Document ID: chunk:federal_register_of_legislation:F2023C00399:body:0:p60
Version: federal_register_of_legislation:F2023C00399
Segment Type: other
Provision Reference: 
Character Range: 156542–159469

than one date of initial application, and will have previously applied some or all of the transition provisions specified by AASB 9 (December 2009) or AASB 9 (December 2010). An entity cannot apply again a transition provision specified by paragraphs 7.2.3–7.2.14A and 7.2.17–7.2.26 of this Standard to the extent a similar provision has already been applied at an earlier date on early adoption of AASB 9 (December 2009) or AASB 9 (December 2010).
7.2.28 An entity that applied AASB 9 (December 2009) or AASB 9 (December 2010) and subsequently applies this Standard:
          (a) shall revoke its previous designation of a financial asset as measured at fair value through profit or loss if that designation was previously made in accordance with the condition in paragraph 4.1.5 but that condition is no longer satisfied as a result of the application of this Standard;
          (b) may designate a financial asset as measured at fair value through profit or loss if that designation would not have previously satisfied the condition in paragraph 4.1.5 but that condition is now satisfied as a result of the application of this Standard;
          (c) shall revoke its previous designation of a financial liability as measured at fair value through profit or loss if that designation was previously made in accordance with the condition in paragraph 4.2.2(a) but that condition is no longer satisfied as a result of the application of this Standard; and
          (d) may designate a financial liability as measured at fair value through profit or loss if that designation would not have previously satisfied the condition in paragraph 4.2.2(a) but that condition is now satisfied as a result of the application of this Standard.
Such a designation and revocation shall be made on the basis of the facts and circumstances that exist at the date of initial application of this Standard. That classification shall be applied retrospectively.

Transition for Prepayment Features with Negative Compensation
7.2.29 An entity shall apply AASB 2017-6 Amendments to Australian Accounting Standards – Prepayment Features with Negative Compensation retrospectively in accordance with AASB 108, except as specified in paragraphs 7.2.30–7.2.34.
7.2.30 An entity that first applies these amendments at the same time it first applies this Standard shall apply paragraphs 7.2.1–7.2.28 instead of paragraphs 7.2.31–7.2.34.
7.2.31 An entity that first applies these amendments after it first applies this Standard shall apply paragraphs 7.2.32–7.2.34. The entity shall also apply the other transition requirements in this Standard necessary for applying these amendments. For that purpose, references to the date of initial application shall be read as referring to the beginning of the reporting period in which an entity first applies these amendments (date of initial application of these amendments).
7.2.32 With regard to designating a