Document ID: chunk:federal_register_of_legislation:F2023C00192:body:0:p25
Version: federal_register_of_legislation:F2023C00192
Segment Type: other
Provision Reference: 
Character Range: 62119–65064

2019         (beginning) 1 Jan 2020  see (g) below
AASB 1060    6 Mar 2020   F2020L00288     30 Jun 2021         (beginning) 1 Jul 2021  see (h) below
AASB 2020-3  15 Jun 2020  F2020L00876     31 Dec 2021         (beginning) 1 Jan 2022  see (i) below
AASB 2021-7  20 Dec 2021  F2021L01883     31 Dec 2021         (beginning) 1 Jan 2022  see (i) below
AASB 2022-7  15 Dec 2022  F2023L00018     31 Dec 2022         (beginning) 1 Jan 2023  see (j) below

   (a) AASB 116 applies to annual periods beginning on or after 1 January 2018 (instead of 1 January 2017) as a result of amendments made by AASB 2015-8 Amendments to Australian Accounting Standards – Effective Date of AASB 15.  Entities may elect to apply this Standard to annual periods beginning on or after 1 January 2014 but before 1 January 2018.

   (b) Entities may elect to apply this Standard to annual periods beginning before 1 January 2017, provided that AASB 15 Revenue from Contracts with Customers is also applied.

   (c) Entities may elect to apply this Standard to annual periods beginning before 1 January 2019, provided that AASB 15 is also applied to the same period.

   (d) Entities may elect to apply this Standard to annual reporting periods beginning before 1 January 2017.

   (e) AASB 2016-7 deferred the effective date of AASB 15 (and its consequential amendments in AASB 2014-5) for not-for-profit entities to annual reporting periods beginning on or after 1 January 2019, instead of 1 January 2018.  However, earlier application of AASB 116 (2015) incorporating the text that relates to AASB 15 is permitted, provided that AASB 15 is also applied.

   (f) Entities may elect to apply this Standard to annual periods beginning before 1 January 2023, provided that AASB 9 Financial Instruments is also applied on or before the date of initial application of AASB 17.  (AASB 17 was amended prior to its mandatory application by various amending Standards, including AASB 2022-8 Amendments to Australian Accounting Standards – Insurance Contracts: Consequential Amendments, made by the AASB on 15 December 2022.)

   (g) Entities may elect to apply this Standard to annual periods beginning before 1 January 2020.

   (h) Entities may elect to apply this Standard to annual periods beginning before 1 July 2021.

   (i) Entities may elect to apply this Standard to annual periods beginning before 1 January 2022.

   (j) Entities may elect to apply this Standard to annual periods beginning before 1 January 2023.

Table of amendments to Standard
Paragraph affected       How affected  By … [paragraph/page]
 AusCF1                  added         AASB 2019-1 [page 19]
 4                       deleted       AASB 16 [page 50]
 5                       amended       AASB 16 [page 50]
 6 – Recoverable amount  amended       AASB 2021-7 [31]
 Aus6.2                  amended       AASB 1058 [page 24]
 10                      amended       AASB 16 [page 50]
 Aus15.1