AASB Standard
AASB 2011-9
September 2011
Amendments to Australian Accounting Standards – Presentation of Items of Other Comprehensive Income
[AASB 1, 5, 7, 101, 112, 120, 121, 132, 133, 134, 1039 & 1049]
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ISSN 1036-4803
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CONTENTS
Preface
Accounting Standard
AASB 2011-9 AmenDMENTS TO aUSTRALIAN aCCOUNTING sTANDARDS – PRESENTATION OF ITEMS OF OTHER COMPREHENSIVE INCOME
Paragraphs
Objective 1
Application 2 – 10
Amendments to AASB 1 11
Amendments to AASB 5 12
Amendments to AASB 7 13
Amendments to AASB 101 14 – 17
Amendments to AASB 112 18
Amendments to AASB 120 19
Amendments to AASB 121 20
Amendments to AASB 132 21
Amendments to AASB 133 22
Amendments to AASB 134 23
Amendments to AASB 1039 24
Amendments to AASB 1049 25 – 27
Australian Accounting Standard AASB 2011-9 Amendments to Australian Accounting Standards – Presentation of Items of Other Comprehensive Income is set out in paragraphs 1 – 27. All the paragraphs have equal authority.
Preface
Standards Amended by AASB 2011-9
This Standard makes amendments to the following Australian Accounting Standards:
1. AASB 1 First-time Adoption of Australian Accounting Standards
2. AASB 5 Non-current Assets Held for Sale and Discontinued Operations
3. AASB 7 Financial Instruments: Disclosures
4. AASB 101 Presentation of Financial Statements
5. AASB 112 Income Taxes
6. AASB 120 Accounting for Government Grants and Disclosure of Government Assistance
7. AASB 121 The Effects of Changes in Foreign Exchange Rates
8. AASB 132 Financial Instruments: Presentation
9. AASB 133 Earnings per Share
10. AASB 134 Interim Financial Reporting
11. AASB 1039 Concise Financial Reports
12. AASB 1049 Whole of Government and General Government Sector Financial Reporting.
These amendments arise from the issuance of the IASB Standard Presentation of Items of Other Comprehensive Income (Amendments to IAS 1) in June 2011.
Main Features of this Standard
Application Date
This Standard applies to annual reporting periods beginning on or after 1 July 2012. Early adoption is permitted for annual reporting periods beginning on or after 1 January 2005 but before 1 July 2012.
Main Requirements
The main change resulting from the amendments is a requirement for entities to group items presented in other comprehensive income (OCI) on the basis of whether they are potentially reclassifiable to profit or loss subsequently (reclassification adjustments). These amendments do not remove the option to present profit or loss and other comprehensive income in two statements.
The amendments do not change the option to present items of OCI either before tax or net of tax. However, if the items are presented before tax then the tax related to each of the two groups of OCI items (those that might be reclassified to profit or loss and those that will not be reclassified) must be shown separately.
aCCOUNTING STANDARD AASB 2011-9
The Australian Accounting Standards Board makes Accounting Standard AASB 2011-9 Amendments to Australian Accounting Standards – Presentation of Items of Other Comprehensive Income under section 334 of the Corporations Act 2001.
Kevin M. Stevenson
Dated 5 September 2011
Chair – AASB
aCCOUNTING STANDARD AASB 2011-9
AMENDMENTS TO AUSTRALIAN ACCOUNTING STANDARDS – PRESENTATION OF ITEMS OF OTHER COMPREHENSIVE INCOME
Objective
1 The objective of this Standard is to make amendments to:
(a) AASB 1 First-time Adoption of Australian Accounting Standards;
(b) AASB 5 Non-current Assets Held for Sale and Discontinued Operations;
(c) AASB 7 Financial Instruments: Disclosures;
(d) AASB 101 Presentation of Financial Statements;
(e) AASB 112 Income Taxes;
(f) AASB 120 Accounting for Government Grants and Disclosure of Government Assistance;
(g) AASB 121 The Effects of Changes in Foreign Exchange Rates;
(h) AASB 132 Financial Instruments: Presentation;
(i) AASB 133 Earnings per Share;
(j) AASB 134 Interim Financial Reporting;
(k) AASB 1039 Concise Financial Reports; and
(l) AASB 1049 Whole of Government and General Government Sector Financial Reporting;
as a consequence of the issuance of the IASB Standard Presentation of Items of Other Comprehensive Income (Amendments to IAS 1) in June 2011.
