Document ID: chunk:federal_register_of_legislation:F2022C00554:body:0:p33
Version: federal_register_of_legislation:F2022C00554
Segment Type: other
Provision Reference: 
Character Range: 88733–91749

adjustment on initial application of this Standard is recognised as an adjustment to the opening balance of accumulated surplus (deficiency). If the grantor applies the revaluation model in AASB 116 or AASB 138 as its accounting policy, the net adjustment is included in accumulated surplus (deficiency) and not revaluation surplus.
C6                   The initial measurement of service concession assets at fair value (current replacement cost) does not mean that the assets are measured under the revaluation model. Subsequent revaluations are not required unless the grantor applies the revaluation model as its accounting policy.
C7                   If a grantor applies this Standard retrospectively in accordance with paragraph C3(b), the measurement of liabilities arising under the financial liability model at the date of initial application is addressed in paragraph C4(b). Paragraph C4(c) addresses liability measurement under both the grant of a right to the operator model and hybrid arrangements, as it requires the measurement of the liability relating to the grant of a right to the operator to exclude any related financial liabilities.

References to superseded Standards
C8                   If an entity applies this Standard but does not yet apply AASB 9, any reference in this Standard to AASB 9 shall be read as a reference to AASB 139 Financial Instruments: Recognition and Measurement.
C9                   If an entity applies this Standard but does not yet apply AASB 15 or AASB 1058, any reference in this Standard to those Standards shall be read as a reference to AASB 118 Revenue or AASB 1004 Contributions, as appropriate.
C10                If an entity applies this Standard but does not yet apply AASB 16, any reference in this Standard to AASB 16 shall be read as a reference to AASB 117 Leases.

Appendix D
Amendments to other Standards
This appendix sets out the amendments to other Australian Accounting Standards that are a consequence of the AASB issuing this Standard.

[Deleted by the AASB – the amendments have been incorporated into the text of the relevant pronouncements.]

Appendix E
Australian simplified disclosures for Tier 2 entities

This appendix is an integral part of the Standard.

          AusE1 Paragraphs 28, 29, B79 and B80 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.

Implementation guidance
This implementation guidance accompanies, but is not part of, AASB 1059.
     IG1                 The purpose of this Implementation Guidance is to illustrate certain aspects of the requirements of AASB 1059. Except in respect of arrangements that are concluded to be service concession arrangements, the implementation guidance identifies the parties to an arrangement as the grantor and the operator for convenience, without reference to the definitions in Appendix A.

Accounting framework