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Accounting Standard AASB 2024-3 Amendments to Australian Accounting Standards – Annual Improvements Volume 11
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Turn the raw legal text into a practical explanation grounded in Accounting Standard AASB 2024-3 Amendments to Australian Accounting Standards – Annual Improvements Volume 11.
| Paragraph B74 is amended. New text is underlined and deleted text is struck through. |
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Assessing control
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Relationship with other parties
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B74 Such a relationship need not involve a contractual arrangement. A party is a de facto agent when the investor has, or those that direct the activities of the investor have, the ability to direct that party to act on the investor’s behalf. A party might also be a de facto agent when those that direct the activities of the investor have the ability to direct that party to act on the investor’s behalf. In these circumstances, the The investor shall consider its de facto agent’s decision‑making rights and its indirect exposure, or rights, to variable returns through the de facto agent together with its own when assessing control of an investee.
Appendix C
Effective date and transition
| Paragraph C1E is added. For ease of reading, this paragraph has not been underlined. |
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Effective date
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C1E AASB 2024-3 Amendments to Australian Accounting Standards – Annual Improvements Volume 11, issued in September 2024, amended paragraph B74. An entity shall apply those amendments for annual reporting periods beginning on or after 1 January 2026. Earlier application is permitted. If an entity applies those amendments for an earlier period, it shall disclose that fact.