Accounting Standard AASB 18 Presentation and Disclosure in Financial Statements
9CAASB 18 issued in June 2024 amended paragraphs 6 and 8. An entity shall apply those amendments when it applies AASB 18.
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9C AASB 18 issued in June 2024 amended paragraphs 6 and 8. An entity shall apply those amendments when it applies AASB 18.
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| Paragraphs IE4 and IE5 of Example 1 that accompany AASB Interpretation 1 are amended. New text is underlined and deleted text is struck through. |
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Example 1: Cost model
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IE4 Following this adjustment, the carrying amount of the asset is CU82,000 (CU120,000 – CU8,000 – CU30,000), which will be depreciated over the remaining 30 years of the asset’s life giving a depreciation expense for the next year of CU2,733 (CU82,000 ÷ 30). The next year’s increase in the liability finance cost for the unwinding of the discount will be CU415 (CU8,300 × 5 per cent).
IE5 If the change in the liability had resulted from a change in the discount rate, instead of a change in the estimated cash flows, the accounting for the change would have been the same but the next year’s increase in the liability for the unwinding of the discount finance cost would have reflected the new discount rate.
AASB Interpretation 5 Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds (August 2015)
| Below the heading ‘References’, the reference to AASB 108 is amended. New text is underlined and deleted text is struck through. |
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• AASB 9Financial Instruments
• AASB 10 Consolidated Financial Statements
• AASB 11 Joint Arrangements
• AASB128 Investments in Associates and Joint Ventures
AASB Interpretation 6 Liabilities arising from Participating in a Specific Market—Waste Electrical and Electronic Equipment (August 2015)
| Below the heading ‘References’, the reference to AASB 108 is amended. New text is underlined and deleted text is struck through. |
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AASB Interpretation 12 Service Concession Arrangements (August 2015)
| Below the heading ‘References’, the reference to AASB 108 is amended. New text is underlined and deleted text is struck through. |
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• AASB 1 First‑time Adoption of Australian Accounting Standards
• AASB 7 Financial Instruments: Disclosures