AASB Standard
AASB 2012-6
September 2012
Amendments to Australian Accounting Standards – Mandatory Effective Date of AASB 9 and Transition Disclosures
[AASB 9, AASB 2009-11, AASB 2010-7, AASB 2011-7 & AASB 2011-8]
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ISSN 1036-4803
CONTENTS
Preface
Accounting Standard
AASB 2012-6 AmenDMENTS TO aUSTRALIAN aCCOUNTING sTANDARDS – Mandatory Effective Date of AASB 9 and Transition Disclosures
Paragraphs
Objective 1
Application 2 − 5
Amendments to AASB 9 (December 2009) 6 − 8
Amendments to AASB 2009-11 9 − 11
Amendments to AASB 7 12
Amendments to AASB 9 (December 2010) 13 − 15
Amendments to AASB 2010-7 16 − 17
Amendments to AASB 1 18 − 20
Amendments to AASB 7 21
Amendments to AASB 101 22
Amendments to AASB 132 23
Amendments to AASB 136 24
Amendments to AASB 139 25 – 26
Amendments to Interpretation 2 27
Amendments to Interpretation 19 28
Amendments to AASB 2011-7 29 − 30
Amendments to AASB 7 31 − 32
Amendments to AASB 101 33
Amendments to AASB 132 34 – 35
Amendments to AASB 139 36 – 37
Amendments to AASB 1038 38
Amendments to AASB 2011-8 39 − 41
Amendments to AASB 1 42 − 44
Amendments to AASB 7 45 – 48
Amendments to AASB 132 49 − 50
Amendments to AASB 139 51 – 52
Amendments to Interpretation 2 53 − 54
Amendments to Interpretation 19 55 − 56
Appendix: Early Application Page 16
IASB IMPLEMENTATION GUIDANCE – AMENDMENTS
(available on the AASB website)
IASB BASES FOR CONCLUSIONS – AMENDMENTS
(available on the AASB website)
Australian Accounting Standard AASB 2012-6 Amendments to Australian Accounting Standards − Mandatory Effective Date of AASB 9 and Transition Disclosures is set out in paragraphs 1 – 56 and the Appendix. All the paragraphs have equal authority.
Preface
Standards Amended by AASB 2012-6
This Standard makes amendments to Australian Accounting Standards, as listed in paragraph 1 of this Standard. Various other Standards and Interpretations are amended through those principal Standards.
These amendments arise from the issuance of Mandatory Effective Date and Transition Disclosures (Amendments to IFRS 9 and IFRS 7) by the International Accounting Standards Board in December 2011.
Main Features of this Standard
Application Date
This Standard applies to annual reporting periods beginning on or after 1 January 2013. Early application is permitted for annual reporting periods ending on or after 31 December 2009 that begin before 1 January 2013.
Main Requirements
This Standard amends the mandatory effective date of AASB 9 Financial Instruments so that AASB 9 is required to be applied for annual reporting periods beginning on or after 1 January 2015 instead of 1 January 2013. This Standard also modifies the relief from restating prior periods by amending AASB 7 Financial Instruments: Disclosures to require additional disclosures on transition from AASB 139 Financial Instruments: Recognition and Measurement to AASB 9 in some circumstances.
The change in application date of AASB 9 requires amendments to AASB 9 (2009) and AASB 9 (2010) to incorporate amendments from later-issued Standards that will still apply from 1 January 2013 – AASB 2011-7 Amendments to Australian Accounting Standards arising from the Consolidation and Joint Arrangements Standards and AASB 2011-8 Amendments to Australian Accounting Standards arising from AASB 13.
Further amendments are also required to numerous consequential amendments arising from AASB 9 that will now apply from 1 January 2015 instead of 1 January 2013 and to numerous consequential amendments arising out of the Standards that will still apply from 1 January 2013.
aCCOUNTING STANDARD AASB 2012-6
The Australian Accounting Standards Board makes Accounting Standard AASB 2012-6 Amendments to Australian Accounting Standards – Mandatory Effective Date of AASB 9 and Transition Disclosures under section 334 of the Corporations Act 2001.
