AASB 2017-3 Amendments to Australian Accounting Standards - Clarifications to AASB 4. (b)            when the hedging relationship to which the exception is applied is discontinued. 6.8.5        For the purpose of applying the requirement in paragraph 6.5.12 in order to determine whether the hedged future cash flows are expected to occur, an entity shall assume that the interest rate benchmark on which the hedged cash flows (contractually or non-contractually specified) are based is not altered as a result of interest rate benchmark reform. [1]      The report, 'Reforming Major Interest Rate Benchmarks', is available at http://www.fsb.org/wp-content/uploads/r_140722.pdf. AMENDMENTS TO AASB 9 5. 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. An entity shall apply these amendments for annual periods beginning on or after 1 January 2020. The AASB Board has also forwarded a modest amendment to resolution 5.2 Curriculum Expansion via Distance Delivery. ED 290 incorporated IASB Exposure Draft ED/2019/3 Reference to the Conceptual Framework. On 30 June 2010, the Australian Accounting Standards Board published AASB 1053 Application of Tiers of Australian Accounting Standards (and AASB 2010-2 Amendments to Australian Accounting Standards arising from Reduced Disclosure Requirements) which established a differential reporting framework, Statement of Compatibility with Human Rights, Prepared in accordance with Part 3 of the, Annual Improvements 2018-2020 and Other Amendments, This Standard is compatible with the human rights and freedoms recognised or declared in the international instruments listed in section 3 of the, Accounting Standard AASB 2020-3 Amendments to Australian Accounting Standards – Annual Improvements 2018–2020 and Other Amendments. Amendments to Australian Accounting Standards arising from AASB 15: Extra: Dec 2014: 1 … ED 287 incorporated IASB Exposure Draft ED/2018/2 Onerous Contracts – Cost of Fulfilling a Contract. 5 IFRB 2020/08 IASB ISSUES AMENDMENTS TO IFRS 16: COVID-19 RELATED RENT CONCESSIONS CRITERION #3: AFFECTS LEASE PAYMENTS ORIGINALLY DUE ON OR BEFORE 30 JUNE 2021 The rent concession must reduce lease payments originally due on or before 30 June 2021. AASB 2011-12 Amendments to Australian Accounting Standards arising from Interpretation 20 1583. This instrument amends Accounting Standard AASB 9 Financial Instruments (December 2014), Accounting Standard AASB 139 Financial Instruments: Recognition and Measurement (August 2015), and Accounting Standard AASB 7 Financial Instruments: Disclosures (August 2015) to address the effects of uncertainty over interest rate benchmarks for accounting for hedges. Earlier application of the amendments to individual Standards is permitted. 102A       An entity shall apply paragraphs 102D–102N and 108G to all hedging relationships directly affected by interest rate benchmark reform. This is a simplified assessment that results in an asset acquisition if substantially all of the COMMENCEMENT OF THE LEGISLATIVE INSTRUMENT 10 AVAILABLE ON THE AASB WEBSITE. Since all the amendments have the same effective date, the AASB combined the four separate IFRS Standards into one Australian Accounting Standard, while maintaining the ability of entities to apply early the amendments to individual Standards. New subheadings are added before paragraphs 6.8.4, 6.8.5, 6.8.6, 6.8.7 and 6.8.9. Amendments to Australian Accounting Standards – Interest Rate Benchmark Reform. Amendments to AASB 7 Financial Instruments: Disclosures. (f)           AASB 141 Agriculture to remove the requirement to exclude cash flows from taxation when measuring fair value, thereby aligning the fair value measurement requirements in AASB 141 with those in other Australian Accounting Standards. These paragraphs have not been underlined for ease of reading. The important thing with the new standard is to be proactive and to be prepared. Paragraph 7.2.26 is amended. A Regulation Impact Statement (RIS) has not been prepared in connection with the issue of AASB 2020-3 as the amendments made do not have a substantial direct or indirect impact on business or competition. Parliamentary Procedure is designed to facilitate business, she said, not complicate it. AASB Standard AASB 2011-3 May 2011 . A new heading is added before paragraph 6.8.1. Three Australian stakeholders made a submission directly to the IASB on ED/2017/4, two of which were also submitted to the AASB. Know about club membership, tournaments, products and much more. An entity shall apply that amendment for annual reporting periods beginning on or after 1 … AASB Standard AASB 2011-9 September 2011 Amendments to … Amendment to AASB 139 18 . An entity shall apply that amendment for annual reporting periods beginning on or after 1 July 2014. Amendment to AASB 1031 20 . AASB 2017-5 Amendments to Australian Accounting Standards - Effective Date of Amendments to AASB 10 AND AASB 128 and Editorial Corrections. is set out on pages 5 – 10. AMENDMENTS TO AASB 139 8. Uncertainty arising from interest rate benchmark reform. All the paragraphs have equal authority. Prepared in accordance with Part 3 of the Human Rights (Parliamentary Scrutiny) Act 2011. Prepared in accordance with Part 3 of the 130H AASB 2014-1 Amendments to Australian Accounting Standards, issued in June 2014, amended paragraph 80. This criterion is For the avoidance of doubt, an entity shall apply the other conditions in paragraph 88, including the prospective assessment in paragraph 88(b), to assess whether the hedging relationship must be discontinued. 