Document ID: chunk:federal_register_of_legislation:F2021C00991:body:0:p9
Version: federal_register_of_legislation:F2021C00991
Segment Type: other
Provision Reference: 
Character Range: 21285–24346

and the movement in the index during the current and the previous reporting period.
40 The disclosures required by this Standard are needed to make clear the basis of dealing with the effects of inflation in the financial statements. They are also intended to provide other information necessary to understand that basis and the resulting amounts.

Effective date
41 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.

Commencement of the legislative instrument
Aus41.1 [Repealed]

Withdrawal of AASB pronouncements
Aus41.2 This Standard repeals AASB 129 Financial Reporting in Hyperinflationary Economies 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to apply under section 334 of the Corporations Act (either generally or in relation to an individual entity), the repealed Standard continues to apply in relation to any period ending before that time as if the repeal had not occurred.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of the Corporations Act (either generally or in relation to an individual entity), it supersedes the application of the repealed Standard.]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 39 and 40 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.

Compilation details
Accounting Standard AASB 129 Financial Reporting in Hyperinflationary Economies (as amended)

Compilation details are not part of AASB 129.

This compiled Standard applies to annual periods beginning on or after 1 July 2021.  It takes into account amendments up to and including 6 March 2020 and was prepared on 21 July 2021 by the staff of the Australian Accounting Standards Board (AASB).

This compilation is not a separate Accounting Standard made by the AASB.  Instead, it is a representation of AASB 129 (August 2015) as amended by other Accounting Standards, which are listed in the table below.

Table of Standards

Standard   Date made   FRL identifier  Commence-ment date  Effective date          Application, saving or transitional provisions
                                                           (annual periods
                                                           … on or after …)

AASB 129   7 Aug 2015  F2015L01550     31 Dec 2015         (beginning) 1 Jan 2016  see (a) below
AASB 1060  6 Mar 2020  F2020L00288     30 Jun 2021         (beginning) 1 Jul 2021  see (b) below

   (a) Entities may elect to apply this Standard to annual periods beginning on or after 1 January 2014 but before 1 January 2016.
   (b) Entities may elect to apply this Standard to annual periods beginning before 1 July 2021.

Table of amendments

Paragraph affected  How affected  By