Document ID: chunk:federal_register_of_legislation:F2024L00708:body:0:p114
Version: federal_register_of_legislation:F2024L00708
Segment Type: other
Provision Reference: 
Character Range: 315891–318810

income tax category in as part of profit or loss in the statement statement(s) of profit or loss and other comprehensive income.
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Exchange differences on foreign currency denominated assets and liabilities arising from income taxesdeferred foreign tax liabilities or assets
78 AASB 121 requires certain exchange differences to be recognised as income or expense but does not specify where such differences should be presented in the statement of comprehensive income. Accordingly, where If exchange differences on foreign currency denominated assets and liabilities arising from income taxes deferred foreign tax liabilities or assets are recognised in profit or loss in accordance with AASB 121the statement of comprehensive income, such differences shall may be classified applying the requirements in paragraph 67 of AASB 18 Presentation and Disclosure in Financial Statementsas deferred tax expense (income) if that presentation is considered to be the most useful to financial statement users.

Disclosure
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81 The following shall also be disclosed separately:
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(ab) the amount of income tax relating to each component of other comprehensive income (see paragraph 62 and paragraph 93 of AASB 18AASB 101);
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(h) in respect of discontinued operations, the tax expense relating to:
(i) the gain or loss on discontinuance; and
(ii) the profit or loss of from the ordinary activities of the discontinued operation for the period, together with the corresponding amounts for each prior period presented;
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Effective date
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98N AASB 18 issued in June 2024 amended paragraphs 62A, 77 (and its related subheading) and 78 (and its related subheading) and paragraphs 81 and 98H. An entity shall apply those amendments when it applies AASB 18.

A footnote is added to 'AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors.' in paragraph 98H. New text is underlined.

  1 When it issued AASB 18, the AASB changed the title of AASB 108 to Basis of Preparation of Financial Statements.

AASB 116 Property, Plant and Equipment (August 2015)
Paragraph 51 is amended. Paragraph 81O is added. New text is underlined and deleted text is struck through.

Measurement after recognition
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Depreciation
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Depreciable amount and depreciation period
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51 The residual value and the useful life of an asset shall be reviewed at least at each financial year‑end and, if expectations differ from previous estimates, the change(s) shall be accounted for as a change in an accounting estimate in accordance with AASB 108 Basis of Preparation of Financial Statements Accounting Policies, Changes in Accounting Estimates and Errors.
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Effective date
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81O AASB 18 Presentation and Disclosure in Financial Statements issued in June 2024 amended paragraph 51. An entity shall apply those amendments when it applies AASB 18.

AASB 119 Employee Benefits (August 2015)
Paragraphs 25, 134,