102D       For the purpose of applying the requirement in paragraph 88(c) that a forecast transaction must be highly probable, an entity shall assume that the interest rate benchmark on which the hedged cash flows (contractually or non-contractually specified) are based is not altered as a result of interest rate benchmark reform. This Standard makes amendments to AASB 119 Employee Benefits (issued in July 2004) and AASB 119 Employee Benefits (revised in December 2004).. The new leasing standard is likely to affect almost every business to some extent. 102N       When designating a group of items as the hedged item, or a combination of financial instruments as the hedging instrument, an entity shall prospectively cease applying paragraphs 102D–102G to an individual item or financial instrument in accordance with paragraphs 102J, 102K, 102L, or 102M, as relevant, when the uncertainty arising from interest rate benchmark reform is no longer present with respect to the hedged risk and/or the timing and the amount of the interest rate benchmark-based cash flows of that item or financial instrument. All existing rights in this material are reserved outside Australia. Earlier application is permitted. 7.1.8        AASB 2019-3 Amendments to Australian Accounting Standards – Interest Rate Benchmark Reform, which amended AASB 9, AASB 139 and AASB 7, issued in October 2019, added Section 6.8 and amended paragraph 7.2.26. AASB 2012-1 Amendments to Australian Accounting Standards - Fair Value Measurement - Reduced Disclosure Requirements [AASB 3, AASB 7, AASB 13, AASB 140 and AASB 141] 1586 Those amendments were effective 1 July 2007. The IASB analysed the feedback it received on the proposed amendments and decided to finalise the amendments, addressing the suggestions raised by Australian respondents; (b)          ED 287 Onerous Contracts – Cost of Fulfilling a Contract was issued in January 2019, for comment by 22 March 2019. Timi Tullis, AASB. AASB 2020-3 is applicable to annual periods beginning on or after 1 January 2022. Assessing the economic relationship between the hedged item and the hedging instrument. 102L        An entity shall prospectively cease applying paragraph 102F: If the hedging relationship that the hedged item and the hedging instrument are part of is discontinued earlier than the date specified in paragraph 102L(a) or the date specified in paragraph 102L(b), the entity shall prospectively cease applying paragraph 102F to that hedging relationship at the date of discontinuation. Paragraphs 102A–102N and 108G are added. AASB 2016-7 . Standard Amended by AASB 2016-3. (b)            when the entire amount accumulated in the cash flow hedge reserve with respect to that discontinued hedging relationship has been reclassified to profit or loss. Earlier application is permitted. 102H       Unless paragraph 102I applies, for a hedge of a non-contractually specified benchmark portion of interest rate risk, an entity shall apply the requirement in paragraphs 81 and AG99F—that the designated portion shall be separately identifiable—only at the inception of the hedging relationship. Preface Standards Amended by AASB 2005-3. New text in this paragraph is underlined. 6.8.11      An entity shall prospectively cease applying paragraph 6.8.6: (a)            to a hedged item, when the uncertainty arising from interest rate benchmark reform is no longer present with respect to the hedged risk or the timing and the amount of the interest rate benchmark-based cash flows of the hedged item; and. An entity shall apply that amendment for annual reporting periods beginning on or after 1 … references to those other Standards as originally made and as amended from time to time and incorporate provisions of those Standards as in force from time to time. 6.8.8        When an entity, consistent with its hedge documentation, frequently resets (ie discontinues and restarts) a hedging relationship because both the hedging instrument and the hedged item frequently change (ie the entity uses a dynamic process in which both the hedged items and the hedging instruments used to manage that exposure do not remain the same for long), the entity shall apply the requirement in paragraphs 6.3.7(a) and B6.3.8—that the risk component is separately identifiable—only when it initially designates a hedged item in that hedging relationship. (d)          Onerous Contracts—Cost of Fulfilling a Contract (Amendments to IAS 37). 