Application
2 Subject to paragraphs 3–8, 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 In respect of AASB 101, this Standard applies to:
(a) each entity that is required to prepare financial reports in accordance with Part 2M.3 of the Corporations Act;
(b) general purpose financial statements of each reporting entity; and
(c) financial statements that are, or are held out to be, general purpose financial statements.
4 In respect of AASB 120, this Standard applies to:
(a) each for-profit 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 for-profit reporting entity; and
(c) financial statements of a for-profit entity that are, or are held out to be, general purpose financial statements.
5 In respect of AASB 133, this Standard applies to each entity that is required to prepare financial reports in accordance with Part 2M.3 of the Corporations Act and that is:
(a) a reporting entity whose ordinary shares or potential ordinary shares are publicly traded; or
(b) a reporting entity that is in the process of issuing ordinary shares or potential ordinary shares in public markets; or
(c) an entity that discloses earnings per share.
6 In respect of AASB 134, this Standard applies to:
(a) each disclosing entity required to prepare half-year financial reports in accordance with Part 2M.3 of the Corporations Act;
(b) interim financial reports that are general purpose financial statements of each other reporting entity; and
(c) interim financial reports that are, or are held out to be, general purpose financial statements.
7 In respect of AASB 1039, this Standard applies to a concise financial report prepared by an entity in accordance with paragraph 314(2)(a) in Part 2M.3 of the Corporations Act.
8 In respect of AASB 1049, this Standard applies to each government’s whole of government general purpose financial statements and General Government Sector financial statements.
9 This Standard applies to annual reporting periods beginning on or after 1 July 2012. This Standard may be applied to annual reporting periods beginning on or after 1 January 2005 but before 1 July 2012. If an entity applies this Standard to such an annual reporting period, it shall disclose that fact.
10 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 1
11 Paragraph 21 is amended (new text is underlined and deleted text is struck through) and paragraph 39K is added.
21 To comply with AASB 101, an entity’s first Australian-Accounting-Standards financial statements shall include at least three statements of financial position, two statements of profit or loss and other comprehensive income, two separate income statements of profit or loss (if presented), two statements of cash flows and two statements of changes in equity and related notes, including comparative information.
39K AASB 2011-9 Amendments to Australian Accounting Standards – Presentation of Items of Other Comprehensive Income, issued in September 2011, amended paragraph 21. An entity shall apply that amendment when it applies AASB 101 as amended in September 2011.
Amendments to AASB 5
12 Paragraph 33A is amended (new text is underlined and deleted text is struck through) and paragraph 44I is added.
33A If an entity presents the components items of profit or loss in a separate income statement as described in paragraph 81 10A of AASB 101 (as revised amended in 201107), a section identified as relating to discontinued operations is presented in that separate statement.
44I AASB 2011-9 Amendments to Australian Accounting Standards – Presentation of Items of Other Comprehensive Income, issued in September 2011, amended paragraph 33A. An entity shall apply that amendment when it applies AASB 101 as amended in September 2011.
Amendments to AASB 7
13 Paragraph 27B is amended (new text is underlined and deleted text is struck through) and paragraph 44Q is added.
27B For fair value measurements recognised in the statement of financial position an entity shall disclose for each class of financial instruments:
(a) …
(c) for fair value measurements in Level 3 of the fair value hierarchy, a reconciliation from the beginning balances to the ending balances, disclosing separately changes during the period attributable to the following:
(i) total gains or losses for the period recognised in profit or loss, and a description of where they are presented in the statement(s) of profit or loss and other comprehensive income or the separate income statement (if presented);
(ii) …
(d) the amount of total gains or losses for the period in (c)(i) above included in profit or loss that are attributable to gains or losses relating to those assets and liabilities held at the end of the reporting period and a description of where those gains or losses are presented in the statement(s) of profit or loss and other comprehensive income or the separate income statement (if presented).
