Document ID: chunk:federal_register_of_legislation:F2022C00496:body:0:p13
Version: federal_register_of_legislation:F2022C00496
Segment Type: other
Provision Reference: 
Character Range: 31677–34710

benefits or service potential of the inventory for financial reporting purposes is reflected by the amount the entity would need to pay to acquire the economic benefits or service potential if this was necessary to achieve the objectives of the entity.  Where the economic benefits or service potential cannot be acquired in the market, an estimate of replacement cost will need to be made.  If the purpose for which the inventory is held changes, then the inventory is valued using the provisions of paragraph 9.
Aus8.2 The replacement cost that an entity would be prepared to incur in respect of an item of inventory would reflect any obsolescence or any other impairment.

Appendix B
Australian simplified disclosures for Tier 2 entities

This appendix is an integral part of the Standard.

AusB1 Paragraphs 36–39 do not apply to entities preparing general purpose financial statements that apply AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities.

Compilation details
Accounting Standard AASB 102 Inventories (as amended)
Compilation details are not part of AASB 102
This compiled Standard applies to annual periods beginning on or after 1 January 2022.  It takes into account amendments up to and including 20 December 2021 and was prepared on 7 April 2022 by the staff of the Australian Accounting Standards Board (AASB).
This compilation is not a separate Accounting Standard made by the AASB.  Instead, it is a representation of AASB 102 (July 2015) as amended by other Accounting Standards, which are listed in the table below.

Table of Standards
Standard     Date made    FRL identifier  Commence-ment date  Effective date          Application, saving or transitional provisions
                                                              (annual periods
                                                              … on or after …)
AASB 102     24 Jul 2015  F2015L01624     31 Dec 2017         (beginning) 1 Jan 2018  see (a) below
AASB 16      23 Feb 2016  F2016L00233     31 Dec 2018         (beginning) 1 Jan 2019  see (b) below
AASB 1058    9 Dec 2016   F2017L00042     31 Dec 2018         (beginning) 1 Jan 2019  see (b) below
AASB 2016-7  9 Dec 2016   F2017L00043     31 Dec 2016         (beginning) 1 Jan 2017  see (c) below
AASB 1060    6 Mar 2020   F2020L00288     30 Jun 2021         (beginning) 1 Jul 2021  see (d) below
AASB 2021-7  20 Dec 2021  F2021L01883     31 Dec 2021         (beginning) 1 Jan 2022  see (e) below

(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