ObjectiveObjective

Objective

1 This Standard amends:

(a) AASB 10 Consolidated Financial Statements (July 2015); and

(b) AASB 128 Investments in Associates and Joint Ventures (August 2015);

to defer the application of previous amendments relating to the sale or contribution of assets between an investor and its associate or joint venture as the continuing consequence of International Financial Reporting Standard Effective Date of Amendments to IFRS 10 and IAS 28, issued by the International Accounting Standards Board in December 2015.

2 This Standard also amends the following pronouncements to make editorial corrections:

(a) AASB 1 First-time Adoption of Australian Accounting Standards (July 2015);

(b) AASB 2 Share-based Payment (July 2015);

(c) AASB 5 Non-current Assets Held for Sale and Discontinued Operations (August 2015);

(d) AASB 7 Financial Instruments: Disclosures (August 2015);

(e) AASB 9 Financial Instruments (December 2014);

(f) AASB 14 Regulatory Deferral Accounts (June 2014);

(g) AASB 15 Revenue from Contracts with Customers (December 2014);

(h) AASB 16 Leases (February 2016);

(i) AASB 17 Insurance Contracts (July 2017);

(j) AASB 101 Presentation of Financial Statements (July 2015);

(k) AASB 102 Inventories (July 2015);

(l) AASB 116 Property, Plant and Equipment (August 2015);

(m) AASB 119 Employee Benefits (August 2015);

(n) AASB 127 Separate Financial Statements (August 2015);

(o) AASB 128 Investments in Associates and Joint Ventures (August 2015);

(p) AASB 132 Financial Instruments: Presentation (August 2015);

(q) AASB 134 Interim Financial Reporting (August 2015);

(r) AASB 137 Provisions, Contingent Liabilities and Contingent Assets (August 2015);

(s) AASB 140 Investment Property (August 2015);

(t) AASB 1023 General Insurance Contracts (July 2004);

(u) AASB 1038 Life Insurance Contracts (July 2004);

(v) AASB 1039 Concise Financial Reports (August 2008);

(w) AASB 1052 Disaggregated Disclosures (December 2007);

(x) AASB 1057 Application of Australian Accounting Standards (July 2015);

(y) AASB 1058 Income of Not-for-Profit Entities (December 2016);

(z) AASB 1059 Service Concession Arrangements: Grantors (July 2017);

(aa) AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities (March 2020);

(bb) Interpretation 2 Members’ Shares in Co-operative Entities and Similar Instruments (July 2015);