Kevin M. Stevenson
Dated 10 September 2012
Chair – AASB
aCCOUNTING STANDARD AASB 2012-6
AMENDMENTS TO AUSTRALIAN ACCOUNTING STANDARDS – Mandatory Effective Date of AASb 9 and Transition Disclosures
Objective
1 The objective of this Standard is to make amendments to:
(a) AASB 9 Financial Instruments (December 2009);
(b) AASB 2009-11 Amendments to Australian Accounting Standards arising from AASB 9;
(c) AASB 9 Financial Instruments (December 2010);
(d) AASB 2010-7 Amendments to Australian Accounting Standards arising from AASB 9 (December 2010);
(e) AASB 2011-7 Amendments to Australian Accounting Standards arising from the Consolidation and Joint Arrangements Standards; and
(f) AASB 2011-8 Amendments to Australian Accounting Standards arising from AASB 13;
as a consequence of the issuance of International Financial Reporting Standard Mandatory Effective Date and Transition Disclosures (Amendments to IFRS 9 and IFRS 7) by the International Accounting Standards Board in December 2011.
Application
2 This Standard applies to:
(a) each entity that is required to prepare financial reports in accordance with Part 2M.3 of the Corporations Act and that is a reporting entity;
(b) general purpose financial statements of each other reporting entity; and
(c) financial statements that are, or are held out to be, general purpose financial statements.
3 This Standard applies to annual reporting periods beginning on or after 1 January 2013.
4 This Standard may be applied to annual reporting periods ending on or after 31 December 2009 that begin before 1 January 2013, except that the amendments to AASB 9 (December 2010) and AASB 2010-7 may be applied early only as set out in those Standards.
5 This Standard uses underlining, striking out and other typographical material to identify some of the amendments to a Standard, in order to make the amendments more understandable. However, the amendments made by this Standard do not include that underlining, striking out or other typographical material.
Amendments to AASB 9 (December 2009)
6 Paragraphs Aus1.3, Aus1.4, 8.2.10 and 8.2.12 of AASB 9 (December 2009) are amended as follows (new text is underlined and deleted text is struck through):
Aus1.3 This Standard applies to annual reporting periods beginning on or after 1 January 2013 2015.
Aus1.4 This Standard may be applied to annual reporting periods ending on or after 31 December 2009 that begin before 1 January 2013 2015. When an entity applies this Standard to an annual reporting period beginning before 1 January 2013 2015 it shall disclose that fact and at the same time apply the amendments in AASB 2009-11 Amendments to Australian Accounting Standards arising from AASB 9 (as amended).
8.2.10 If it is impracticable … as its amortised cost if the entity restates prior periods. In those circumstances …
8.2.12 Notwithstanding the requirement in paragraph 8.2.1, an entity that adopts this Standard for reporting periods:
(a) beginning before 1 January 2012 need not restate prior periods. and is not required to provide the disclosures set out in paragraphs 44S-44W of AASB 7;
(b) beginning on or after 1 January 2012 and before 1 January 2013 shall elect either to provide the disclosures set out in paragraphs 44S-44W of AASB 7 or to restate prior periods; and
(c) beginning on or after 1 January 2013 shall provide the disclosures set out in paragraphs 44S-44W of AASB 7. The entity need not restate prior periods.
If an entity does not restate prior periods, the entity shall recognise any difference between the previous carrying amount and the carrying amount at the beginning of the annual reporting period that includes the date of initial application in the opening retained earnings (or other component of equity, as appropriate) of the annual reporting period that includes the date of initial application.
7 A note concerning paragraph 8.1.2 is added as follows:
8.1.2 [Deleted by the AASB]
8 Amendments are made to AASB 9 (December 2009) as originally set out in paragraph A12 of AASB 2011-8 (as issued in September 2011).
Amendments to AASB 2009-11
9 Paragraphs 5 and 6 of AASB 2009-11 are amended as follows (new text is underlined and deleted text is struck through):
5 This Standard applies to annual reporting periods beginning on or after 1 January 2013 2015.
6 This Standard shall be applied when AASB 9 (December 2009) is applied. This Standard may be applied to annual reporting periods ending on or after 31 December 2009 that begin before 1 January 2013 2015 provided AASB 9 (December 2009) is also applied for the same period. When an entity applies this Standard to such an annual reporting period, it shall disclose that fact.
10 Amendments are made to AASB 2009-11 as originally set out in paragraphs A14 and A17-A22 of AASB 2011-8 (as issued in September 2011).
