Document ID: chunk:federal_register_of_legislation:F2024C00050:body:0:p15
Version: federal_register_of_legislation:F2024C00050
Segment Type: other
Provision Reference: 
Character Range: 37007–39957

July 2004.  Despite the repeal, after the time this Standard starts to apply under section 334 of the Corporations Act (either generally or in relation to an individual entity), the repealed Standard continues to apply in relation to any period ending before that time as if the repeal had not occurred.
[Note: When this Standard applies under section 334 of the Corporations Act (either generally or in relation to an individual entity), it supersedes the application of the repealed Standard.]

Effective date and transition
53 This Standard becomes operative for financial statements covering periods beginning on or after 1 January 2016. Earlier application is permitted for periods beginning on or after 1 January 2014 but before 1 January 2016.
54–
58 [Deleted by the AASB]
59 AASB 16 Leases, issued in February 2016, amended paragraphs 17 and 44. An entity shall apply those amendments when it applies AASB 16.
60 AASB 2016-2 Amendments to Australian Accounting Standards – Disclosure Initiative: Amendments to AASB 107, issued in March 2016, added paragraphs 44A–44E. An entity shall apply those amendments for annual periods beginning on or after 1 January 2017. Earlier application is permitted. When the entity first applies those amendments, it is not required to provide comparative information for preceding periods.
61 AASB 17 Insurance Contracts, issued in July 2017, amended paragraph 14. An entity shall apply that amendment when it applies AASB 17.
62 AASB 2023-1 Amendments to Australian Accounting Standards – Supplier Finance Arrangements, issued in June 2023, added paragraphs 44F–44H. An entity shall apply those amendments for annual reporting periods beginning on or after 1 January 2024. Earlier application is permitted. If an entity applies those amendments for an earlier period, it shall disclose that fact.

63 In applying AASB 2023-1, an entity is not required to disclose:

(a) comparative information for any reporting periods presented before the beginning of the annual reporting period in which the entity first applies those amendments.

(b) the information otherwise required by paragraph 44H(b)(ii)–(iii) as at the beginning of the annual reporting period in which the entity first applies those amendments.

(c) the information otherwise required by paragraphs 44F–44H for any interim period presented within the annual reporting period in which the entity first applies those amendments.

Appendix A
Australian simplified disclosures for Tier 2 entities

This appendix is an integral part of the Standard.

AusA1 This Standard does 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.

Illustrative examples
These illustrative examples accompany, but are not part of, AASB 107.

A  Statement of cash flows for an entity other than a financial institution
1