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to a Standard, in order to make the amendments more understandable. However, the amendments made by this Standard do not include that underlining, striking out or other typographical material. Amended paragraphs are shown with deleted text struck through and new text underlined. New paragraphs are also underlined. Ellipses (…) are used to help provide the context within which amendments are made and also to indicate text that is not amended.

Amendments to AASB 1 First-time Adoption of Australian Accounting Standards (July 2015)

In Appendix D, a heading and paragraph AusD4.1 are added. The deleted paragraph D4 is noted for reference.

Insurance contracts
D4 [Deleted]
          AusD4.1 Public sector entities that are first-time adopters may apply the transitional provisions in AASB 4 Insurance Contracts and AASB 1023 General Insurance Contracts. AASB 4 restricts changes in accounting policies for insurance contracts, including changes made by a first-time adopter.

Amendments to AASB 3 Business Combinations (August 2015)

Paragraph Aus17.1 is added. Paragraph 17 is not amended but is included for reference.

Classifying or designating identifiable assets acquired and liabilities assumed in a business combination
 …
17 This Standard provides an exception to the principle in paragraph 15:
(a) classification of a lease contract …
(b) [deleted]
The acquirer shall classify those contracts on the basis of the contractual terms and other factors at the inception of the contract (or, if the terms of the contract have been modified in a manner that would change its classification, at the date of that modification, which might be the acquisition date).
          Aus17.1 Public sector entities applying AASB 4 Insurance Contracts shall apply an exception to the principle in paragraph 15 to the classification of a contract as an insurance contract. The acquirer shall classify those contracts as described in paragraph 17.

In Appendix B, paragraph AusB63.1 is added. Paragraph B63 is not amended but is included for reference.

Other Australian Accounting Standards that provide guidance on subsequent measurement and accounting (application of paragraph 54)
B63 Examples of other Australian Accounting Standards that provide guidance on subsequently measuring and accounting for assets acquired and liabilities assumed or incurred in a business combination include:
(a) …
(b) [deleted]
(c) …
          AusB63.1 Further to paragraph B63, for public sector entities, AASB 4 Insurance Contracts provides guidance on the subsequent accounting for insurance contracts acquired in a business combination.

Amendments to AASB 5 Non-current Assets Held for Sale and Discontinued Operations (August 2015)

Paragraph Aus5.1 is added. Paragraph 5 and footnote 3 are not amended but are included for reference.

Scope
 …
5 The measurement provisions of this Standard3 do not apply to the following assets, which are covered by the Australian Accounting Standards listed, either as individual assets or as