Document ID: chunk:federal_register_of_legislation:F2022L00704:body:0:p2
Version: federal_register_of_legislation:F2022L00704
Segment Type: other
Provision Reference: 
Character Range: 3039–6364

when preparing consolidated financial statements for the first time.

Application date
This Standard applies to annual periods ending on or after 30 June 2022, with earlier application permitted.

Accounting Standard AASB 2022-2
The Australian Accounting Standards Board makes Accounting Standard AASB 2022-2 Amendments to Australian Accounting Standards – Extending Transition Relief under AASB 1 under section 334 of the Corporations Act 2001.
Keith Kendall
Dated 2 May 2022 Chair – AASB

Accounting Standard AASB 2022-2 Amendments to Australian Accounting Standards – Extending Transition Relief under AASB 1

Objective
     1                        This Standard amends:
          (a)                    AASB 1 First-time Adoption of Australian Accounting Standards (July 2015), to allow:
               (i)                     a subsidiary preparing general purpose financial statements for the first time to apply the optional exemption in paragraph D16(a) and measure its assets and liabilities at the carrying amounts that would be included in the parent's consolidated financial statements where the parent has already adopted either Australian Accounting Standards or International Financial Reporting Standards (IFRS Standards or IFRSs); and
               (ii)                   an entity that becomes a first-time adopter of Australian Accounting Standards in its consolidated financial statements later than its subsidiary (or associate or joint venture) to use the amounts included in the subsidiary's (or associate's or joint venture's) separate financial statements where the subsidiary (or associate or joint venture) has already adopted either Australian Accounting Standards or IFRSs; and
          (b)                   AASB 1053 Application of Tiers of Australian Accounting Standards (June 2010), to allow for-profit private sector entities transitioning from unconsolidated Tier 2 – Reduced Disclosure Requirements general purpose financial statements to consolidated Tier 2 – Simplified Disclosures general purpose financial statements to apply AASB 1 when preparing consolidated financial statements for the first time.

Application
     2                        The amendments set out in this Standard apply to entities and financial statements in accordance with the application of the other Standards set out in AASB 1057 Application of Australian Accounting Standards.
     3                        This Standard applies to annual periods ending on or after 30 June 2022. This Standard may be applied to annual periods ending before 30 June 2022.
     4                        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. However, the amendments made by this Standard do not include that underlining, striking out or other typographical material. Amended paragraphs are shown with new text underlined. Ellipses (…) are used to help provide the context within which amendments are made and also to indicate text that is not amended.

Amendments to AASB 1
     5                        Paragraphs D13A, D16 and D17 are amended. New text is underlined.

          D13A  Instead of applying paragraph D12 or paragraph D13, a subsidiary that uses the exemption in