Accounting Standard AASB 2022-7 Editorial Corrections to Australian Accounting Standards and Repeal of Superseded and Redundant Standards
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Editorial corrections
Amendments to AASB 7 Financial Instruments: Disclosures
7 In paragraph 36(a), the text “netting agreements that do not quality for offset” is amended to read “netting agreements that do not qualify for offset”.
Amendments to AASB 116 Property, Plant and Equipment
8 Paragraph G1 in the accompanying implementation guidance is amended as follows:
G1 In accordance with paragraphs 7(b), 15 and Aus15.1 of AASB 116, only those heritage and cultural assets that can be reliably measured are recognised. It depends on the circumstances as to whether the reliable measurement recognition criterion can be satisfied in relation to a particular heritage or cultural asset. Heritage and cultural assets acquired at no cost, or for a nominal cost, for consideration that is significantly less than fair value principally to enable the entity to further its objectives are required to be initially recognised at fair value as at the date of acquisition. Depending on circumstances, it may not be possible to reliably measure the fair value as at the date of acquisition of a heritage or cultural asset.
Amendments to AASB 124 Related Party Disclosures
9 In paragraph 11(c)(iv), the text “does not control, jointly control or significant influence the reporting entity” is amended to read “does not control, jointly control or significantly influence the reporting entity”.
Amendments to AASB 128 Investments in Associates and Joint Ventures
10 Paragraph Aus17.2 is amended and paragraph AusCFAus17.2 is added as follows:
Aus17.2 Notwithstanding paragraphs 17 and Aus17.1, the ultimate Australian entity shall apply the equity method in accounting for interests in associates and joint ventures in accordance with this Standard when either the entity or the group is a reporting entity, or both the entity and the group are reporting entities the ultimate Australian entity is required by legislation to prepare financial statements that comply with either Australian Accounting Standards or accounting standards, except if the ultimate Australian parent is required, in accordance with paragraph 31 of AASB 10, to measure all of its subsidiaries at fair value through profit or loss.
AusCFAus17.2 Notwithstanding paragraphs 17, Aus17.1 and Aus17.2, in respect of AusCF entities, the ultimate Australian entity shall apply the equity method in accounting for interests in associates and joint ventures in accordance with this Standard when either the entity or the group is a reporting entity, or both the entity and the group are reporting entities, except if the ultimate Australian parent is required, in accordance with paragraph 31 of AASB 10, to measure all of its subsidiaries at fair value through profit or loss.
Amendments to AASB 134 Interim Financial Reporting