Document ID: chunk:federal_register_of_legislation:F2021L01883:body:0:p7
Version: federal_register_of_legislation:F2021L01883
Segment Type: other
Provision Reference: 
Character Range: 18470–21750

to AASB 101 Presentation of Financial Statements
     29                    In paragraph 7, footnote 1 to the definition of 'International Financial Reporting Standards (IFRSs)' is amended as follows:

          1 Definition of IFRSs amended after the name changes introduced by the revised Constitution of the IFRS Foundation in 2010. Interpretations are identified in AASB 1048 Interpretation of Standards.

     Amendments to AASB 102 Inventories
     30                    In paragraph Aus36.1(e), the text "recognised as expense in the period" is amended to read "recognised as an expense in the period".

     Amendments to AASB 116 Property, Plant and Equipment
     31                    In paragraph 6, the definition of 'recoverable amount' is amended as follows:

          Recoverable amount is the higher of an asset's fair value less costs to sell costs of disposal and its value in use.

     Amendments to AASB 119 Employee Benefits
     32                    Paragraph 3 is amended as follows:

          3 This Standard does not deal with reporting by employee benefit plans (see AAS 25 Financial Reporting by Superannuation Plans or AASB 1056 Superannuation Entities, as appropriate).

     Amendments to AASB 127 Separate Financial Reporting
     33                    In the second sentence of paragraph 18, the text "periods beginning after 1 January 2014" is amended to read "periods beginning on or after 1 January 2014".

     Amendments to AASB 128 Investments in Associates and Joint Ventures
     34                    Paragraph 42 is amended as follows:

          42 Because goodwill … by comparing its recoverable amount (higher of value in use and fair value less costs to sell costs of disposal) with its carrying amount …

     Amendments to AASB 132 Financial Instruments: Presentation
     35                    In paragraph AG38A, the text "right of set off" (twice occurring) is amended to read "right of set-off".

     Amendments to AASB 134 Interim Financial Reporting
     36                    The paragraph 58 that starts with the text "AASB 2018-7" is renumbered as paragraph 59.

     Amendments to AASB 137 Provisions, Contingent Liabilities and Contingent Assets
     37                    Paragraph AusA1 is amended as follows:

          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) …

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

     Amendments to AASB 140 Investment Property
     38                    In paragraph 7, the title of AASB 16, "Leases", is added after the reference to AASB 16.

     Amendments to AASB 1023 General Insurance Contracts
     39                    Paragraph 1.1 is deleted and a note "[Deleted by the AASB]" added. (The application of the Standard to entities and financial statements is set out in AASB 1057 Application of Australian Accounting Standards.)
     40                    In paragraph 19.1, the definition of 'separate financial statements' is amended as follows: