Document ID: chunk:federal_register_of_legislation:F2024L00708:body:0:p118
Version: federal_register_of_legislation:F2024L00708
Segment Type: other
Provision Reference: 
Character Range: 326552–329479

not material for disclosure in its general purpose financial statements and accordingly need not be disclosed.  Guidance relevant to an entity's assessment of the materiality of a disclosure to its general purpose financial statements is included in AASB 18 Presentation and Disclosure in Financial Statements AASB 101 Presentation of Financial Statements and AASB 108 Basis of Preparation of Financial StatementsAccounting Policies, Changes in Accounting Estimates and Errors.  The factors described in paragraph 27 of the Standard may also assist an entity in making this determination.

AASB 127 Separate Financial Statements (August 2015)
A footnote is added to '(as defined in AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors),' in paragraph 18G. New text is underlined.

  1 When it issued AASB 18 Presentation and Disclosure in Financial Statements in June 2024, the AASB changed the title of AASB 108 to Basis of Preparation of Financial Statements.

A footnote is added to 'AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors.' in paragraph 18J. New text is underlined.

  2 When it issued AASB 18, the AASB changed the title of AASB 108.

AASB 128 Investments in Associates and Joint Ventures (August 2015)
Paragraph 10 is amended and paragraph 45L is added. New text is underlined and deleted text is struck through.

Equity method
10 Under the equity method, on initial recognition the investment in an associate or a joint venture is recognised at cost, and the carrying amount is increased or decreased to recognise the investor's share of the profit or loss of the investee after the date of acquisition. The investor's share of the investee's profit or loss is recognised in the investor's profit or loss. Distributions received from an investee reduce the carrying amount of the investment. Adjustments to the carrying amount may also be necessary for changes in the investor's proportionate interest in the investee arising from changes in the investee's other comprehensive income. Such changes include those arising from the revaluation of property, plant and equipment and from foreign exchange translation differences. The investor's share of those changes is recognised in the investor's other comprehensive income (see AASB 18 Presentation and Disclosure in Financial StatementsAASB 101 Presentation of Financial Statements).
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Effective date and transition
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45L AASB 18 issued in June 2024 amended paragraphs 10 and 45B. An entity shall apply those amendments when it applies AASB 18.

A footnote is added to 'AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors.' in paragraph 45B. New text is underlined.

  1 When it issued AASB 18 Presentation and Disclosure in Financial Statements in June 2024, the AASB changed the title of AASB 108 to Basis of Preparation of Financial Statements.

AASB 129 Financial Reporting