6.8.12      When designating a group of items as the hedged item, or a combination of financial instruments as the hedging instrument, an entity shall prospectively cease applying paragraphs 6.8.4–6.8.6 to an individual item or financial instrument in accordance with paragraphs 6.8.9, 6.8.10, or 6.8.11, as relevant, when the uncertainty arising from interest rate benchmark reform is no longer present with respect to the hedged risk and/or the timing and the amount of the interest rate benchmark-based cash flows of that item or financial instrument. These paragraphs have not been underlined for ease of reading. In 2007, the AASB approved an 'Amending Standard' that rescinded the changes that the AASB had made to IFRS Standards when it initially adopted them. Reproduction outside Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use only. AASB 2018-8 4 PREFACE Preface Standards amended by AASB 2018-8 This Standard makes amendments to AASB 1 First-time Adoption of Australian Accounting Standards (July 2015), AASB 16 Leases (February 2016), AASB 117 Leases (August 2015), AASB 1049 Whole of Government and General Government Sector Financial Reporting (October 2007) and AASB 1058 Income of Not-for-Profit … This compiled version of AASB 3 applies to annual periods beginning on or after 1 January 2019 but before 1 January 2020. The IASB has issued amendments to IFRS 3 Business Combinations that seek to clarify this matter. 24H         For hedging relationships to which an entity applies the exceptions set out in paragraphs 6.8.4–6.8.12 of AASB 9 or paragraphs 102D–102N of AASB 139, an entity shall disclose: (a)            the significant interest rate benchmarks to which the entity’s hedging relationships are exposed; (b)            the extent of the risk exposure the entity manages that is directly affected by the interest rate benchmark reform; (c)             how the entity is managing the process to transition to alternative benchmark rates; (d)            a description of significant assumptions or judgements the entity made in applying these paragraphs (for example, assumptions or judgements about when the uncertainty arising from interest rate benchmark reform is no longer present with respect to the timing and the amount of the interest rate benchmark-based cash flows); and. When an entity applies this Standard to such an annual period, it shall disclose that fact. Accounting Standard AASB 2017-2. 102F        For the purpose of applying the requirements in paragraphs 88(b) and AG105(a), an entity shall assume that the interest rate benchmark on which the hedged cash flows and/or the hedged risk (contractually or non-contractually specified) are based, or the interest rate benchmark on which the cash flows of the hedging instrument are based, is not altered as a result of interest rate benchmark reform. A new heading is added before paragraph 102A. Standards AASB 2018-3 Amendments to Australian Accounting Standards – Reduced Disclosure Requirements (August 2018) An entity shall continue to apply all other hedge accounting requirements to hedging relationships directly affected by interest rate benchmark reform. Statement of Compatibility with Human Rights. The AASB did not make a submission to the IASB on ED/2017/4. Legislation (Exemptions and Other Matters) Regulation 2015 s12 item 18, Annual Improvements to IFRS Standards 2018–2020, Property, Plant and Equipment: Proceeds before Intended Use, Onerous Contracts—Cost of Fulfilling a Contract. The Australian Accounting Standards Board (AASB) has launched a consultation on its proposals to amend the impairments of assets standard. Transition for hedge accounting (Chapter 6). This AASB Standard contains IFRS Foundation copyright material. For legal purposes, this legislative instrument commences on 31 December 2019. The International Accounting Standards Board (IASB) has published 'Reference to the Conceptual Framework (Amendments to IFRS 3)' with amendments to IFRS 3 'Business Combinations' that update an outdated reference in IFRS 3 without significantly changing its requirements. 6.8.1        An entity shall apply paragraphs 6.8.4–6.8.12 and paragraphs 7.1.8 and 7.2.26(d) to all hedging relationships directly affected by interest rate benchmark reform. 