11 Paragraphs 27-32 of AASB 2009-11 are deleted. They have become early application amendments under AASB 2009-11 through the Appendix to this Standard. Notes are added to AASB 2009-11 as follows:
27 [Deleted – see early application Appendix]
28 [Deleted – see early application Appendix]
29 [Deleted – see early application Appendix]
30 [Deleted – see early application Appendix]
31 [Deleted – see early application Appendix]
32 [Deleted – see early application Appendix]
Amendments to AASB 7
12 The amendments to AASB 7 Financial Instruments: Disclosures in paragraph 17 of AASB 2009-11 are amended as follows (new text is underlined and deleted text is struck through) and paragraphs 44S-44W are added to paragraph 17:
17 A heading and paragraphs 11A, 11B, 12B-12D, 20A, and 44H-44J and 44S-44W are added, paragraphs 12 and 12A are deleted and paragraphs 2, 3, 8, 9, 20, 29 and 30 are amended as follows:
…
3 This Standard shall be applied by all entities to all types of financial instruments, except:
(a) those interests in subsidiaries, associates or joint ventures that are accounted for in accordance with AASB 10 Consolidated Financial Statements, AASB 127 Consolidated and Separate Financial Statements, or AASB 128 Investments in Associates and Joint Ventures or AASB 131 Interests in Joint Ventures. However, in some cases, AASB 127, or AASB 128 or AASB 131 permits an entity to account for an interest in a subsidiary, associate or joint venture … the requirements of this Standard and, for those interests measured at fair value, the requirements of AASB 13 Fair Value Measurement. Entities shall also apply …
…
44S When an entity first applies the classification and measurement requirements of AASB 9, it shall present the disclosures set out in paragraphs 44T-44W of this Standard if it elects to, or is required to, provide these disclosures in accordance with paragraph 8.2.12 of AASB 9.
44T If required by paragraph 44S, at the date of initial application of AASB 9 an entity shall disclose the changes in the classifications of financial assets, showing separately:
(a) the changes in the carrying amounts on the basis of their measurement categories in accordance with AASB 139 (ie not resulting from a change in measurement attribute on transition to AASB 9); and
(b) the changes in the carrying amounts arising from a change in measurement attribute on transition to AASB 9.
The disclosures in this paragraph need not be made after the annual reporting period in which AASB 9 is initially applied.
44U In the reporting period in which AASB 9 is initially applied, an entity shall disclose the following for financial assets that have been reclassified so that they are measured at amortised cost as a result of the transition to AASB 9:
(a) the fair value of the financial assets at the end of the reporting period;
(b) the fair value gain or loss that would have been recognised in profit or loss or other comprehensive income during the reporting period if the financial assets had not been reclassified;
(c) the effective interest rate determined on the date of reclassification; and
(d) the interest income recognised.
If an entity treats the fair value of a financial asset as its amortised cost at the date of initial application (see paragraph 8.2.10 of AASB 9), the disclosures in (c) and (d) of this paragraph shall be made for each reporting period following reclassification until derecognition. Otherwise, the disclosures in this paragraph need not be made after the reporting period containing the date of initial application.
44V If an entity presents the disclosures set out in paragraphs 44S-44U at the date of initial application of AASB 9, those disclosures, and the disclosures in paragraph 28 of AASB 108 during the reporting period containing the date of initial application, must permit reconciliation between:
(a) the measurement categories in accordance with AASB 139 and AASB 9; and
(b) the line items presented in the statements of financial position.
44W If an entity presents the disclosures set out in paragraphs 44S-44U at the date of initial application of AASB 9, those disclosures, and the disclosures in paragraph 25 of this Standard at the date of initial application, must permit reconciliation between:
(a) the measurement categories presented in accordance with AASB 139 and AASB 9; and
(b) the class of financial instrument at the date of initial application.
Amendments to AASB 9 (December 2010)
13 Paragraphs Aus1.3, Aus1.7, 7.2.10, 7.2.14 and B5.7.19 of AASB 9 (December 2010) are amended as follows (new text is underlined and deleted text is struck through):
Aus1.3 This Standard applies to annual reporting periods beginning on or after 1 January 2013 2015. Earlier application is permitted. However, if an entity elects to apply this Standard early and has not already applied AASB 9 Financial Instruments issued in December 2009 (as amended), it must apply all of the requirements in this Standard at the same time (but see also paragraph Aus1.7 of this Standard). If an entity applies this Standard in its financial statements for a period beginning before 1 January 2013 2015, it shall disclose that fact and at the same time apply the amendments in AASB 2010-7 Amendments to Australian Accounting Standards arising from AASB 9 (December 2010) (as amended).
Aus1.7 When applied or operative, this Standard supersedes AASB 9 issued in December 2009 (as amended). However, for annual reporting periods beginning before 1 January 2013 2015, an entity may elect to apply AASB 9 issued in December 2009 (as amended) instead of applying this Standard.
