Accounting Standard AASB 2022-7 Editorial Corrections to Australian Accounting Standards and Repeal of Superseded and Redundant Standards
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Editorial corrections
This Standard makes editorial corrections to various Australian Accounting Standards and AASB Practice Statement 2 Making Materiality Judgements. The corrections include corrections made by the IASB to IFRS Standards since June 2021.
Repeals of Standards
This Standard repeals (via Schedule 1) Australian Accounting Standards that have been superseded by either subsequent principal versions of the Standard or by other Standards without being formally repealed at the time. The superseding Standards are also identified in this Standard, in Column 2 of Schedule 1, as they determine when each superseded Standard ceased to apply.
The Standard also repeals (via Schedule 2) Standards that made amendments to other Standards, being amending Standards that have passed their Parliamentary disallowance period and their legal commencement date but have not been formally repealed. Amending Standards are redundant once their amendments are made to the other Standards on the legal commencement date.
Despite the repeals, the repealed Standards continue to apply to the reporting periods to which they applied previously. Accordingly, the repeals have no effect on which Standards apply to the preparation and presentation of financial statements for reporting periods.
As a result of the repeals, the repealed Standards cease to be classified as in-force legislative instruments on the Federal Register of Legislation. However, the repealed Standards will continue to be available on the Federal Register of Legislation, but classified as legislative instruments that are no longer in force. There will be no change to the availability of the repealed Standards on the AASB’s website.
Application date
The editorial corrections apply to annual reporting periods beginning on or after 1 January 2023. Earlier application of the corrections is permitted.
The repeals take effect upon the commencement of this Standard as a legislative instrument. An explicit application date in terms of reporting periods is not required for the repeals. Each repealed Standard has already been either superseded by another Standard or, in the case of amending Standards, made redundant by the passing of its Parliamentary disallowance period and its legal commencement date.