Document ID: chunk:federal_register_of_legislation:F2021C00987:body:0:p9
Version: federal_register_of_legislation:F2021C00987
Segment Type: other
Provision Reference: 
Character Range: 20951–24033

apply those amendments prospectively to government loans received in periods beginning on or after 1 January 2009. Earlier application is permitted. If an entity applies the amendments for an earlier period it shall disclose that fact.
44 [Deleted]
45–
46 [Deleted by the AASB]
47 [Deleted]
48 AASB 2010-7 Amendments to Australian Accounting Standards arising from AASB 9 (December 2010) (as amended) amended the previous version of this Standard as follows: amended paragraph 10A.  Paragraph 44, added by AASB 2010-7, was deleted by AASB 2014-1 Amendments to Australian Accounting Standards. Paragraph 47, added by AASB 2014-1, was deleted by AASB 2014-7 Amendments to Australian Accounting Standards arising from AASB 9 (December 2014). An entity shall apply those amendments when it applies AASB 9.

Commencement of the legislative instrument
Aus48.1 [Repealed]

Withdrawal of AASB pronouncements
Aus48.2 This Standard repeals AASB 120 Accounting for Government Grants and Disclosure of Government Assistance 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to apply under section 334 of the Corporations Act (either generally or in relation to an individual entity), the repealed Standard continues to apply in relation to any period ending before that time as if the repeal had not occurred.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of the Corporations Act (either generally or in relation to an individual entity), it supersedes the application of the repealed Standard.]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 Paragraph 39 does 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 120 Accounting for Government Grants and Disclosure of Government Assistance (as amended)

Compilation details are not part of AASB 120.

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 120 (July 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 120   24 Jul 2015  F2015L01628     31 Dec 2017         (beginning) 1 Jan 2018  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