7.2.10 If it is impracticable (as defined in AASB 108) for an entity to apply retrospectively the effective interest method or the impairment requirements in paragraphs 58-65 and AG84-AG93 of AASB 139, the entity shall treat the fair value of the financial asset or financial liability at the end of each comparative period as its amortised cost if the entity restates prior periods. In those circumstances If it is impracticable (as defined in AASB 108) for an entity to apply retrospectively the effective interest method or the impairment requirements in paragraphs 58-65 and AG84-AG93 of AASB 139, the fair value of the financial asset or financial liability at the date of initial application shall be treated as the new amortised cost of that financial asset or financial liability at the date of initial application of this Standard.
7.2.14 Despite the requirement in paragraph 7.2.1, an entity that adopts the classification and measurement requirements of this Standard for reporting periods:
(a) beginning before 1 January 2012 need not restate prior periods. and is not required to provide the disclosures set out in paragraphs 44S-44W of AASB 7;
(b) beginning on or after 1 January 2012 and before 1 January 2013 shall elect either to provide the disclosures set out in paragraphs 44S-44W of AASB 7 or to restate prior periods; and
(c) beginning on or after 1 January 2013 shall provide the disclosures set out in paragraphs 44S-44W of AASB 7. The entity need not restate prior periods.
If an entity does not restate prior periods, the entity shall recognise any difference between the previous carrying amount and the carrying amount at the beginning of the annual reporting period that includes the date of initial application in the opening retained earnings (or other component of equity, as appropriate) of the annual reporting period that includes the date of initial application. However, if an entity restates prior periods, the restated financial statements must reflect all of the requirements in this Standard.
B5.7.19 The example … (see paragraph B5.7.16(a)) (see paragraph B5.7.16(b)). …
14 Amendments are made to AASB 9 (December 2010) as originally set out in paragraphs 25 and 26 of AASB 2011-7 (as issued in August 2011).
15 Amendments are made to AASB 9 (December 2010) as originally set out in paragraphs 28-37 of AASB 2011-8 (as issued in September 2011).
Amendments to AASB 2010-7
16 Paragraphs 5, 6 and 7 of AASB 2010-7 are amended as follows (new text is underlined and deleted text is struck through):
5 This Standard applies to annual reporting periods beginning on or after 1 January 2013 2015.
6 Earlier application is permitted from:
(a) any date between the issue of this Standard and 31 December 2010, for entities initially applying this Standard before 1 January 2011; or
(b) the beginning of the first reporting period in which the entity adopts this Standard, for entities initially applying this Standard on or after 1 January 2011.
However, if an entity elects to apply this Standard early and has not already applied AASB 9 and AASB 2009-11 Amendments to Australian Accounting Standards arising from AASB 9 issued in December 2009 (as amended), it must apply all of the requirements in AASB 9 (as issued in December 2010) at the same time. If an entity applies this Standard in its financial statements for a period beginning before 1 January 2013 2015, it shall disclose that fact.
7 When applied or operative, this Standard supersedes AASB 2009-11 Amendments to Australian Accounting Standards arising from AASB 9 issued in December 2009. However, for annual reporting periods ending on or after 31 December 2009 that begin before 1 January 2013 2015, an entity may elect to apply AASB 9 issued in (December 2009) instead of applying AASB 9 (December 2010) and therefore will apply the amendments to other Australian Accounting Standards in AASB 2009-11 instead of this Standard.
17 Paragraphs 30-33 of AASB 2010-7 are deleted. They have become early application amendments under AASB 2010-7 through the Appendix to this Standard. Notes are added to AASB 2010-7 as follows:
30-31 [Deleted – see early application Appendix]
32 [Deleted – see early application Appendix]
33 [Deleted – see early application Appendix]
Amendments to AASB 1
18 In paragraph 10 of AASB 2010-7, paragraph B1 of AASB 1 First-time Adoption of Australian Accounting Standards is amended to read as follows:
(a) …
(d) classification and measurement of financial assets (paragraph B8);
(e) embedded derivatives (paragraph B9); and
(f) government loans (paragraphs B10-B12).
19 In paragraph 11 of AASB 2010-7, the amendments to paragraph D15 of AASB 1 are deleted and paragraph 11 is amended to read as follows:
11 In Appendix D, paragraphs D1(j), D14, D19 and D20 are amended to read as follows and paragraphs D19A-D19D are added:
D1 …
D14 …
D19 …
…
20 In paragraph 11 of AASB 2010-7, paragraph D20 of AASB 1 is amended to read as follows:
D20 Despite the requirements of paragraphs 7 and 9, an entity may apply the requirements in paragraph B5.1.2A(b) of AASB 9 prospectively to transactions entered into on or after the date of transition to Australian Accounting Standards.
