Document ID: chunk:federal_register_of_legislation:F2023C00419:body:0:p21
Version: federal_register_of_legislation:F2023C00419
Segment Type: other
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Character Range: 52021–56120

when it applies the amendments to the definition of material in paragraph 7 of AASB 101 and paragraphs 5 and 6 of AASB 108.

     105 AASB 2020-3 Amendments to Australian Accounting Standards – Annual Improvements 2018–2020 and Other Amendments, issued in June 2020, added paragraphs 68A and 94A and amended paragraph 69. An entity shall apply those amendments for annual reporting periods beginning on or after 1 January 2022. Earlier application is permitted. If an entity applies those amendments for an earlier period, it shall disclose that fact.

Appendix A
Australian simplified disclosures for Tier 2 entities
This appendix is an integral part of the Standard.
AusA1 The following do not apply to entities preparing general purpose financial statements that apply AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities:

               (a)                   paragraphs 84–92; and

               (b)                   in paragraph 75 the text "If an entity starts to implement a restructuring plan … about a specific reporting entity."

Guidance on implementing AASB 137
This guidance accompanies, but is not part of, AASB 137.

A  Tables – Provisions, contingent liabilities, contingent assets and reimbursements
The purpose of these tables is to summarise the main requirements of the Standard.

Provisions and contingent liabilities
Where, as a result of past events, there may be an outflow of resources embodying future economic benefits in settlement of: (a) a present obligation; or (b) a possible obligation whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity.
There is a present obligation that probably requires an outflow of resources.                                                                                                                                                                                                                                                                       There is a possible obligation or a present obligation that may, but probably will not, require an outflow of resources.  There is a possible obligation or a present obligation where the likelihood of an outflow of resources is remote.
A provision is recognised (paragraph 14).                                                                                                                                                                                                                                                                                                           No provision is recognised (paragraph 27).                                                                                No provision is recognised (paragraph 27).
Disclosures are required for the provision (paragraphs 84 and 85).                                                                                                                                                                                                                                                                                  Disclosures are required for the contingent liability (paragraph 86).                                                     No disclosure is required (paragraph 86).

A contingent liability also arises in the extremely rare case where there is a liability that cannot be recognised because it cannot be measured reliably. Disclosures are required for the contingent liability.

Contingent assets
Where, as a result of past events, there is a possible asset whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity.
The inflow of economic benefits is virtually certain.                                                                                                                                                                        The inflow of economic benefits is probable, but not virtually certain.  The inflow is not