(e) …
44Q AASB 2011-9 Amendments to Australian Accounting Standards – Presentation of Items of Other Comprehensive Income, issued in September 2011, amended paragraph 27B. An entity shall apply that amendment when it applies AASB 101 as amended in September 2011.
Amendments to AASB 101
14 Paragraph 7 is amended (new text is underlined).
7 The following terms are used in this Standard with the meanings specified:
…
Notes contain information in addition to that presented in the statement of financial position, statement(s) of profit or loss and other comprehensive income, …
15 Paragraph 10 is amended (new text is underlined), paragraph 10A is added and paragraph 12 is deleted.
10 A complete set of financial statements comprises:
(a) …
(b) a statement of profit or loss and other comprehensive income for the period;
(c) …
An entity may use titles for the statements other than those used in this Standard. For example, an entity may use the title ‘statement of comprehensive income’ instead of ‘statement of profit or loss and other comprehensive income’.
10A An entity may present a single statement of profit or loss and other comprehensive income, with profit or loss and other comprehensive income presented in two sections. The sections shall be presented together, with the profit or loss section presented first followed directly by the other comprehensive income section. An entity may present the profit or loss section in a separate statement of profit or loss. If so, the separate statement of profit or loss shall immediately precede the statement presenting comprehensive income, which shall begin with profit or loss.
16 The headings above paragraphs 81 and 82 and paragraph 82 are amended (new text is underlined and deleted text is struck through) and paragraph 81 is deleted. Paragraphs 81A and 81B, a heading and paragraph 82A are added and paragraphs 83 and 84 are deleted.
Statement of Profit or Loss and Other Comprehensive Income
81A The statement of profit or loss and other comprehensive income (statement of comprehensive income) shall present, in addition to the profit or loss and other comprehensive income sections:
(a) profit or loss;
(b) total other comprehensive income;
(c) comprehensive income for the period, being the total of profit or loss and other comprehensive income.
If an entity presents a separate statement of profit or loss it does not present the profit or loss section in the statement presenting comprehensive income.
81B An entity shall present the following items, in addition to the profit or loss and other comprehensive income sections, as allocation of profit or loss and other comprehensive income for the period:
(a) profit or loss for the period attributable to:
(i) non-controlling interests, and
(ii) owners of the parent.
(b) comprehensive income for the period attributable to:
(i) non-controlling interests, and
(ii) owners of the parent.
If an entity presents profit or loss in a separate statement it shall present (a) in that statement.
Information to be Presented in the Statement of Comprehensive Income Profit or Loss Section or the Statement of Profit or Loss
82 As a minimum In addition to items required by other Australian Accounting Standards, the profit or loss section or the statement of comprehensive income profit or loss shall include line items that present the following amounts for the period:
(a) revenue;
(b) finance costs;
(c) share of the profit or loss of associates and joint ventures accounted for using the equity method;
(d) tax expense;
(e) [deleted by the IASB] a single amount comprising the total of:
(i) the post-tax profit or loss of discontinued operations and
(ii) the post-tax gain or loss recognised on the measurement to fair value less costs to sell or on the disposal of the assets or disposal group(s) constituting the discontinued operation;
(ea) a single amount for the total of discontinued operations (see AASB 5).
(f)-(i) [deleted by the IASB]
(f) profit or loss;
(g) each component of other comprehensive income classified by nature (excluding amounts in (h));
(h) share of the other comprehensive income of associates and joint ventures accounted for using the equity method; and
(i) total comprehensive income.
Information to be Presented in the Other Comprehensive Income Section
82A The other comprehensive income section shall present line items for amounts of other comprehensive income in the period, classified by nature (including share of the other comprehensive income of associates and joint ventures accounted for using the equity method) and grouped into those that, in accordance with other Australian Accounting Standards:
(a) will not be reclassified subsequently to profit or loss; and
(b) will be reclassified subsequently to profit or loss when specific conditions are met.
17 Paragraphs 85-87, 90, 91, 94, 100 and 115 and the heading above paragraph 97 are amended (new text is underlined and deleted text is struck through) and paragraph 139J is added.
