Document ID: chunk:federal_register_of_legislation:F2023C00187:body:0:p15
Version: federal_register_of_legislation:F2023C00187
Segment Type: other
Provision Reference: 
Character Range: 38215–41132

rates both in the interest of the customers and to ensure the overall financial viability of the entity.
54H AASB 2018-7 Amendments to Australian Accounting Standards – Definition of Material, issued in December 2018, amended paragraph 7 of AASB 101 and paragraph 5 of AASB 108, and deleted paragraph 6 of AASB 108. An entity shall apply those amendments prospectively for annual periods beginning on or after 1 January 2020. Earlier application is permitted. If an entity applies those amendments for an earlier period, it shall disclose that fact.
54I AASB 2021-2 Amendments to Australian Accounting Standards – Disclosure of Accounting Policies and Definition of Accounting Estimates, issued in March 2021, amended paragraphs 5, 32, 34, 38 and 48 and added paragraphs 32A, 32B and 34A. An entity shall apply these amendments for annual reporting periods beginning on or after 1 January 2023. Earlier application is permitted. An entity shall apply the amendments to changes in accounting estimates and changes in accounting policies that occur on or after the beginning of the first annual reporting period in which it applies the amendments.

Withdrawal of other pronouncements
55–
56 [Deleted by the AASB]

Commencement of the legislative instrument
Aus56.1 [Repealed]

Withdrawal of AASB pronouncements
Aus56.2 This Standard repeals AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors 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to apply under section 334 of the Corporations Act (either generally or in relation to an individual entity), the repealed Standard continues to apply in relation to any period ending before that time as if the repeal had not occurred.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of the Corporations Act (either generally or in relation to an individual entity), it supersedes the application of the repealed Standard.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 28–31, 39–40 and 49 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 108 Accounting Policies, Changes in Accounting Estimates and Errors (as amended)

Compilation details are not part of AASB 108.

This compiled Standard applies to annual periods beginning on or after 1 January 2023.  It takes into account amendments up to and including 30 March 2021 and was prepared on 6 February 2023 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 108 (August 2015) as amended by other Accounting Standards, which are listed in