Document ID: chunk:federal_register_of_legislation:F2024L00708:body:0:p128
Version: federal_register_of_legislation:F2024L00708
Segment Type: other
Provision Reference: 
Character Range: 356916–359723

the AASB carried over the definition of 'material' in AASB 101 to AASB 18.

A footnote is added to the end of paragraph 60. New text is underlined.

  3D When it issued AASB 18, the AASB carried over the requirements to disclose material accounting policy information in AASB 101 to AASB 108.

AASB 137 Provisions, Contingent Liabilities and Contingent Assets (August 2015)
A footnote is added to the end of paragraph 104. New text is underlined.

  3 In June 2024 the AASB issued AASB 18 Presentation and Disclosure in Financial Statements and carried over the definition of 'material' in AASB 101 Presentation of Financial Statements to AASB 18.

AASB 138 Intangible Assets (August 2015)
Paragraph 102 is amended and paragraph 130N is added. New text is underlined and deleted text is struck through.

Intangible assets with finite useful lives
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Residual value
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102 An estimate of an asset's residual value is based on the amount recoverable from disposal using prices prevailing at the date of the estimate for the sale of a similar asset that has reached the end of its useful life and has operated under conditions similar to those in which the asset will be used. The residual value is reviewed at least at each financial year‑end. A change in the asset's residual value is accounted for as a change in an accounting estimate in accordance with AASB 108 Basis of Preparation of Financial Statements Accounting Policies, Changes in Accounting Estimates and Errors.
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Transitional provisions and effective date
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130N AASB 18 Presentation and Disclosure in Financial Statements issued in June 2024 amended paragraph 102. An entity shall apply those amendments when it applies AASB 18.

AASB 140 Investment Property (August 2015)
Paragraph 31 is amended and paragraph 85I is added. New text is underlined and deleted text is struck through.

Measurement after recognition

Accounting policy
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31 AASB 108 Basis of Preparation of Financial Statements Accounting Policies, Changes in Accounting Estimates and Errors states that a voluntary change in accounting policy shall be made only if the change results in the financial statements providing reliable and more relevant information about the effects of transactions, other events or conditions on the entity's financial position, financial performance or cash flows. It is highly unlikely that a change from the fair value model to the cost model will result in a more relevant presentation.
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Effective date
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85I AASB 18 Presentation and Disclosure in Financial Statements issued in June 2024 amended paragraph 31. An entity shall apply those amendments when it applies AASB 18.

AASB 141 Agriculture (August 2015)
Paragraphs 50 and 53 are amended and paragraph 66 is added. New text is underlined and deleted text