Document ID: chunk:federal_register_of_legislation:F2022L00704:body:0:p3
Version: federal_register_of_legislation:F2022L00704
Segment Type: other
Provision Reference: 
Character Range: 6095–9206

also to indicate text that is not amended.

Amendments to AASB 1
     5                        Paragraphs D13A, D16 and D17 are amended. New text is underlined.

          D13A  Instead of applying paragraph D12 or paragraph D13, a subsidiary that uses the exemption in paragraph D16(a) may elect, in its financial statements, to measure cumulative translation differences for all foreign operations at the carrying amount that would be included in the parent's consolidated financial statements, based on the parent's date of transition to Australian Accounting Standards or IFRSs, if no adjustments were made for consolidation procedures and for the effects of the business combination in which the parent acquired the subsidiary. A similar election is available to an associate or joint venture that uses the exemption in paragraph D16(a).

          …

          D16  If a subsidiary becomes a first-time adopter later than its parent, the subsidiary shall, in its financial statements, measure its assets and liabilities at either:

               (a) the carrying amounts that would be included in the parent's consolidated financial statements, based on the parent's date of transition to Australian Accounting Standards or IFRSs, if no adjustments were made for consolidation procedures and for the effects of the business combination in which the parent acquired the subsidiary (this election is not available to a subsidiary of an investment entity, as defined in AASB 10, that is required to be measured at fair value through profit or loss); or
               (b) the carrying amounts required by the rest of this Standard, based on the subsidiary's date of transition to Australian Accounting Standards. …
          D17 However, if an entity becomes a first-time adopter later than its subsidiary (or associate or joint venture) the entity shall, in its consolidated financial statements, measure the assets and liabilities of the subsidiary (or associate or joint venture) at the same carrying amounts as in the financial statements of the subsidiary (or associate or joint venture), after adjusting for consolidation and equity accounting adjustments and for the effects of the business combination in which the entity acquired the subsidiary, where the financial statements of the subsidiary (or associate or joint venture) comply with Australian Accounting Standards or IFRSs. Notwithstanding this requirement, a non-investment entity parent shall not apply the exception to consolidation that is used by any investment entity subsidiaries. Similarly, if a parent becomes a first-time adopter for its separate financial statements earlier or later than for its consolidated financial statements, it shall measure its assets and liabilities at the same amounts in both financial statements, except for consolidation adjustments.

Amendments to AASB 1053
     6                        Paragraph 20A and a related heading are added after paragraph 20.

          Reapplication of Tier 2 Reporting Requirements in Initial Consolidated Financial Statements
          20A A for-profit private sector