85 An entity shall present additional line items, headings and subtotals in the statement(s) presenting of profit or loss and other comprehensive income and the separate income statement (if presented), when such presentation is relevant to an understanding of the entity’s financial performance.
86 Because the effects of an entity’s various activities, transactions and other events differ in frequency, potential for gain or loss and predictability, disclosing the components of financial performance assists users in understanding the financial performance achieved and in making projections of future financial performance. An entity includes additional line items in the statement(s) presenting of profit or loss and other comprehensive income and in the separate income statement (if presented), and it amends the descriptions used and the ordering of items when this is necessary to explain the elements of financial performance. …
87 An entity shall not present any items of income or expense as extraordinary items, in the statement(s) presenting of profit or loss and other comprehensive income or in the separate income statement (if presented), or in the notes.
90 An entity shall disclose the amount of income tax relating to each component item of other comprehensive income, including reclassification adjustments, either in the statement of profit or loss and other comprehensive income or in the notes.
91 An entity may present items components of other comprehensive income either:
(a) net of related tax effects; or
(b) before related tax effects with one amount shown for the aggregate amount of income tax relating to those items components.
If an entity elects alternative (b), it shall allocate the tax between the items that might be reclassified subsequently to the profit or loss section and those that will not be reclassified subsequently to the profit or loss section.
94 An entity may present reclassification adjustments in the statement(s) of profit or loss and other comprehensive income or in the notes. An entity presenting reclassification adjustments in the notes presents the items components of other comprehensive income after any related reclassification adjustments.
Information to be Presented in the Statement(s) of Profit or Loss and Other Comprehensive Income or in the Notes
100 Entities are encouraged to present the analysis in paragraph 99 in the statement(s) presenting of profit or loss and other comprehensive income or in the separate income statement (if presented).
115 In some circumstances, it may be necessary or desirable to vary the order of specific items within the notes. For example, an entity may combine information on changes in fair value recognised in profit or loss with information on maturities of financial instruments, although the former disclosures relate to the statement(s) presenting of profit or loss and other comprehensive income or separate income statement (if presented) and the latter relate to the statement of financial position. Nevertheless, an entity retains a systematic structure for the notes as far as practicable.
139J AASB 2011-9 Amendments to Australian Accounting Standards – Presentation of Items of Other Comprehensive Income, issued in September 2011, amended paragraphs 7, 10, 82, 85–87, 90, 91, 94, 100 and 115, added paragraphs 10A, 81A–81B and 82A, and deleted paragraphs 12, 81, 83 and 84. An entity shall apply those amendments for annual reporting periods beginning on or after 1 July 2012. Earlier application is permitted. If an entity applies the amendments for an earlier period it shall disclose that fact.
Amendments to AASB 112
18 Paragraph 77 is amended (new text is underlined), paragraph 77A is deleted and paragraph 98B is added.
77 The tax expense (income) related to profit or loss from ordinary activities shall be presented as part of profit or loss in the statement(s) of profit or loss and other comprehensive income.
98B AASB 2011-9 Amendments to Australian Accounting Standards – Presentation of Items of Other Comprehensive Income, issued in September 2011, amended paragraph 77 and deleted paragraph 77A. An entity shall apply those amendments when it applies AASB 101 as amended in September 2011.
Amendments to AASB 120
19 Paragraph 29 is amended (new text is underlined and deleted text is struck through), paragraph 29A is deleted and paragraph 46 is added.
29 Grants related to income are sometimes presented as a credit in the statement of comprehensive income part of profit or loss, either separately or under a general heading such as ‘Other income’; alternatively, they are deducted in reporting the related expense.
46 AASB 2011-9 Amendments to Australian Accounting Standards – Presentation of Items of Other Comprehensive Income, issued in September 2011, amended paragraph 29 and deleted paragraph 29A. An entity shall apply those amendments when it applies AASB 101 as amended in September 2011.
