Document ID: chunk:federal_register_of_legislation:F2025C00207:front:0:p24
Version: federal_register_of_legislation:F2025C00207
Segment Type: other
Provision Reference: 
Character Range: 66881–69657

(paragraph D32);
(t) designation of contracts to buy or sell a non-financial item (paragraph D33);
(u) revenue (paragraphs D34 and D35); and
(v) foreign currency transactions and advance consideration (paragraph D36).
An entity shall not apply these exemptions by analogy to other items.

Share-based payment transactions
D2 A first-time adopter is encouraged, but not required, to apply AASB 2 Share-based Payment to equity instruments that were granted on or before 7 November 2002. A first-time adopter is also encouraged, but not required, to apply AASB 2 to equity instruments that were granted after 7 November 2002 and vested before the later of (a) the date of transition to Australian Accounting Standards and (b) 1 January 2005. However, if a first-time adopter elects to apply AASB 2 to such equity instruments, it may do so only if the entity has disclosed publicly the fair value of those equity instruments, determined at the measurement date, as defined in AASB 2. For all grants of equity instruments to which AASB 2 has not been applied (eg equity instruments granted on or before 7 November 2002), a first-time adopter shall nevertheless disclose the information required by paragraphs 44 and 45 of AASB 2. If a first-time adopter modifies the terms or conditions of a grant of equity instruments to which AASB 2 has not been applied, the entity is not required to apply paragraphs 26–29 of AASB 2 if the modification occurred before the date of transition to Australian Accounting Standards.
D3 A first-time adopter is encouraged, but not required, to apply AASB 2 to liabilities arising from share-based payment transactions that were settled before the date of transition to Australian Accounting Standards. A first-time adopter is also encouraged, but not required, to apply AASB 2 to liabilities that were settled before 1 January 2005. For liabilities to which AASB 2 is applied, a first-time adopter is not required to restate comparative information to the extent that the information relates to a period or date that is earlier than 7 November 2002.

Insurance contracts
D4 [Deleted]
          AusD4.1 Public sector entities that are first-time adopters may apply the transitional provisions in AASB 4 Insurance Contracts and AASB 1023 General Insurance Contracts. AASB 4 restricts changes in accounting policies for insurance contracts, including changes made by a first-time adopter.

Deemed cost
D5 An entity may elect to measure an item of property, plant and equipment at the date of transition to Australian Accounting Standards at its fair value and use that fair value as its deemed cost at that date.
D6 A first-time adopter may elect to use a previous GAAP revaluation of an item of property, plant and equipment at, or before, the date of