108G AASB 2019-3 Amendments to Australian Accounting Standards – Interest Rate Benchmark Reform, which amended AASB 9, AASB 139 and AASB 7, issued in October 2019, added paragraphs 102A–102N. The Australian Accounting Standards Board makes Accounting Standard AASB 2019-3 Amendments to Australian Accounting Standards –  Interest Rate Benchmark Reform under section 334 of the Corporations Act 2001. All submissions broadly supported the IASB’s proposed amendments. Amendments to AASB 9 Financial Instruments. . Objective. All the paragraphs have equal authority. The IASB analysed the feedback it received on the proposed amendments and decided not to adopt the suggestions raised in the Australian submissions; and. AASB approves IASB amendments to IFRS 9, IAS 28 and annual improvements (2015-2017 cycle) The Australian Accounting Standards Board (AASB) recently approved some amendments to standards by the International Accounting Standards Board (IASB), meaning that these are now available for early adoption in Australia: Amendments to AASB 5 9 . Amendments to AASB 119 14 – 15 . A hedged item that has been assessed at the time of its initial designation in the hedging relationship, whether it was at the time of the hedge inception or subsequently, is not reassessed at any subsequent redesignation in the same hedging relationship. The AASB proposes to amend its standard AASB 136 Impairment of Assets regarding the International Accounting Standards Board's (IASB) intention to require only the disclosure of the recoverable amount of assets, including goodwill, for which there … (a)          AASB 1 to simplify the application of AASB 1 by a subsidiary that becomes a first-time adopter after its parent in relation to the measurement of cumulative translation differences; (b)          AASB 3 to update a reference to the Conceptual Framework for Financial Reporting without changing the accounting requirements for business combinations; (c)          AASB 9 to clarify the fees an entity includes when assessing whether the terms of a new or modified financial liability are substantially different from the terms of the original financial liability; (d)          AASB 116 to require an entity to recognise the sales proceeds from selling items produced while preparing property, plant and equipment for its intended use and the related cost in profit or loss, instead of deducting the amounts received from the cost of the asset; (e)          AASB 137 to specify the costs that an entity includes when assessing whether a contract will be loss-making; and. A hedged item that has been assessed at the time of its initial designation in the hedging relationship, whether it was at the time of the hedge inception or subsequently, is not reassessed at any subsequent redesignation in the same hedging relationship. Interpretation 22 Foreign Currency Transactions and Advance Consideration: For profit only . Since all the amendments have the same effective date, the AASB combined the four separate IFRS Standards into one Australian Accounting Standard, while maintaining the ability of entities to apply early the amendments to individual Standards. The AASB Exposure Drafts were as follows: (a)          ED 280 Property, Plant and Equipment – Proceeds before Intended Use was issued in June 2017, for comment by 18 September 2017. Ellipses (…) are used to help provide the context within which amendments are made and also to indicate text that is not amended. A hedging relationship is directly affected by interest rate benchmark reform only if the reform gives rise to uncertainties about: (a)            the interest rate benchmark (contractually or non-contractually specified) designated as a hedged risk; and/or. These paragraphs apply only to such hedging relationships. 6.8.9        An entity shall prospectively cease applying paragraph 6.8.4 to a hedged item at the earlier of: (a)            when the uncertainty arising from interest rate benchmark reform is no longer present with respect to the timing and the amount of the interest rate benchmark-based cash flows of the hedged item; and. Amendments to Australian Accounting Standards – Definition of Material [AASB 2, AASB 101, AASB 108, AASB 110, AASB 134, AASB 137, the Framework and AASB Practice Statement 2]Obtaining a copy of this Accounting Standard. Paragraphs 64P, B7A–B7C, B8A and B12A–B12D, and headings above paragraphs B7A, B8 and B12, are added. AMENDMENTS TO AASB 7 10. Temporary exceptions from applying specific hedge accounting requirements. ED 289 incorporated IASB Exposure Draft ED/2019/2 Annual Improvements to IFRS Standards 2018–2020. 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. (d)          ED 290 Reference to the Conceptual Framework was issued in June 2019, for comment by 30 August 2019. Accounting Standard AASB 2019-3 Amendments to Australian Accounting Standards – Interest Rate Benchmark Reform. Amendments to Australian Accounting Standards – Orderly Adoption of Changes to the ABS GFS Manual and Related Amendments [AASB 1049] AASB 2011-3 2 COPYRIGHT Obtaining a Copy of this Accounting Standard This Standard is available on the AASB website: www.aasb.gov.au. A Regulation Impact Statement (RIS) has not been prepared in connection with the issue of AASB 2014-3 as the amendments made are minor in nature. If an entity applies that amendment for an earlier reporting period it shall disclose that fact. When Australia initially adopted IFRS as of 2005, the AASB made a number of changes to IFRS Standards, including elimination of accounting policy options. All the paragraphs have equal authority. (f)           AASB 141 to remove the requirement to exclude cash flows from taxation when measuring fair value, thereby aligning the fair value measurement requirements in AASB 141 with those in other Australian Accounting Standards. Tour through tournaments. Three Australian stakeholders made a submission directly to the IASB on ED/2019/2, including the one submitted to the AASB. AASB 2017-3 Amendments to Australian Accounting Standards - Clarifications to AASB 4. This Standard may be applied to annual reporting periods beginning before 1 January 2020. 