Document ID: chunk:federal_register_of_legislation:F2023C00192:body:0:p24
Version: federal_register_of_legislation:F2023C00192
Segment Type: other
Provision Reference: 
Character Range: 59314–62369

a revaluation model for heritage and cultural assets recognised under AASB 116 where the reliable measurement recognition criterion is satisfied.
G3 Furthermore, given the nature of many heritage and cultural assets that meet the recognition criteria, those assets may not have limited useful lives (for example, when the entity adopts appropriate curatorial and preservation policies), and therefore may not be subject to depreciation.  However, entities should consider whether the requirements of AASB 136 Impairment of Assets apply to such assets.
G4 The curatorial and preservation policies referred to in paragraph G3 above would typically be those developed and monitored by qualified personnel and include the following:
(a) a clearly stated objective about the holding and preservation of items;
(b) a well-developed plan to achieve the objective, including demonstration of how the policy will be implemented, based on advice by appropriately qualified experts;
(c) monitoring procedures; and
(d) periodic reviews.
In addition, there would be evidence that the policies have been adopted by the governing body of the entity.

Compilation details
Accounting Standard AASB 116 Property, Plant and Equipment (as amended)
Compilation details are not part of AASB 116.
This compiled Standard applies to annual periods beginning on or after 1 January 2023.  It takes into account amendments up to and including 15 December 2022 and was prepared on 6 February 2023 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 116 (August 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 116     7 Aug 2015   F2015L01572     31 Dec 2016         (beginning) 1 Jan 2018  see (a) below
AASB 2015-8  22 Oct 2015  F2015L01840     31 Dec 2016         (beginning) 1 Jan 2017  see (b) below
AASB 16      23 Feb 2016  F2016L00233     31 Dec 2018         (beginning) 1 Jan 2019  see (c) below
AASB 2016-4  27 Jun 2016  F2016L01173     31 Dec 2016         (beginning) 1 Jan 2017  see (d) below
AASB 1058    9 Dec 2016   F2017L00042     31 Dec 2018         (beginning) 1 Jan 2019  see (c) below
AASB 2016-7  9 Dec 2016   F2017L00043     31 Dec 2016         (beginning) 1 Jan 2017  see (e) below
AASB 17      19 Jul 2017  F2017L01184     31 Dec 2022         (beginning) 1 Jan 2023  see (f) below
AASB 2019-1  21 May 2019  F2019L00966     31 Dec 2019         (beginning) 1 Jan 2020  see (g) below
AASB 1060    6 Mar 2020   F2020L00288     30 Jun 2021         (beginning) 1 Jul 2021  see (h) below
AASB 2020-3  15 Jun 2020  F2020L00876     31 Dec 2021         (beginning) 1 Jan 2022  see (i) below