Document ID: chunk:federal_register_of_legislation:F2023C00425:body:0:p32
Version: federal_register_of_legislation:F2023C00425
Segment Type: other
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Character Range: 80505–83382

on or after 1 January 2016. Earlier application is permitted. If an entity applies those amendments for an earlier period it shall disclose that fact.
130K AASB 2014-5 Amendments to Australian Accounting Standards arising from AASB 15, issued in December 2014, amended paragraphs 3, 114 and 116 in the previous version of this Standard. An entity shall apply those amendments when it applies AASB 15.
130L AASB 16, issued in February 2016, amended paragraphs 3, 6, 113 and 114. An entity shall apply those amendments when it applies AASB 16.
130M AASB 17, issued in July 2017, amended paragraph 3. AASB 2020-5 Amendments to Australian Accounting Standards – Insurance Contracts, issued in July 2020, further amended paragraph 3. An entity shall apply that amendment when it applies AASB 17.

Exchanges of similar assets
131 [Deleted by the AASB]

Early application
132 [Deleted by the AASB]

Withdrawal of IAS 38 (issued 1998)
133 [Deleted by the AASB]

Commencement of the legislative instrument
Aus133.1 [Repealed]

Withdrawal of AASB pronouncements
Aus133.2 This Standard repeals AASB 138 Intangible Assets issued in 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to apply under section 334 of the Corporations Act (either generally or in relation to an individual entity), the repealed Standard continues to apply in relation to any period ending before that time as if the repeal had not occurred.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of the Corporations Act (either generally or in relation to an individual entity), it supersedes the application of the repealed Standard.]

Appendix A
Australian simplified disclosures for Tier 2 entities
This appendix is an integral part of the Standard.
AusA1 Paragraphs 118–128 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.

Illustrative examples
These examples accompany, but are not part of, AASB 138.

Assessing the useful lives of intangible assets
The following guidance provides examples on determining the useful life of an intangible asset in accordance with AASB 138.
Each of the following examples describes an acquired intangible asset, the facts and circumstances surrounding the determination of its useful life, and the subsequent accounting based on that determination.

Example 1 An acquired customer list
A direct-mail marketing company acquires a customer list and expects that it will be able to derive benefit from the information on the list for at least one year, but no more than three years.
The customer list would be amortised over management's best estimate of its useful life, say 18 months. Although the direct-mail marketing company may intend to add customer names and other information to the list in the