Document ID: chunk:federal_register_of_legislation:F2024L00708:body:0:p146
Version: federal_register_of_legislation:F2024L00708
Segment Type: other
Provision Reference: 
Character Range: 406779–409780

paragraph 46 of AASB 18 AASB 101.88 and the Framework for the Preparation and Presentation of Financial Statements (as identified in AASB 1048 Interpretation of Standards)AusCF1 when the services are received.
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Effective date
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          Aus10.4 AASB 2019-1 Amendments to Australian Accounting Standards – References to the Conceptual Framework, issued in 2019, added AusCF paragraphs and amended paragraph 5. An entity shall apply the amendments for annual periods beginning on or after 1 January 2020. Earlier application is permitted if at the same time an entity also applies all other amendments made by AASB 2019‑1. An entity shall apply the amendments to Interpretation 132 retrospectively in accordance with AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors.2 However, if an entity determines that retrospective application would be impracticable or would involve undue cost or effort, it shall apply the amendments to Interpretation 132 by reference to paragraphs 23– 28, 50–53 and 54F of AASB 108.
  2 When it issued AASB 18 in June 2024, the AASB changed the title of AASB 108 to Basis of Preparation of Financial Statements.
          Aus10.5 AASB 18 Presentation and Disclosure in Financial Statements issued in June 2024 amended paragraphs 5, AusCF5 and Aus10.4. An entity shall apply those amendments when it applies AASB 18.

AASB Interpretation 1003 Australian Petroleum Resource Rent Tax (November 2007)
Below the heading 'References', the reference to AASB 108 is amended. Paragraph 2 is also amended. New text is underlined and deleted text is struck through.

References

Accounting Standard AASB 108 Basis of Preparation of Financial StatementsAccounting Policies, Changes in Accounting Estimates and Errors

Accounting Standard AASB 112 Income Taxes

Background

     …

     2 AASB 112 Income Taxes deals with accounting for income taxes. AASB 112 provides only limited guidance on what is considered to be an income tax, and divergent interpretations as to whether or not Australian PRRT is an income tax have emerged among Australian reporting entities. Unless AASB 112 specifically applies to Australian PRRT, AASB 108 Basis of Preparation of Financial Statements Accounting Policies, Changes in Accounting Estimates and Errors requires that management shall use its judgement in developing and applying an accounting policy that results in information that is relevant to the economic decision-making needs of users and is reliable.

A footnote is added to 'AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors;' in paragraph 14. New text is underlined.

  1 When it issued AASB 18 Presentation and Disclosure in Financial Statements in June 2024, the AASB changed the title of AASB 108 to Basis of Preparation of Financial Statements.

AASB Interpretation 1031 Accounting for the Goods and Services Tax (GST) (November 2004)
Paragraph 23 is amended.  Below the heading 'References', the reference to AASB