Amendments to AASB 121
20 Paragraph 39 is amended (new text is underlined and deleted text is struck through) and paragraph 60H is added.
39 The results and financial position of an entity whose functional currency is not the currency of a hyperinflationary economy shall be translated into a different presentation currency using the following procedures:
(a) …
(b) income and expenses for each statement of presenting profit or loss and other comprehensive income or separate income statement presented (i.e. including comparatives) shall be translated at exchange rates at the dates of the transactions; and
(c) …
60H AASB 2011-9 Amendments to Australian Accounting Standards – Presentation of Items of Other Comprehensive Income, issued in September 2011, amended paragraph 39. An entity shall apply that amendment when it applies AASB 101 as amended in September 2011.
Amendments to AASB 132
21 Paragraph 40 is amended (new text is underlined and deleted text is struck through) and paragraph 97K is added.
40 Dividends classified as an expense may be presented in the statement(s) of profit or loss and other comprehensive income or separate income statement (if presented) either with interest on other liabilities or as a separate item. In addition to the requirements of this Standard, disclosure of interest and dividends is subject to the requirements of AASB 101 and AASB 7. In some circumstances, because of the differences between interest and dividends with respect to matters such as tax deductibility, it is desirable to disclose them separately in the statement(s) of profit or loss and other comprehensive income or separate income statement (if presented). Disclosures of the tax effects are made in accordance with AASB 112.
97K AASB 2011-9 Amendments to Australian Accounting Standards – Presentation of Items of Other Comprehensive Income, issued in September 2011, amended paragraph 40. An entity shall apply that amendment when it applies AASB 101 as amended in September 2011.
Amendments to AASB 133
22 Paragraphs 4A, 67A, 68A and 73A are amended (new text is underlined and deleted text is struck through) and paragraph 74D is added.
4A If an entity presents the components items of profit or loss in a separate income statement as described in paragraph 81 10A of AASB 101 Presentation of Financial Statements (as revised amended in 201107), it presents earnings per share only in that separate statement.
67A If an entity presents the components items of profit or loss in a separate income statement as described in paragraph 81 10A of AASB 101 (as revised amended in 201107), it presents basic and diluted earnings per share, as required in paragraphs 66 and 67, in that separate statement.
68A If an entity presents the components items of profit or loss in a separate income statement as described in paragraph 81 10A of AASB 101 (as revised amended in 201107), it presents basic and diluted earnings per share for the discontinued operation, as required in paragraph 68, in that separate statement or in the notes.
73A Paragraph 73 applies also to an entity that discloses, in addition to basic and diluted earnings per share, amounts per share using a reported component item of the profit or loss separate income statement (as described in paragraph 81 of AASB 101 (as revised in 2007)), other than one required by this Standard.
74D AASB 2011-9 Amendments to Australian Accounting Standards – Presentation of Items of Other Comprehensive Income, issued in September 2011, amended paragraphs 4A, 67A, 68A and 73A. An entity shall apply those amendments when it applies AASB 101 as amended in September 2011.
Amendments to AASB 134
23 Paragraphs 8, 8A, 11A and 20 are amended (new text is underlined and deleted text is struck through) and paragraph 51 is added.
8 An interim financial report shall include, at a minimum, the following components:
(a) …
(b) a condensed statement or condensed statements of profit or loss and other comprehensive income, presented as either:
(i) a condensed single statement; or
(ii) a condensed separate income statement and a condensed statement of comprehensive income;
(c) …
8A If an entity presents the components items of profit or loss in a separate income statement as described in paragraph 81 10A of AASB 101 (as revised amended in 201107), it presents interim condensed information from that separate statement.
11A If an entity presents the components items of profit or loss in a separate income statement as described in paragraph 81 10A of AASB 101 (as revised amended in 201107), it presents basic and diluted earnings per share in that separate statement.
20 Interim reports shall include interim financial statements (condensed or complete) for periods as follows:
(a) …
(b) statements of profit or loss and other comprehensive income for the current interim period and cumulatively for the current annual reporting period to date, with comparative statements of profit or loss and other comprehensive income for the comparable interim periods (current and annual reporting period-to-date) of the immediately preceding annual reporting period. As permitted by AASB 101 (as revised amended in 201107), an interim report may present for each period either a single statement or statements of profit or loss and other comprehensive income, or a statement displaying components of profit or loss (separate income statement) and a second statement beginning with profit or loss and displaying components of other comprehensive income (statement of comprehensive income);
(c) …
51 AASB 2011-9 Amendments to Australian Accounting Standards – Presentation of Items of Other Comprehensive Income, issued in September 2011, amended paragraphs 8, 8A, 11A and 20. An entity shall apply those amendments when it applies AASB 101 as amended in September 2011.
