Document ID: chunk:federal_register_of_legislation:F2021L01883:body:0:p6
Version: federal_register_of_legislation:F2021L01883
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its first IFRS Australian-Accounting-Standards financial statements. An entity that makes that election … at the beginning of its first IFRS Australian-Accounting-Standards reporting period.

     Amendments to AASB 2 Share-based Payment
     18                    In paragraph IG17 of the Implementation Guidance accompanying AASB 2, the title of AASB 108 in the final paragraph of IG Example 11 is amended to read "Accounting Policies, Changes in Accounting Estimates and Errors".
     19                    In paragraph IG19B, the text "paragraphs B44A of AASB 2" is amended to read "paragraph B44A of AASB 2".

     Amendments to AASB 5 Non-current Assets Held for Sale and Discontinued Operations
     20                    In Appendix A, the definition of 'recoverable amount' is amended as follows:

          The higher of an asset's fair value less costs to sell costs of disposal and its value in use.

     Amendments to AASB 7 Financial Instruments: Disclosures
     21                    Paragraphs 44DE and 44DF are renumbered as 44EE and 44FF respectively. In addition, the cross-reference in paragraph 44DE to paragraph 44DF is amended to refer to paragraph 44FF.

     Amendments to AASB 9 Financial Instruments
     22                    The paragraph 7.1.9 that starts with the text "AASB 2020-8" is renumbered as paragraph 7.1.10.

     Amendments to AASB 14 Regulatory Deferral Accounts
     23                    Paragraph 31 is added as follows:

          31 The disclosures required by paragraph 30 shall be given in the financial statements either directly in the notes or incorporated by cross-reference from the financial statements to some other statement, such as a management commentary or risk report, that is available to users of the financial statements on the same terms as the financial statements and at the same time. If the information is not included in the financial statements directly or incorporated by cross-reference, the financial statements are incomplete.

     Amendments to AASB 15 Revenue from Contracts with Customers
     24                    In paragraph AusE1, the text "Paragraphs 110–129 and B87B89" is amended to read "Paragraphs 110–129 and B87–B89".

     Amendments to AASB 16 Leases
     25                    Paragraph 3 is amended as follows:

          3 An entity shall apply this Standard to all leases, including leases of right-of-use assets in a sublease, except for:

               (a) …

               (c) service concession arrangements within the scope of Interpretation 12 Service Concession Arrangements as identified in AASB 1048 Interpretation of Standards;

               …

     26                    The paragraph Aus3.1 that starts with the text "Notwithstanding paragraph 3" is renumbered as paragraph Aus3.2.
     27                    The heading "Lease term (paragraphs B34–B41)" before paragraph 18 is amended so that it is not indented.
     28                    Appendix D Amendments to other Standards is deleted.

     Amendments to AASB 101 Presentation of Financial Statements
     29                    In paragraph 7, footnote 1 to the definition of 'International Financial Reporting Standards (IFRSs)' is amended as follows:

          1 Definition of IFRSs amended after the name changes introduced by the revised Constitution