Amendments to AASB 7
21 The amendments to AASB 7 in paragraph 18 of AASB 2010-7 are amended to read as follows and paragraphs 44S-44W are added to paragraph 18:
18 Paragraphs 2-5, 8-10, 11, 14, 20, 28 and 30 are amended to read as follows, paragraphs 12, 12A, 29(b) and 44H are deleted and a heading and paragraphs 10A, 11A, 11B, 12B-12D, 20A, 44I, 44J, 44N and 44S-44W are added:
…
3 This Standard shall be applied by all entities to all types of financial instruments, except:
(a) those interests in subsidiaries, associates or joint ventures that are accounted for in accordance with AASB 10 Consolidated Financial Statements, AASB 127 Separate Financial Statements or AASB 128 Investments in Associates and Joint Ventures. However, in some cases, AASB 127 or AASB 128 permits an entity to account for an interest in a subsidiary, associate or joint venture using AASB 9; in those cases, entities shall apply the requirements of this Standard and, for those interests measured at fair value, the requirements of AASB 13 Fair Value Measurement. Entities shall also apply …
…
28 In some cases, an entity does not recognise a gain or loss on initial recognition of a financial asset or financial liability because the fair value is neither evidenced by a quoted price in an active market for an identical asset or liability (i.e. a Level 1 input) nor based on a valuation technique that uses only data from observable markets (see paragraph B5.1.2A of AASB 9). In such cases, the entity shall disclose by class of financial asset or financial liability:
(a) its accounting policy for recognising in profit or loss the difference between the fair value at initial recognition and the transaction price to reflect a change in factors (including time) that market participants would take into account when pricing the asset or liability (see paragraph B5.1.2A(b) of AASB 9).
(b) the aggregate difference yet to be recognised in profit or loss at the beginning and end of the period and a reconciliation of changes in the balance of this difference.
(c) why the entity concluded that the transaction price was not the best evidence of fair value, including a description of the evidence that supports the fair value.
…
44I When an entity first applies AASB 9, it shall disclose for each class of financial assets and financial liabilities at the date of initial application:
(a) …
(c) the amount of any financial assets and financial liabilities in the statement of financial position …
…
44S When an entity first applies the classification and measurement requirements of AASB 9, it shall present the disclosures set out in paragraphs 44T-44W of this Standard if it elects to, or is required to, provide these disclosures in accordance with paragraph 7.2.14 of AASB 9.
44T If required by paragraph 44S, at the date of initial application of AASB 9 an entity shall disclose the changes in the classifications of financial assets and financial liabilities, showing separately:
(a) the changes in the carrying amounts on the basis of their measurement categories in accordance with AASB 139 (ie not resulting from a change in measurement attribute on transition to AASB 9); and
(b) the changes in the carrying amounts arising from a change in measurement attribute on transition to AASB 9.
The disclosures in this paragraph need not be made after the annual reporting period in which AASB 9 is initially applied.
44U In the reporting period in which AASB 9 is initially applied, an entity shall disclose the following for financial assets and financial liabilities that have been reclassified so that they are measured at amortised cost as a result of the transition to AASB 9:
(a) the fair value of the financial assets or financial liabilities at the end of the reporting period;
(b) the fair value gain or loss that would have been recognised in profit or loss or other comprehensive income during the reporting period if the financial assets or financial liabilities had not been reclassified;
(c) the effective interest rate determined on the date of reclassification; and
(d) the interest income or expense recognised.
If an entity treats the fair value of a financial asset or a financial liability as its amortised cost at the date of initial application (see paragraph 7.2.10 of AASB 9), the disclosures in (c) and (d) of this paragraph shall be made for each reporting period following reclassification until derecognition. Otherwise, the disclosures in this paragraph need not be made after the reporting period containing the date of initial application.
44V If an entity presents the disclosures set out in paragraphs 44S-44U at the date of initial application of AASB 9, those disclosures, and the disclosures in paragraph 28 of AASB 108 during the reporting period containing the date of initial application, must permit reconciliation between:
(a) the measurement categories in accordance with AASB 139 and AASB 9; and
(b) the line items presented in the statements of financial position.
44W If an entity presents the disclosures set out in paragraphs 44S-44U at the date of initial application of AASB 9, those disclosures, and the disclosures in paragraph 25 of this Standard at the date of initial application, must permit reconciliation between:
(a) the measurement categories presented in accordance with AASB 139 and AASB 9; and
(b) the class of financial instrument at the date of initial application.
