AASB Standard
AASB 2009-7
June 2009
Amendments to Australian Accounting Standards
[AASB 5, 7, 107, 112, 136 & 139 and Interpretation 17]
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ISSN 1036-4803
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CONTENTS
Preface
Accounting Standard
AASB 2009-7 AmenDMENTS TO aUSTRALIAN aCCOUNTING sTANDARDS
Paragraphs
Objective 1
Application 2 – 6
Amendments to AASB 5 7 – 8
Amendments to AASB 7 9 – 10
Amendment to AASB 107 11
Amendment to AASB 112 12
Amendment to AASB 136 13
Amendments to AASB 139 14 – 15
Amendment to Interpretation 17 16
Australian Accounting Standard AASB 2009-7 Amendments to Australian Accounting Standards is set out in paragraphs 1 – 16. All the paragraphs have equal authority.
Preface
Standards Amended by AASB 2009-7
This Standard makes amendments to the following Australian Accounting Standards and Interpretation:
1. AASB 5 Non-current Assets Held for Sale and Discontinued Operations;
2. AASB 7 Financial Instruments: Disclosures;
3. AASB 107 Statement of Cash Flows;
4. AASB 112 Income Taxes;
5. AASB 136 Impairment of Assets;
6. AASB 139 Financial Instruments: Recognition and Measurement; and
7. Interpretation 17 Distributions of Non-cash Assets to Owners.
These amendments arise from editorial corrections by the AASB and by the International Accounting Standards Board (IASB).
Main Features of this Standard
Application Date
This Standard is applicable to annual reporting periods beginning on or after 1 July 2009. Early adoption is permitted for annual reporting periods beginning before 1 July 2009 that end on or after 1 July 2008.
Main Requirements
The amendments to AASB 5, AASB 7, AASB 139 and Interpretation 17 correct errors that occurred in AASB 2008-12 Amendments to Australian Accounting Standards – Reclassification of Financial Assets – Effective Date and Transition, AASB 2008-13 Amendments to Australian Accounting Standards arising from AASB Interpretation 17 – Distributions of Non-cash Assets to Owners and Interpretation 17 itself. The other amendments reflect changes made by the IASB to its pronouncements.
These editorial amendments have no major impact on the requirements of the amended pronouncements.
aCCOUNTING STANDARD AASB 2009-7
The Australian Accounting Standards Board makes Accounting Standard AASB 2009-7 Amendments to Australian Accounting Standards under section 334 of the Corporations Act 2001.
Bruce Porter
Dated 25 June 2009
Acting Chair – AASB
aCCOUNTING STANDARD AASB 2009-7
AMENDMENTS TO AUSTRALIAN ACCOUNTING STANDARDS
Objective
1 The objective of this Standard is to make editorial amendments to:
(a) AASB 5 Non-current Assets Held for Sale and Discontinued Operations;
(b) AASB 7 Financial Instruments: Disclosures;
(c) AASB 107 Statement of Cash Flows;
(d) AASB 112 Income Taxes;
(e) AASB 136 Impairment of Assets;
(f) AASB 139 Financial Instruments: Recognition and Measurement; and
(g) Interpretation 17 Distributions of Non-cash Assets to Owners.
Application
2 In respect of AASB 107, 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.
3 Subject to paragraph 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.
4 This Standard applies to annual reporting periods beginning on or after 1 July 2009.
5 This Standard may be applied to annual reporting periods beginning before 1 July 2009 that end on or after 1 July 2008. If an entity applies this Standard to such an annual reporting period, it shall disclose that fact.
6 This Standard uses underlining, striking out and other typographical material to identify some of the amendments to a Standard or an Interpretation, 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 5
7 Paragraph 5A is amended as follows (new text is underlined and deleted text is struck through):
5A The classification, presentation and measurement requirements in this IFRS Standard applicable to a non-current asset (or disposal group) …
8 Paragraph Aus44D is renumbered as 44D and amended as follows (new text is underlined and deleted text is struck through):
44D Paragraphs 5A, 12A and 15A were added and paragraph 8 was amended by this Standard which arose from AASB Interpretation 17 Distributions of Non-cash Assets to Owners AASB 2008-13 Amendments to Australian Accounting Standards arising from AASB Interpretation 17 – Distributions of Non-cash Assets to Owners in December 2008. Those amendments shall be applied prospectively to non-current assets (or disposal groups) that are classified as held for distribution to owners in annual reporting periods beginning on or after 1 July 2009. Retrospective application is not permitted. Earlier application is permitted. If an entity applies the amendments for a period beginning on or after 1 January 2005 but before 1 July 2009 it shall disclose that fact and also apply AASB 3 (March 2008, as amended), AASB 127 Consolidated and Separate Financial Statements (as amended in May July 2008) and AASB Interpretation 17 Distributions of Non-cash Assets to Owners.
Amendments to AASB 7
9 Paragraph Aus44E is renumbered as 44E and amended as follows (new text is underlined and deleted text is struck through):
44E AASB 2008-10 Amendments to Australian Accounting Standards – Reclassification of Financial Assets, issued in November October 2008, amended paragraph 12 and added paragraph 12A. An entity shall apply those amendments on or after 1 July 2008.
10 Paragraph Aus44F is renumbered as 44F and amended as follows (new text is underlined and deleted text is struck through):
44F AASB 2008-12 Amendments to Australian Accounting Standards – Reclassification of Financial Assets – Effective Date and Transition, issued in December 2008, amended added paragraph Aus44E. An entity shall apply that amendment on or after 1 July 2008.
Amendment to AASB 107
11 Paragraph 20(b) is amended as follows (new text is underlined and deleted text is struck through):
20 Under the indirect method, the net cash flow from operating activities is determined by adjusting profit or loss for the effects of:
(a) …
(b) non‑cash items such as depreciation, provisions, deferred taxes, unrealised foreign currency gains and losses, and undistributed profits of associates, and non-controlling interests; and
(c) …
Amendment to AASB 112
12 In Appendix B accompanying AASB 112, in the penultimate paragraph of Example 6 – Replacement Awards in a Business Combination, ‘tax deductible’ is amended to ‘tax-deductible’.
Amendment to AASB 136
13 In the Illustrative Examples accompanying AASB 136, in paragraph IE65, ‘non-controlling interest’ (wherever occurring) is amended to ‘non-controlling interests’.
Amendments to AASB 139
14 Paragraph Aus103H is renumbered as 103H and amended as follows (new text is underlined and deleted text is struck through):
103H AASB 2008-10 Amendments to Australian Accounting Standards – Reclassification of Financial Assets, issued in November October 2008, amended paragraphs 50 and AG8, and added paragraphs 50B-50F. An entity shall apply those amendments on or after 1 July 2008. …
15 Paragraph Aus103I is renumbered as 103I and amended as follows (new text is underlined and deleted text is struck through):
103I AASB 2008-12 Amendments to Australian Accounting Standards – Reclassification of Financial Assets – Effective Date and Transition, issued in December 2008, amended added paragraph Aus103H. An entity shall apply that amendment on or after 1 July 2008.
Amendment to Interpretation 17
16 Paragraph Aus17.3 is amended as follows (new text is underlined and deleted text is struck through):
Aus17.3 Earlier application is permitted. If an entity applies this Interpretation for a period beginning on or after 1 January 2005 but before 1 July 2009, it shall disclose that fact and also apply AASB 3 (March 2008, as amended), AASB 127 (as amended in May July 2008) and AASB 5 (as amended by this Interpretation AASB 2008-13 Amendments to Australian Accounting Standards arising from AASB Interpretation 17 – Distributions of Non-cash Assets to Owners).
