Document ID: chunk:federal_register_of_legislation:F2021C00205:body:0:p11
Version: federal_register_of_legislation:F2021C00205
Segment Type: other
Provision Reference: 
Character Range: 26958–29720

39B–39J of this Standard. For example, the requirements and exemptions in AASB 1 do not override the requirement that a first-time adopter must meet the criteria specified in paragraph 20L to apply the temporary exemption from AASB 9.
20N A first-time adopter that discloses the information required by paragraphs 39B–39J shall use the requirements and exemptions in AASB 1 that are relevant to making the assessments required for those disclosures.

Temporary exemption from specific requirements in AASB 128
20O Paragraphs 35–36 of AASB 128 Investments in Associates and Joint Ventures require an entity to apply uniform accounting policies when using the equity method. Nevertheless, for annual periods beginning before 1 January 2023, an entity is permitted, but not required, to retain the relevant accounting policies applied by the associate or joint venture as follows:
(a) the entity applies AASB 9 but the associate or joint venture applies the temporary exemption from AASB 9; or
(b) the entity applies the temporary exemption from AASB 9 but the associate or joint venture applies AASB 9.
20P When an entity uses the equity method to account for its investment in an associate or joint venture:
(a) if AASB 9 was previously applied in the financial statements used to apply the equity method to that associate or joint venture (after reflecting any adjustments made by the entity), then AASB 9 shall continue to be applied.
(b) if the temporary exemption from AASB 9 was previously applied in the financial statements used to apply the equity method to that associate or joint venture (after reflecting any adjustments made by the entity), then AASB 9 may be subsequently applied.
20Q An entity may apply paragraphs 20O and 20P(b) separately for each associate or joint venture.

Changes in the basis for determining the contractual cash flows as a result of interest rate benchmark reform
20R An insurer applying the temporary exemption from AASB 9 shall apply the requirements in paragraphs 5.4.6‒5.4.9 of AASB 9 to a financial asset or financial liability if, and only if, the basis for determining the contractual cash flows of that financial asset or financial liability changes as a result of interest rate benchmark reform. For this purpose, the term 'interest rate benchmark reform' refers to the market-wide reform of an interest rate benchmark as described in paragraph 102B of AASB 139.
20S For the purpose of applying paragraphs 5.4.6–5.4.9 of the amendments to AASB 9, the references to paragraph B5.4.5 of AASB 9 shall be read as referring to paragraph AG7 of AASB 139. References to paragraphs 5.4.3 and B5.4.6 of AASB 9 shall be read as referring to paragraph AG8 of AASB 139.

Changes in accounting policies
21 Paragraphs 22–30 apply