Document ID: chunk:federal_register_of_legislation:F2024C00049:body:0:p45
Version: federal_register_of_legislation:F2024C00049
Segment Type: other
Provision Reference: 
Character Range: 113384–116258

into before the date of initial application to determine whether the transfer of the underlying asset satisfies the requirements in AASB 15 to be accounted for as a sale.
C17 If a sale and leaseback transaction was accounted for as a sale and a finance lease applying AASB 117, the seller-lessee shall:
(a) account for the leaseback in the same way as it accounts for any other finance lease that exists at the date of initial application; and
(b) continue to amortise any gain on sale over the lease term.
C18 If a sale and leaseback transaction was accounted for as a sale and operating lease applying AASB 117, the seller-lessee shall:
(a) account for the leaseback in the same way as it accounts for any other operating lease that exists at the date of initial application; and
(b) adjust the leaseback right-of-use asset for any deferred gains or losses that relate to off-market terms recognised in the statement of financial position immediately before the date of initial application.

Amounts previously recognised in respect of business combinations
C19 If a lessee previously recognised an asset or a liability applying AASB 3 Business Combinations relating to favourable or unfavourable terms of an operating lease acquired as part of a business combination, the lessee shall derecognise that asset or liability and adjust the carrying amount of the right-of-use asset by a corresponding amount at the date of initial application.

References to AASB 9
C20 If an entity applies this Standard but does not yet apply AASB 9 Financial Instruments, any reference in this Standard to AASB 9 shall be read as a reference to AASB 139 Financial Instruments: Recognition and Measurement.

Covid-19-related rent concessions for lessees
C20A A lessee shall apply AASB 2020-4 Amendments to Australian Accounting Standards – Covid-19-Related Rent Concessions (see paragraph C1A) retrospectively, recognising the cumulative effect of initially applying that amendment as an adjustment to the opening balance of retained earnings (or other component of equity, as appropriate) at the beginning of the annual reporting period in which the lessee first applies the amendment.
C20B In the reporting period in which a lessee first applies AASB 2020-4 Amendments to Australian Accounting Standards – Covid-19-Related Rent Concessions, a lessee is not required to disclose the information required by paragraph 28(f) of AASB 108.
C20BA A lessee shall apply AASB 2021-3 Amendments to Australian Accounting Standards – Covid-19-Related Rent Concessions beyond 30 June 2021 (see paragraph C1C) retrospectively, recognising the cumulative effect of initially applying that amendment as an adjustment to the opening balance of retained earnings (or other component of equity, as appropriate) at the beginning of the annual reporting period in which the lessee first applies the amendment.