Accounting Standard AASB 2021-7 Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128 and Editorial Corrections
Deferral of amendments re the sale or coDeferral of amendments re the sale or contribution of assets
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Deferral of amendments re the sale or contribution of assets
Amendments to AASB 10 Consolidated Financial Statements
7 The amendments originally set out in paragraphs 8–10 of AASB 2014-10 Amendments to Australian Accounting Standards – Sale or Contribution of Assets between an Investor and its Associate or Joint Venture are reversed from AASB 10 (July 2015) for annual periods beginning on or after 1 January 2022 but before 1 January 2025. However, the amendments may be applied to annual periods beginning on or after 1 January 2014 but before 1 January 2025 when applying AASB 10 (July 2015).
8 The following amendment to AASB 10 (July 2015) applies to annual periods beginning on or after 1 January 2022, with earlier application permitted.
9 In Appendix C, paragraph C1C is amended as follows:
C1C AASB 2014-10 Amendments to Australian Accounting Standards – Sale or Contribution of Assets between an Investor and its Associate or Joint Venture, issued in December 2014, in conjunction with AASB 2015-10 Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128, and AASB 2017-5 Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128 and Editorial Corrections and AASB 2021-7 Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128 and Editorial Corrections, amended paragraphs 25–26 and added paragraph B99A. An entity shall apply those amendments prospectively to transactions occurring in annual periods beginning on or after 1 January 2022 2025. Earlier application is permitted. If an entity applies those amendments earlier, it shall disclose that fact.
Amendments to AASB 128 Investments in Associates and Joint Ventures
10 The amendments originally set out in paragraph 11 of AASB 2014‑10 are reversed from AASB 128 (August 2015) for annual periods beginning on or after 1 January 2022 but before 1 January 2025. However, the amendments may be applied to annual periods beginning on or after 1 January 2014 but before 1 January 2025 when applying AASB 128 (August 2015).
11 The following amendment to AASB 128 (August 2015) applies to annual periods beginning on or after 1 January 2022, with earlier application permitted.
12 Paragraph 45C is amended as follows:
45C AASB 2014-10 Amendments to Australian Accounting Standards – Sale or Contribution of Assets between an Investor and its Associate or Joint Venture, issued in December 2014, in conjunction with AASB 2015-10 Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128, and AASB 2017-5 Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128 and Editorial Corrections and AASB 2021-7 Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128 and Editorial Corrections, amended paragraphs 28 and 30 and added paragraphs 31A–31B. An entity shall apply those amendments prospectively to the sale or contribution of assets occurring in annual periods beginning on or after 1 January 2022 2025. Earlier application is permitted. If an entity applies those amendments earlier, it shall disclose that fact.