Amendments to AASB 101
22 In paragraph 22 of AASB 2010-7, paragraph 82 of AASB 101 Presentation of Financial Statements is amended to read as follows:
82 In addition to items required by other Australian Accounting Standards, the profit or loss section or the statement of profit or loss shall include line items that present the following amounts for the period:
(a) …
Amendments to AASB 132
23 In paragraph 34 of AASB 2010-7, paragraphs 4(a) and 23 of AASB 132 Financial Instruments: Presentation are amended to read as follows:
4 This Standard shall be applied by all entities to all types of financial instruments except:
(a) those interests in subsidiaries, associates or joint ventures that are accounted for in accordance with AASB 10 Consolidated Financial Statements, AASB 127 Separate Financial Statements or AASB 128 Investments in Associates and Joint Ventures. However, in some cases, AASB 127 or AASB 128 permits an entity to account for an interest in a subsidiary, associate or joint venture using AASB 9; in those cases, …
23 With the exception of the circumstances described in paragraphs 16A and 16B or paragraphs 16C and 16D, … One example is an entity’s obligation under a forward contract to purchase its own equity instruments for cash. The financial liability is recognised initially at the present value of the redemption amount, and is reclassified from equity. Subsequently, the financial liability is measured in accordance with AASB 9. …
Amendments to AASB 136
24 In paragraph 38 of AASB 2010-7, paragraph 5 of AASB 136 Impairment of Assets is amended to read as follows:
5 This Standard does not apply to financial assets within the scope of AASB 9, investment property measured at fair value within the scope of AASB 140, or biological assets related to agricultural activity measured at fair value less costs to sell within the scope of AASB 141. However, …
Amendments to AASB 139
25 In paragraph 48 of AASB 2010-7, paragraph 88 of AASB 139 Financial Instruments: Recognition and Measurement is amended to read as follows:
88 A hedging relationship qualifies for hedge accounting under paragraphs 89-102 if, and only if, all the following conditions are met.
(a) …
26 In paragraph 50 of AASB 2010-7, paragraph AG3 of AASB 139 is amended to read as follows:
AG3 … If the equity method is not appropriate, the entity applies this Standard and AASB 9 to that strategic investment.
Amendments to Interpretation 2
27 In paragraph 62 of AASB 2010-7, the amendments to paragraph A8 of Interpretation 2 Members’ Shares in Co‑operative Entities and Similar Instruments are deleted and paragraph 62 is amended to read as follows:
62 In the Appendix, paragraph A10 is amended to read as follows:
A10 Following the change in its governing charter …
Amendments to Interpretation 19
28 In paragraph 71 of AASB 2010-7, the amendments to paragraph 7 of Interpretation 19 Extinguishing Financial Liabilities with Equity Instruments are deleted and paragraph 71 is amended to read as follows:
71 Paragraphs 4(a), 5, 9 and 10 are amended to read as follows and paragraph 14 is added:
4 …
Consensus
5 …
9 …
…
Amendments to AASB 2011-7
29 Paragraphs 1(f)-(h), 25, 26, A1(d), A2 and A5-A7 of AASB 2011-7 are deleted and notes added as follows:
1 The objective of this Standard is to make amendments to:
(a) AASB 1 …
(f)-(h) [Deleted]
(i) AASB 101 …
25-26 [Deleted]
A1 Australian Accounting Standards AASB 10 …
(a) AASB 3 …
(d) [Deleted]
(e) AASB 1023 …
A2 [Deleted]
A5 [Deleted]
A6-A7 [Deleted]
30 Paragraph 7 of AASB 2011-7 is amended as follows (new text is underlined and deleted text is struck through):
7 This Standard shall be applied when AASB 10, AASB 11, AASB 12, AASB 127 (August 2011) and AASB 128 (August 2011) are applied. This Standard may be applied by for-profit entities, but not by not-for-profit entities, to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2013, except that:
(a) the amendments to AASB 3 may be applied early only to annual reporting periods beginning on or after 30 June 2007 but before 1 January 2013;.
(b) the amendments to AASB 9 (December 2009) and AASB 2009-11 may be applied early only to annual reporting periods ending on or after 31 December 2009 that begin before 1 January 2013; and
(c) the amendments to AASB 9 (December 2010) may be applied early only as set out in that Standard.
