AASB 18 Presentation and Disclosure in Financial Statements issued in June 2024 amended paragraph 51. An entity shall apply those amendments when it applies AASB 18.
AASB 119 Employee Benefits (August 2015)
Paragraphs 25, 134, 158 and 171 are amended. Paragraph 180 is added. New text is underlined and deleted text is struck through.
Short‑term employee benefits
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25 Although this Standard does not require specific disclosures about short‑term employee benefits, other Australian Accounting Standards may require disclosures. For example, AASB 124 requires disclosures about employee benefits for key management personnel. AASB 18 Presentation and Disclosure in Financial Statements AASB 101 Presentation of Financial Statements requires disclosure of employee benefits expense.
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Post‑employment benefits: defined benefit plans
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Components of defined benefit cost
134 Paragraph 120 requires an entity to recognise service cost and net interest on the net defined benefit liability (asset) in profit or loss. This Standard does not specify how an entity should present service cost and net interest on the net defined benefit liability (asset). An entity presents those components in accordance with AASB 18AASB 101.
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Other long‑term employee benefits
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158 Although this Standard does not require specific disclosures about other long‑term employee benefits, other Australian Accounting Standards may require disclosures. For example, AASB 124 requires disclosures about employee benefits for key management personnel. AASB 18 AASB 101 requires disclosure of employee benefits expense.
Termination benefits
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171 Although this Standard does not require specific disclosures about termination benefits, other Australian Accounting Standards may require disclosures. For example, AASB 124 requires disclosures about employee benefits for key management personnel. AASB 18 AASB 101 requires disclosure of employee benefits expense.
Transition and effective date
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180 AASB 18 issued in June 2024 amended paragraphs 25, 134, 158, 171, 173 and 175. 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 173. New text is underlined.
2 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 175. New text is underlined.
3 When it issued AASB 18, the AASB changed the title of AASB 108.
AASB 120 Accounting for Government Grants and Disclosure of Government Assistance (August 2015)
Paragraphs 16, 29 and 32 are amended and paragraph 49 is added. New text is underlined and deleted text is struck through.
Government grants
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16 It is fundamental to the income approach that government grants should be recognised in profit or loss on a systematic basis over the periods in which the entity recognises as expenses the related costs for which the grant is intended to compensate. Recognition of government grants in profit or loss on a receipts basis is not in accordance with the accrual accounting assumption (see AASB 108 Basis of Preparation of Financial StatementsAASB 101 Presentation of Financial Statements) and would be acceptable only if no basis existed for allocating a grant to periods other than the one in which it was received.
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Presentation of grants related to income
29 Grants related to income are classified and presented in the statement of profit or loss in accordance with the requirements in AASB 18 Presentation and Disclosure in Financial Statements. presented as part of profit or loss, They are included in profit or loss, either as income or as a deduction separately or under a general heading such as ‘Other income’; alternatively, they are deducted in reporting the related expense.
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Repayment of government grants
32 A government grant that becomes repayable shall be accounted for as a change in accounting estimate (see AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors). Repayment of a grant related to income shall be applied first against any unamortised deferred credit recognised in respect of the grant. To the extent that the repayment exceeds any such deferred credit, or when no deferred credit exists, the repayment shall be recognised immediately in profit or loss. Repayment of a grant related to an asset shall be recognised by increasing the carrying amount of the asset or reducing the deferred income balance by the amount repayable. The cumulative additional depreciation that would have been recognised in profit or loss to date in the absence of the grant shall be recognised immediately in profit or loss.
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49 AASB 18 issued in June 2024 amended paragraphs 16, 29 and 32. An entity shall apply those amendments when it applies AASB 18.
AASB 121 The Effects of Changes in Foreign Exchange Rates (August 2015)
| Paragraph 48 is amended and paragraph 60N is added. New text is underlined and deleted text is struck through. |
Use of a presentation currency other than the functional currency
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Disposal or partial disposal of a foreign operation
48 On the disposal of a foreign operation, the cumulative amount of the exchange differences relating to that foreign operation, recognised in other comprehensive income and accumulated in the separate component of equity, shall be reclassified from equity to profit or loss (as a reclassification adjustment) when the gain or loss on disposal is recognised (see AASB 18 Presentation and Disclosure in Financial StatementsAASB 101 Presentation of Financial Statements).
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