Document ID: chunk:federal_register_of_legislation:F2024L00708:body:0:p87
Version: federal_register_of_legislation:F2024L00708
Segment Type: other
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Character Range: 233124–236000

affect the entity's assessment of the business model for those assets if the entity reasonably expects that such a scenario will not occur. If cash flows are realised in a way that is different from the entity's expectations at the date that the entity assessed the business model (for example, if the entity sells more or fewer financial assets than it expected when it classified the assets), that does not give rise to a prior period error in the entity's financial statements (see AASB 108 Basis of Preparation of Financial StatementsAccounting Policies, Changes in Accounting Estimates and Errors) nor does it change the classification of the remaining financial assets held in that business model (ie those assets that the entity recognised in prior periods and still holds) as long as the entity considered all relevant information that was available at the time that it made the business model assessment. However, when an entity assesses the business model for newly originated or newly purchased financial assets, it must consider information about how cash flows were realised in the past, along with all other relevant information.

A footnote is added to 'AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors,' in paragraph 7.2.1. New text is underlined.

  2A When it issued AASB 18 Presentation and Disclosure in Financial Statements in June 2024, the AASB changed the title of AASB 108 to Basis of Preparation of Financial Statements.

AASB 10 Consolidated Financial Statements (July 2015)
A footnote is added to 'AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors,' in paragraph C2. New text is underlined.

  1A When it issued AASB 18 Presentation and Disclosure in Financial Statements in June 2024, the AASB changed the title of AASB 108 to Basis of Preparation of Financial Statements.

Paragraph AG1 in the Australian application guidance accompanying AASB 10 is amended. New text is underlined and deleted text is struck through.

Australian application guidance
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Exemption from presenting consolidated financial statements
AG1 The following table summarises the circumstances in which the exemption from presenting consolidated financial statements set out in paragraphs 4-Aus4.2 of this Standard may be available to a parent entity.  The exemption is available only if the requirements of those paragraphs are satisfied.  For example, the exemption is not available to a parent entity if it is a disclosing entity.

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* The exemption would not be available by reference to the intermediate parent when it is a for-profit public sector entity unable to claim compliance with IFRSs – see paragraph Aus16.2 of AASB 101 Presentation of Financial Statements.
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AASB 11 Joint Arrangements (July 2015)
A footnote is added to 'AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors,' in