…
Amendments to AASB 7
31 In paragraph 23 of AASB 2011-7, the reference in paragraph 3(a) of AASB 7 to ‘AASB 9’ is amended to ‘AASB 139’.
32 Paragraph A4 of AASB 2011-7 is deleted and a note added as follows:
A4 [Deleted]
Amendments to AASB 101
33 In paragraph 27 of AASB 2011-7, paragraph 123 of AASB 101 is amended to read as follows:
123 In the process of applying the entity’s accounting policies, management makes various judgements, apart from those involving estimations, that can significantly affect the amounts it recognises in the financial statements. For example, management makes judgements in determining:
(a) whether financial assets are held-to-maturity investments;
(b) …
Amendments to AASB 132
34 In paragraph 45 of AASB 2011-7, the reference in paragraph 4(a) of AASB 132 to ‘AASB 9’ is amended to ‘AASB 139’.
35 In paragraph A9 of AASB 2011-7, the reference to ‘1 January 2013’ is amended to ‘1 July 2009’.
Amendments to AASB 139
36 The amendments to AASB 139 in paragraphs 51 and 52 of AASB 2011-7 are replaced by the amendments to AASB 139 as originally set out in paragraphs A10‑A12 of AASB 2011-7 (as issued in August 2011).
37 Paragraphs A10-A12 of AASB 2011-7 are deleted and a note added as follows:
A10-A12 [Deleted]
Amendments to AASB 1038
38 In paragraph 55 of AASB 2011-7, the references to ‘AASB 9’ in paragraphs 10.5.1 and 10.6.1 of AASB 1038 Life Insurance Contracts are replaced with ‘AASB 139’.
Amendments to AASB 2011-8
39 Paragraphs 1(g)-(j), 28-37, A3 and A12-A25 of AASB 2011-8 are deleted and notes added as follows:
1 The objective of this Standard is to make amendments to:
(a) AASB 1 …
(g)-(j) [Deleted]
(k) AASB 101 …
28-37 [Deleted]
A3 [Deleted]
A12 [Deleted]
A13-A22 [Deleted]
A23-A25 [Deleted]
40 Paragraph 10 of AASB 2011-8 is amended as follows (new text is underlined and deleted text is struck through):
10 This Standard shall be applied when AASB 13 is applied. This Standard may be applied to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2013, except that:
(a) the amendments to AASB 3 may be applied early only to annual reporting periods beginning on or after 30 June 2007 but before 1 January 2013;.
(b) the amendments to AASB 9 (December 2009) and AASB 2009-11 may be applied early only to annual reporting periods ending on or after 31 December 2009 that begin before 1 January 2013; and
(c) the amendments to AASB 9 (December 2010) may be applied early only as set out in that Standard.
41 Paragraph A2 of AASB 2011-8 is amended to read as follows:
A2 However, the early-application amendments to the following pronouncements are set out in this Appendix:
(a) AASB 1 …
(d) AASB 131 Interests in Joint Ventures; and
(e) [Deleted]
(f) AASB 139 Financial Instruments: Recognition and Measurement.
(g) [Deleted]
(h) [Deleted]
Amendments to AASB 1
42 In paragraph 16 of AASB 2011-8, the reference to ‘AASB 9’ (struck through) in paragraph D15 of AASB 1 is amended to ‘AASB 139’ (struck through).
43 The amendments to paragraph D20 of AASB 1 in paragraph 16 of AASB 2011-8 are replaced by the amendments to paragraph D20 as originally set out in paragraph A7 of AASB 2011-8 (as issued in September 2011).
44 Paragraphs A5 and A7 of AASB 2011-8 are deleted and notes added as follows:
A5 [Deleted]
A7 [Deleted]
Amendments to AASB 7
45 The amendments to paragraph 28 of AASB 7 in paragraph 25 of AASB 2011-8 are replaced by the amendments to paragraph 28 as originally set out in paragraph A8 of AASB 2011-8 (as issued in September 2011).
46 Paragraph 25A is added to AASB 2011-8 to amend paragraph 29 of AASB 7 as follows:
25A Paragraph 29 is amended as follows (new text is underlined and deleted text is struck through):
29 Disclosures of fair value are not required:
(a) …
(b) for an investment in equity instruments that do not have a quoted market price in an active market for an identical instrument (i.e. a Level 1 input), or derivatives linked to such equity instruments, that is measured at cost in accordance with AASB 139 because its fair value cannot otherwise be measured reliably; or
(c) …
47 In paragraph 26 of AASB 2011-8, paragraph 44P of AASB 7 is amended to read as follows:
44P … amended paragraphs 3, 28 and 29 and Appendix A …
48 Paragraphs A8, A9 and A11 of AASB 2011-8 are deleted and notes added as follows:
A8-A9 [Deleted]
A11 [Deleted]
Amendments to AASB 132
49 In paragraph 57 of AASB 2011-8, the reference to ‘AASB 9’ (struck through) in paragraph 23 of AASB 132 is amended to ‘AASB 139’ (struck through).
