Document ID: chunk:federal_register_of_legislation:F2022C01123:front:0:p8
Version: federal_register_of_legislation:F2022C01123
Segment Type: other
Provision Reference: 
Character Range: 19751–22810

under AASB 9:
       (a) trade receivables;
       (b) contract assets (subject to subsection (4));
       (c) lease receivables.
  (4) Paragraph (3)(b) applies in relation to:
       (a) the first reporting period to which AASB 15 Revenue from Contracts with Customers applies; and
       (b) later reporting periods.
Derivatives and hedging
  (5) Where an entity has held derivative financial instruments that are not part of a qualifying hedging arrangement at any time during the period, it must disclose:
       (a) the management's objectives for holding or issuing those derivatives;
       (b) the context needed to understand those objectives; and
       (c) the strategies for achieving those objectives.
Regular way purchase or sale
  (7) For regular way purchase or sale, entities must apply trade date accounting.
Market risk sensitivity analysis
  (8) Where sensitivity analysis is required, entities must use the standard rates referenced in the Standard Parameters issued by Finance, unless Finance approves otherwise.
  17 Valuation of non‑financial assets
  (1) Reporting entities must apply subsections (2) to (5) when applying any of the following standards in preparation of financial statements:
       (a) AASB 16 Leases;
       (b) AASB 116 Property, Plant and Equipment;
       (c) AASB 138 Intangible Assets;
       (d) AASB 140 Investment Property.
  (2) Unless required by the applicable standard to be measured otherwise, subsequent to initial recognition entities must measure every class of asset listed below at fair value in accordance with AASB 116 or AASB 140 as applicable:
       (a) land;
       (b) buildings;
       (c) heritage and cultural assets (where not intangible assets);
       (d) investment properties; and
       (e) material other property, plant and equipment.
  (2A) Despite subsection (2), if a right-of-use asset recognised under AASB 16 relates to a class of property, plant and equipment to which the lessee reporting entity applies the revaluation model in AASB 116, the lessee reporting entity must, after the initial measurement of the right-of-use asset, measure the right-of-use asset by applying the cost model in AASB 16.
  (3) Immaterial other property, plant and equipment may be measured at cost.
  (4) Intangible assets must be valued by class in accordance with AASB 138, at:
       (a) cost, in the absence of an active market; or
       (b) fair value, where an active market exists for all assets in a class.
  (5) Investment property must be revalued annually in compliance with AASB 140.
  (7) For-profit entities or a reporting entity that is a university may elect not to apply the requirements relating to the valuation of non-financial assets in subsections (1) to (5).
  18 Application of tiers of Australian Accounting Standards
   (1A) Reporting entities are subject to subsections (1) to (4) when applying AASB 1053 Application of Tiers of Australian Accounting Standards.
  (1) Subject to subsections (2), (3) and (4), a reporting entity must, in preparation of the entity's