Amendments to AASB 1039
24 Paragraphs 18, 19 and 27 are amended (new text is underlined and deleted text is struck through).
18 A concise financial report shall include the following financial statements:
(a) a statement of profit or loss and other comprehensive income for the annual reporting period;
(b) …
19 In accordance with paragraph 81 10A of AASB 101 Presentation of Financial Statements, issued in September 2007, an entity may present all items of income and expense recognised in a period in a single statement of profit or loss and other comprehensive income or present the profit or loss section in a separate statement of profit or loss. as two statements: a statement displaying components of profit or loss (separate income statement) and a second statement beginning with profit or loss and displaying components of other comprehensive income (statement of comprehensive income).
27 In most situations, the content of the discussion and analysis would cover at least the following areas:
(a) in relation to the statement of profit or loss and other comprehensive income:
(i) …
Amendments to AASB 1049
25 Paragraph 33 is amended (new text is underlined and deleted text is struck through).
33 Under AASB 101, an entity may present a single statement of profit or loss and other comprehensive income, with profit or loss and other comprehensive income presented in two sections. The sections shall be presented together, with the profit or loss section presented first followed directly by the other comprehensive income section. An entity may present the profit or loss section in a separate statement of profit or loss. If so, the separate statement of profit or loss shall immediately precede the statement presenting comprehensive income. AASB 101 requires an entity to present all items of income and expense recognised in a period:
(a) in a single statement of comprehensive income; or
(b) in two statements:
(i) a statement displaying components of profit and loss (separate income statement); and
(ii) a second statement beginning with profit and loss and displaying components of other comprehensive income.
This Standard requires a single statement of profit or loss and other comprehensive income option to be adopted approach (a) to be adopted, and therefore requires all recognised income and expenses to be included in a single statement that presents the comprehensive result (total change in net worth [before transactions with owners in their capacity as owners, where they exist]).
26 In the Illustrative Examples accompanying AASB 1049, Illustrative Example A is amended (new text is underlined and deleted text is struck through).
ILLUSTRATIVE EXAMPLE A
…
Statement of Comprehensive Income for the Whole of Government of the ABC Government for the Year Ended 30 June 20XX
Notes
$m
…
Other Economic Flows – Other Non-owner Changes in Equity
Items that will not be reclassified to operating result
Revaluations
1,589
Items that may be reclassified subsequently to operating result
Net gain on financial assets measured at fair value
2,946
…
R1 Statement of Comprehensive Income for the Whole of Government by Sector of the ABC Government for the Year Ended 30 June 20XX
GGS
PNFC sector
PFC sector
Eliminations
Whole of Government
Notes
$m
$m
$m
$m
$m
…
Other Economic Flows – Other Non-owner Changes in Equity
Items that will not be reclassified to operating result
Revaluations
1,552
20
17
–
1,589
Items that may be reclassified subsequently to operating result
Net gain on equity investments in other sector entities measured at proportional share of the carrying amount of net assets/(liabilities)
1,072
–
–
(1,072)
–
Net gain on financial assets measured at fair value
1,000
15
1,931
–
2,946
…
27 Illustrative Example B is amended (new text is underlined and deleted text is struck through).
ILLUSTRATIVE EXAMPLE B
…
Statement of Comprehensive Income for the General Government Sector of the ABC Government for the Year Ended 30 June 20XX
Notes
$m
…
Other Economic Flows – Other Changes in Equity
Items that will not be reclassified to operating result
Revaluations
1,552
Items that may be reclassified subsequently to operating result
Net gain on equity investments in other sector entities measured at proportional share of carrying amount of net assets/(liabilities)
1,072
Net gain on financial assets measured at fair value
1,000
…
