Document ID: chunk:federal_register_of_legislation:F2025C00207:front:0:p34
Version: federal_register_of_legislation:F2025C00207
Segment Type: other
Provision Reference: 
Character Range: 93379–96269

may be less than 12 months, provided that a complete set of financial statements (as required by paragraph 10 of AASB 101) is provided for that shorter period.

Joint arrangements
D31 A first-time adopter may apply the transition provisions in AASB 11 with the following exceptions:
(a) When applying the transition provisions in AASB 11, a first-time adopter shall apply these provisions at the date of transition to Australian Accounting Standards.
(b) When changing from proportionate consolidation to the equity method, a first-time adopter shall test for impairment the investment in accordance with AASB 136 as at the date of transition to Australian Accounting Standards, regardless of whether there is any indication that the investment may be impaired. Any resulting impairment shall be recognised as an adjustment to retained earnings at the date of transition to Australian Accounting Standards.

Stripping costs in the production phase of a surface mine
D32 A first-time adopter may apply the transitional provisions set out in paragraphs A1 to A4 of Interpretation 20 Stripping Costs in the Production Phase of a Surface Mine as identified in AASB 1048. In that paragraph, reference to the effective date shall be interpreted as 1 January 2016 or the beginning of the first Australian-Accounting-Standards reporting period, whichever is later.

Designation of contracts to buy or sell a non-financial item
D33 AASB 9 permits some contracts to buy or sell a non-financial item to be designated at inception as measured at fair value through profit or loss (see paragraph 2.5 of AASB 9). Despite this requirement an entity is permitted to designate, at the date of transition to Australian Accounting Standards, contracts that already exist on that date as measured at fair value through profit or loss but only if they meet the requirements of paragraph 2.5 of AASB 9 at that date and the entity designates all similar contracts.

Revenue
D34 A first-time adopter may apply the transition provisions in paragraph C5 of AASB 15. In those paragraphs references to the 'date of initial application' shall be interpreted as the beginning of the first Australian-Accounting-Standards reporting period. If a first-time adopter decides to apply those transition provisions, it shall also apply paragraph C6 of AASB 15.
D35 A first-time adopter is not required to restate contracts that were completed before the earliest period presented. A completed contract is a contract for which the entity has transferred all of the goods or services identified in accordance with previous GAAP.

Foreign currency transactions and advance consideration
D36 A first-time adopter need not apply AASB Interpretation 22 Foreign Currency Transactions and Advance Consideration, as identified in AASB 1048 Interpretation of Standards, to assets, expenses and income in the scope of that Interpretation