Document ID: chunk:federal_register_of_legislation:F2023C00419:body:0:p30
Version: federal_register_of_legislation:F2023C00419
Segment Type: other
Provision Reference: 
Character Range: 76940–80100

on or after 1 January 2023 but before 1 July 2026.
   (a)           Entities may elect to apply this Standard to periods beginning after 24 July 2014 but before 1 January 2018.
   (b)           Entities may elect to apply this Standard to annual periods beginning before 1 January 2019, provided that AASB 15 Revenue from Contracts with Customers is also applied to the same period.
   (c)           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 137 (2015) incorporating the text that relates to AASB 15 is permitted, provided that AASB 15 is also applied.
   (d)           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.)
   (e)           Entities may elect to apply this Standard to annual periods beginning before 1 January 2020.
   (f)            Entities may elect to apply this Standard to annual periods beginning before 1 July 2021.
   (g)           Entities may elect to apply this Standard to annual periods beginning before 1 January 2022.
   (h)           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 23]
 5                  amended       AASB 16 [page 53]
                    amended       AASB 17 [page 83]
 Aus5.1             added         AASB 2022-8 [page12]
 10 – liability     amended       AASB 2019-1 [page 23]
 68A                added         AASB 2020-3 [page 11]
 69                 amended       AASB 2020-3 [page 11]
 75                 amended       AASB 2018-7 [page 9]
 94A                added         AASB 2020-3 [page 11]
 Aus94.1            repealed      Legislation Act 2003, s. 48D
 102                added         AASB 16 [page 54]
 103                added         AASB 17 [page 83]
 104                added         AASB 2018-7 [page 9]
 105                added         AASB 2020-3 [page 12]
 Appendix A         replaced      AASB 1060 [page 65]
 AusA1              amended       AASB 2021-7 [37]

Table of amendments to guidance
Paragraph affected  How affected  By … [paragraph/page]
 Example 8          deleted       AASB 16 [page 54]

Deleted IAS 37 text
Deleted IAS 37 text is not part of AASB 137.
93 The effect of adopting this Standard on its effective date (or earlier) shall be reported as an adjustment to the opening balance of retained earnings for the period in which the Standard is first adopted. Entities are encouraged, but not required, to adjust the opening balance of retained earnings for