AASB 2009-13 - Amendments to Australian Accounting Standards arising from Interpretation 19 - December 2009

Link to law: https://www.comlaw.gov.au/Details/F2010L00056

AASB Standard
AASB 2009-13
December 2009
 
 
 
 
Amendments to Australian Accounting Standards arising from Interpretation 19
 
[AASB 1]
 



Obtaining a Copy of this Accounting Standard
This Standard is available on the AASB website: www.aasb.gov.au.
Alternatively, printed copies of this Standard are available for purchase by contacting:
 
The Customer Service Officer
Australian Accounting Standards Board
Level 7
600 Bourke Street
Melbourne   Victoria
AUSTRALIA
 
 
Postal address:
PO Box 204
Collins Street West
Victoria   8007
AUSTRALIA

Phone:        (03) 9617 7637
Fax:             (03) 9617 7608
E-mail:        publications@aasb.gov.au
Website:    www.aasb.gov.au
 
 

 
COPYRIGHT
 
© Commonwealth of Australia 2009
 
This AASB Standard contains International Accounting Standards Committee Foundation copyright material.  Reproduction within Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use subject to the inclusion of an acknowledgment of the source.  Requests and enquiries concerning reproduction and rights for commercial purposes within Australia should be addressed to The Director of Finance and Administration, Australian Accounting Standards Board, PO Box 204, Collins Street West, Victoria 8007.
All existing rights in this material are reserved outside Australia.
Reproduction outside Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use only.  Further information and requests for authorisation to reproduce for commercial purposes outside Australia should be addressed to the International Accounting Standards Committee Foundation at www.iasb.org.
 
ISSN 1036-4803
Other Enquiries
Phone:        (03) 9617 7600
Fax:             (03) 9617 7608
E-mail:        standard@aasb.gov.au
 
CONTENTS
Preface
Accounting Standard
AASB 2009-13 AmenDMENTs TO aUSTRALIAN aCCOUNTING sTANDARDS arising FROM Interpretation 19
 
Paragraphs
Objective                                                                                                                        1
Application                                                                                                             2 – 4
Amendments to AASB 1                                                                                             5
 
Australian Accounting Standard AASB 2009-13 Amendments to Australian Accounting Standards arising from Interpretation 19 is set out in paragraphs 1 – 5.  All the paragraphs have equal authority.
 
Preface
Standard Amended by AASB 2009-13
This Standard makes amendments to Australian Accounting Standard AASB 1 First-time Adoption of Australian Accounting Standards.
These amendments arises from the issuance of  IFRIC Interpretation 19 Extinguishing Financial Liabilities with Equity Instruments.
 
aCCOUNTING STANDARD AASB 2009-13
The Australian Accounting Standards Board makes Accounting Standard AASB 2009-13 Amendments to Australian Accounting Standards arising from Interpretation 19 under section 334 of the Corporations Act 2001.
 
 
Kevin M. Stevenson

Dated 21 December 2009
Chair – AASB

 
 
aCCOUNTING STANDARD AASB 2009-13
AMENDMENTs TO AUSTRALIAN ACCOUNTING STANDARDS arising from Interpretation 19
Objective
1              The objective of this Standard is to make amendments to AASB 1 First-time Adoption of Australian Accounting Standards as a consequence of the issuance of IFRIC Interpretation 19 Extinguishing Financial Liabilities with Equity Instruments by the International Accounting Standards Board in November 2009.
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 July 2010.
4              This Standard may be applied to annual reporting periods beginning on or after 1 January 2005 but before 1 July 2010 provided Interpretation 19 Extinguishing Financial Liabilities with Equity Instruments is also adopted early for the same period.  When an entity applies this Standard to such an annual reporting period, it shall disclose that fact.
Amendments to AASB 1
5              After paragraph D24 in Appendix D, a heading and paragraph D25 are added.
Extinguishing financial liabilities with equity instruments
D25              A first-time adopter may apply the transitional provisions                          in Interpretation 19 Extinguishing Financial Liabilities with                         Equity Instruments as identified in AASB 1048.
 
 
Read Entire Law on www.comlaw.gov.au