Preface

Standards amended by AASB 2026-1

This Standard makes amendments to AASB 136 Impairment of Assets (August 2015) and AASB 137 Provisions, Contingent Liabilities and Contingent Assets (August 2015).

These amendments arise from the issuance of International Financial Reporting Standard Disclosures about Uncertainties in the Financial Statements (Amendments to Illustrative Examples on IFRS 7, IFRS 18, IAS 1, IAS 8, IAS 36 and IAS 37) by the International Accounting Standards Board (IASB) in November 2025, which introduced new illustrative examples for those Standards.

The examples added by the IASB to the Illustrative Examples accompanying IAS 36 Impairment of Assets and the Implementation Guidance accompanying IAS 37 Provisions, Contingent Liabilities and Contingent Assets are incorporated into the Illustrative Examples accompanying AASB 136 and the Implementation Guidance accompanying AASB 137 through this amending Standard. The remaining new examples (relating to IFRS 7, IFRS 18, IAS 1 and IAS 8) are not included in this amending Standard as the illustrative examples or implementation guidance accompanying those Standards has not been published with the corresponding AASB Standards. Instead, those examples are accessible to users of the AASB website in Australia on the IASB Support Materials page.

Main features of this Standard

Main requirements

This Standard amends AASB 136 and AASB 137 to add additional illustrative examples to their accompanying guidance. The objective of the new examples is to illustrate how an entity applies the requirements of the Standards to report the effects of uncertainties in its financial statements. In particular, the examples demonstrate:

(a) in relation to AASB 136 – how an entity discloses information about the key assumptions it uses to determine the recoverable amounts of assets; and

(b) in relation to AASB 137 – how an entity might disclose information about plant decommissioning and site-restoration obligations even if their effect on the carrying amount of the entity’s plant decommissioning and site-restoration provision is immaterial. 

Application date

This Standard applies to annual periods beginning on or after 1 July 2025 that end on or after 28 February 2026. Earlier application is permitted.