Document ID: chunk:federal_register_of_legislation:F2024L00708:body:0:p115
Version: federal_register_of_legislation:F2024L00708
Segment Type: other
Provision Reference: 
Character Range: 318553–321602

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Effective date
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81O AASB 18 Presentation and Disclosure in Financial Statements issued in June 2024 amended paragraph 51. An entity shall apply those amendments when it applies AASB 18.

AASB 119 Employee Benefits (August 2015)
Paragraphs 25, 134, 158 and 171 are amended. Paragraph 180 is added. New text is underlined and deleted text is struck through.

Short‑term employee benefits
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Disclosure
25 Although this Standard does not require specific disclosures about short‑term employee benefits, other Australian Accounting Standards may require disclosures. For example, AASB 124 requires disclosures about employee benefits for key management personnel. AASB 18 Presentation and Disclosure in Financial Statements AASB 101 Presentation of Financial Statements requires disclosure of employee benefits expense.
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Post‑employment benefits: defined benefit plans
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Presentation
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Components of defined benefit cost
134 Paragraph 120 requires an entity to recognise service cost and net interest on the net defined benefit liability (asset) in profit or loss. This Standard does not specify how an entity should present service cost and net interest on the net defined benefit liability (asset). An entity presents those components in accordance with AASB 18AASB 101.
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Other long‑term employee benefits
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Disclosure
158 Although this Standard does not require specific disclosures about other long‑term employee benefits, other Australian Accounting Standards may require disclosures. For example, AASB 124 requires disclosures about employee benefits for key management personnel. AASB 18 AASB 101 requires disclosure of employee benefits expense.

Termination benefits
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Disclosure
171 Although this Standard does not require specific disclosures about termination benefits, other Australian Accounting Standards may require disclosures. For example, AASB 124 requires disclosures about employee benefits for key management personnel. AASB 18 AASB 101 requires disclosure of employee benefits expense.

Transition and effective date
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180 AASB 18 issued in June 2024 amended paragraphs 25, 134, 158, 171, 173 and 175. An entity shall apply those amendments when it applies AASB 18.

A footnote is added to 'AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors,' in paragraph 173. New text is underlined.

  2 When it issued AASB 18 Presentation and Disclosure in Financial Statements in June 2024, the AASB changed the title of AASB 108 to Basis of Preparation of Financial Statements.

A footnote is added to 'AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors.' in paragraph 175. New text is underlined.

  3 When it issued AASB 18, the AASB changed the title of AASB 108.

AASB 120 Accounting for Government Grants and Disclosure of Government Assistance (August 2015)
Paragraphs 16, 29 and 32 are amended and paragraph 49 is added. New text is underlined and deleted text is struck through.

Government grants
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16 It is fundamental to the income