Document ID: chunk:federal_register_of_legislation:F2023L00018:reg:8
Version: federal_register_of_legislation:F2023L00018
Segment Type: reg
Provision Reference: reg 8
Character Range: 7563–8475

8                        Paragraph G1 in the accompanying implementation guidance is amended as follows:

          G1 In accordance with paragraphs 7(b), 15 and Aus15.1 of AASB 116, only those heritage and cultural assets that can be reliably measured are recognised. It depends on the circumstances as to whether the reliable measurement recognition criterion can be satisfied in relation to a particular heritage or cultural asset. Heritage and cultural assets acquired at no cost, or for a nominal cost, for consideration that is significantly less than fair value principally to enable the entity to further its objectives are required to be initially recognised at fair value as at the date of acquisition. Depending on circumstances, it may not be possible to reliably measure the fair value as at the date of acquisition of a heritage or cultural asset.

Amendments to AASB 124 Related Party Disclosures