Document ID: chunk:federal_register_of_legislation:F2023C00191:body:0:p14
Version: federal_register_of_legislation:F2023C00191
Segment Type: other
Provision Reference: 
Character Range: 33461–36324

that have previously applied this Standard, unless required to do so by another Australian Accounting Standard.
43 The Standard shall be applied prospectively to non-current assets (or disposal groups) that meet the criteria to be classified as held for sale and operations that meet the criteria to be classified as discontinued after the effective date of the Standard. An entity may apply the requirements of the Standard to all non-current assets (or disposal groups) that meet the criteria to be classified as held for sale and operations that meet the criteria to be classified as discontinued after any date before the effective date of the Standard, provided the valuations and other information needed to apply the Standard were obtained at the time those criteria were originally met.

Effective date
44 An entity shall apply this Standard for annual periods beginning on or after 1 January 2018. Earlier application is encouraged for periods beginning after 24 July 2014 but before 1 January 2018. If an entity applies the Standard for a period beginning before 1 January 2018, it shall disclose that fact.
44A–
44E [Deleted by the AASB]
44F [Deleted]
44G–
44I [Deleted by the AASB]
44J [Deleted]
44K AASB 2010-7 Amendments to Australian Accounting Standards arising from AASB 9 (December 2010) (as amended) amended paragraph 5 in the previous version of this Standard. Paragraph 44F, added by AASB 2010-7, was deleted by AASB 2014-1 Amendments to Australian Accounting Standards. Paragraph 44J, added by AASB 2014-1, was deleted by AASB 2014-7 Amendments to Australian Accounting Standards arising from AASB 9 (December 2014). An entity shall apply those amendments when it applies AASB 9.
44L AASB 2015-1 Amendments to Australian Accounting Standards – Annual Improvements to Australian Accounting Standards 2012–2014 Cycle, issued in January 2015, amended the previous version of this Standard as follows: amended paragraphs 26–29 and added paragraph 26A. An entity shall apply those amendments prospectively in accordance with AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors to changes in a method of disposal that occur in annual periods beginning on or after 1 January 2016. Earlier application is permitted. If an entity applies those amendments for an earlier period it shall disclose that fact.
44M AASB 17, issued in July 2017, amended paragraph 5. An entity shall apply that amendment when it applies AASB 17.

Withdrawal of IAS 35
45 [Deleted by the AASB]

Commencement of the legislative instrument
Aus45.1 [Repealed]

Withdrawal of AASB pronouncements
Aus45.2 This Standard repeals AASB 5 Non-current Assets Held for Sale and Discontinued Operations issued in July 2004. Despite the repeal, after the time this Standard starts to apply under section 334 of the Corporations Act (either generally or in relation to