102G       For the purpose of applying the requirement in paragraph 88(e), an entity is not required to discontinue a hedging relationship because the actual results of the hedge do not meet the requirements in paragraph AG105(b). The AASB considered and adopted the amendments made by the IASB in finalising AASB 2020-3. Earlier application is permitted. The AASB Board has also forwarded a modest amendment to resolution 5.2 Curriculum Expansion via Distance Delivery. This is a simplified assessment that results in an asset acquisition if substantially all of the [2]      The report, 'Reforming Major Interest Rate Benchmarks', is available at http://www.fsb.org/wp-content/uploads/r_140722.pdf. All submissions suggested clarification of the accounting for lease incentives under IFRS 16 Leases. In her presentation on Robert’s Rules survival tips, Timi Tullis covered a few basics of parliamentary procedure, as well as some mistakes commonly made when using it. It incorporates relevant amendments contained in other AASB Standards made by the AASB up to and including 14 February 2018 (see Compilation Details). This Standard makes amendments to AASB 7 Financial Instruments: Disclosures (August 2015), AASB 9 Financial Instruments (August 2015) and AASB 139 Financial Instruments: Recognition and Measurement (August 2015). Requests and enquiries concerning reproduction and rights for commercial purposes within Australia should be addressed to The National Director, Australian Accounting Standards Board, PO Box 204, Collins Street West, Victoria 8007. The post-im­ple­men­ta­tion review of IFRS 3 Business Com­bi­na­tionsrevealed that entities have dif­fi­cul­ties when de­ter­min­ing whether they have acquired a business or a group of assets. The amendments in this Standard arise from the AASB’s reconsideration of commentary and guidance relating to actuarial assumptions used to determine the defined benefit … The AASB did not make a submission to the IASB on ED/2018/2. These paragraphs apply only to such hedging relationships. This Standard makes amendments to Accounting Standard AASB 15 Revenue from Contracts with Customers. AASB 2019-3 Amendments to Australian Accounting Standards – Interest Rate Benchmark Reform, Objective                                                                                                                                                                              5, Application                                                                                                                                                                         5, Amendments to AASB 9                                                                                                                                                 5, Amendments to AASB 139                                                                                                                                            8, Amendments to AASB 7                                                                                                                                               10, Commencement of the legislative instrument                                                                               10. Accounting Standard AASB 2018-3. Amendments to Australian Accounting Standards – Deferral of AASB … Two of the submissions expressed general support for the proposed amendments while commenting on the meaning of “economic benefits” for not-for-profit entities, an issue beyond the scope of this topic. 3.15 – Conceptual Framework – Consequential Amendments (Kala Kandiah, AASB Technical Director) 6.15 – Effective Date of AASB 1059 Service Concession Arrangements: Grantors (Patricia Au, AASB Project Manager) Learn more about our equipment.Get to know our players. AASB 2013-2 3 CONTENTS CONTENTS PREFACE ACCOUNTING STANDARD AASB 2013-2 AMENDMENTS TO AUSTRALIAN ACCOUNTING STANDARDS – REGULATORY CAPITAL Paragraphs Objective 1 Application 2 – 5 Amendments to AASB 1038 6 The Australian Accounting Standards Board makes Accounting Standard AASB 2018-3 Amendments to Australian Accounting Standards – Reduced Disclosure Requirements under section 334 of the Corporations Act 2001. 7. 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