Document ID: chunk:federal_register_of_legislation:F2022L01500:body:0:p3
Version: federal_register_of_legislation:F2022L01500
Segment Type: other
Provision Reference: 
Character Range: 5618–7031

of use retained by the seller-lessee. Applying the requirements in this paragraph does not prevent the seller-lessee from recognising in profit or loss any gain or loss relating to the partial or full termination of a lease as required by paragraph 46(a).
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Appendix C
Effective date and transition

Effective date

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C1D AASB 2022-5 Amendments to Australian Accounting Standards – Lease Liability in a Sale and Leaseback, issued in November 2022, amended paragraph C2 and added paragraphs 102A and C20E. A seller-lessee shall apply these amendments for annual reporting periods beginning on or after 1 January 2024. Earlier application is permitted. If a seller-lessee applies these amendments for an earlier period, it shall disclose that fact.

Transition
C2 For the purposes of the requirements in paragraphs C1–C20E C19, the date of initial application is the beginning of the annual reporting period in which an entity first applies this Standard.
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Lease liability in a sale and leaseback
C20E A seller-lessee shall apply AASB 2022-5 Amendments to Australian Accounting Standards – Lease Liability in a Sale and Leaseback (see paragraph C1D) retrospectively in accordance with AASB 108 to sale and leaseback transactions entered into after the date of initial application.

Commencement of the legislative instrument
For legal purposes, this legislative instrument commences on 31 December 2023.