50 Paragraph A28 of AASB 2011-8 is deleted and a note added as follows:
A28 [Deleted]
Amendments to AASB 139
51 The amendments to AASB 139 in paragraphs 84‑86 of AASB 2011‑8 are replaced by the amendments to AASB 139 as originally set out in paragraphs A29, A30, A32 and A34 of AASB 2011‑8 (as issued in September 2011).
52 Paragraphs A29, A30, A32 and A34 of AASB 2011-8 are deleted and notes added as follows:
A29-A30 [Deleted]
A32 [Deleted]
A34 [Deleted]
Amendments to Interpretation 2
53 In paragraph 108 of AASB 2011-8, the reference to ‘paragraph 5.4.3 of AASB 9’ (struck through) in paragraph A8 of Interpretation 2 is amended to ‘paragraph 49 of AASB 139 Financial Instruments: Recognition and Measurement’ (struck through).
54 Paragraph A35 of AASB 2011-8 is deleted and a note added as follows:
A35 [Deleted]
Amendments to Interpretation 19
55 In paragraph 123 of AASB 2011-8, the reference to ‘paragraph 5.4.3 of AASB 9’ (partially struck through) in paragraph 7 of Interpretation 19 is amended to ‘paragraph 49 of AASB 139’ (partially struck through).
56 Paragraph A36 of AASB 2011-8 is deleted and a note added as follows:
A36 [Deleted]
APPENDIX
early application
This Appendix is an integral part of this Standard.
A1 Early application appendices are added to AASB 2009-11 Amendments to Australian Accounting Standards arising from AASB 9 and AASB 2010-7 Amendments to Australian Accounting Standards arising from AASB 9 (December 2010) as set out below.
Early Application Appendix for AASB 2009-11
A2 The early application appendix for AASB 2009-11 is integral to the Standard and comprises the following paragraphs:
A1 Australian Accounting Standards AASB 9 Financial Instruments (December 2009) and AASB 2009-11 Amendments to Australian Accounting Standards arising from AASB 9 may be applied early to annual reporting periods ending on or after 31 December 2009 that begin before 1 January 2015.
Amendments to AASB 127, AASB 128 and AASB 131
A2 If AASB 9 (December 2009) and AASB 2009-11 are applied early to annual reporting periods ending on or after 31 December 2009 that begin before 1 January 2013, AASB 127 Consolidated and Separate Financial Statements, AASB 128 Investments in Associates and AASB 131 Interests in Joint Ventures are applicable, provided that AASB 10 Consolidated Financial Statements and the other Standards that supersede those Standards for periods beginning on or after 1 January 2013 are not also applied early to such periods.
A3 In the circumstances set out in paragraph A2, versions of AASB 127, AASB 128 and AASB 131 are amended as originally set out in paragraphs 27-32 of AASB 2009-11 (as issued in December 2009).
A4 If AASB 13 Fair Value Measurement is also applied in the circumstances set out in paragraph A2, paragraph 1 of versions of AASB 128 and AASB 131 is amended by deleting the sentence ‘An entity shall measure such investments at fair value through profit or loss in accordance with AASB 9.’
Early Application Appendix for AASB 2010-7
A3 The early application appendix for AASB 2010-7 is integral to the Standard and comprises the following paragraphs:
A1 Australian Accounting Standards AASB 9 Financial Instruments (December 2010) and AASB 2010-7 Amendments to Australian Accounting Standards arising from AASB 9 (December 2010) may be applied early to annual reporting periods beginning before 1 January 2015 from:
(a) any date between 6 and 31 December 2010, for entities initially applying the Standards before 1 January 2011; or
(b) the beginning of the first reporting period in which the entity adopts the Standards, for entities initially applying the Standards on or after 1 January 2011.
Amendments to AASB 127, AASB 128 and AASB 131
A2 If AASB 9 (December 2010) and AASB 2010-7 are applied early to annual reporting periods that begin before 1 January 2013, AASB 127 Consolidated and Separate Financial Statements, AASB 128 Investments in Associates and AASB 131 Interests in Joint Ventures are applicable, provided that AASB 10 Consolidated Financial Statements and the other Standards that supersede those Standards for periods beginning on or after 1 January 2013 are not also applied early to such periods.
A3 In the circumstances set out in paragraph A2, versions of AASB 127, AASB 128 and AASB 131 are amended as originally set out in paragraphs 30-33 of AASB 2010-7 (as issued in December 2010).
A4 If AASB 13 Fair Value Measurement is also applied in the circumstances set out in paragraph A2, paragraph 1 of versions of AASB 128 and AASB 131 is amended by deleting the sentence ‘An entity shall measure such investments at fair value through profit or loss in accordance with AASB 9.’
