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AASB Standard  AASB 2022-10
               December 2022

Amendments to Australian Accounting Standards – Fair Value Measurement of Non-Financial Assets of Not-for-Profit Public Sector Entities

[AASB 13]

Obtaining a copy of this Accounting Standard
This Standard is available on the AASB website: www.aasb.gov.au.

Australian Accounting Standards Board
PO Box 204
Collins Street West
Victoria   8007
AUSTRALIA

Phone: (03) 9617 7600
E-mail: standard@aasb.gov.au
Website: www.aasb.gov.au

Other enquiries
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E-mail: standard@aasb.gov.au

COPYRIGHT

© Commonwealth of Australia 2022

This work is copyright. Apart from any use as permitted under the Copyright Act 1968, no part may be reproduced by any process without prior written permission. Requests and enquiries concerning reproduction and rights should be addressed to The Managing Director, Australian Accounting Standards Board, PO Box 204, Collins Street West, Victoria 8007.

ISSN 1036-4803

Contents

PREFACE
ACCOUNTING STANDARD
AASB 2022-10 AMENDMENTS TO AUSTRALIAN ACCOUNTING STANDARDS – FAIR VALUE MEASUREMENT OF NON-FINANCIAL ASSETS OF NOT-FOR-PROFIT PUBLIC SECTOR ENTITIES

 from paragraph
OBJECTIVE  1
APPLICATION  2
AMENDMENTS TO AASB 13  5
COMMENCEMENT OF THE LEGISLATIVE INSTRUMENT  9
APPENDIX
F Australian implementation guidance for not-for-profit public sector entities
Australian illustrative examples for not-for-profit public sector entities

BASIS FOR CONCLUSIONS

Australian Accounting Standard AASB 2022-10 Amendments to Australian Accounting Standards – Fair Value Measurement of Non-Financial Assets of Not-for-Profit Public Sector Entities is set out in paragraphs 1 – 9. All the paragraphs have equal authority.

Preface

Standards amended by AASB 2022-10
This Standard makes amendments to AASB 13 Fair Value Measurement (August 2015) for application by not-for-profit public sector entities.

Main features of this Standard

   Main requirements
This Standard amends AASB 13, including adding authoritative implementation guidance and providing related illustrative examples, for fair value measurements of non-financial assets of not-for-profit public sector entities not held primarily for their ability to generate net cash inflows. Specifically, for such an asset, this Standard:
(a)                    specifies that the entity is required to consider whether the asset's highest and best use differs from its current use only when, at the measurement date, it is:
          (i) classified as held for sale or held for distribution to owners in accordance with AASB 5 Non-current Assets Held for Sale and Discontinued Operations; or
          (ii) highly probable that the asset will be used for an alternative purpose to its current use;
(b)                   clarifies that the asset's use is 'financially feasible' if market participants would be willing to invest in the asset's service capacity, considering both the capability of the asset to be used to provide needed goods or services to beneficiaries and the resulting cost of those goods or services;
(c)                    specifies that, if both the market selling price of a comparable asset and some market participant data required to measure the fair value