Document ID: chunk:federal_register_of_legislation:F2025C00173:body:0:p21
Version: federal_register_of_legislation:F2025C00173
Segment Type: other
Provision Reference: 
Character Range: 53073–56689

AASB 2024-4 [9]
 31A-31B            deleted (for certain periods)  AASB 2017-5 [9]
                    deleted (for certain periods)  AASB 2021-7 [10]
                    deleted (for certain periods)  AASB 2024-4 [9]
 36A                amended                        AASB 2017-1 [page 8]
 37                 amended                        AASB 2017-5 [25]
 41                 deleted                        AASB 2017-7 [page 6]
 42                 amended                        AASB 2021-7 [34]
 45C                amended                        AASB 2015-10 [11, 12]
                    deleted (for certain periods)  AASB 2017-5 [9]
                    amended                        AASB 2017-5 [10, 11]
                    deleted (for certain periods)  AASB 2021-7 [10]
                    amended                        AASB 2021-7 [11, 12]
                    deleted (for certain periods)  AASB 2024-4 [9]
                    amended                        AASB 2024-4 [10, 11]
 45E                added                          AASB 2017-1 [page 8]
 45F                added                          AASB 17 [page 80]
 45G-45K            added                          AASB 2017-7 [page 6]
 Aus47.1            repealed                       Legislation Act 2003, s. 48D

Deleted IAS 28 text
Deleted IAS 28 text is not part of AASB 128.
47 This Standard supersedes IAS 28 Investments in Associates (as revised in 2003).

Basis for Conclusions on AASB 2011-5 and AASB 2011-6
This Basis for Conclusions accompanies, but is not part of, AASB 128. The Basis for Conclusions was originally published with AASB 2011-6 Amendments to Australian Accounting Standards – Extending Relief from Consolidation, the Equity Method and Proportionate Consolidation – Reduced Disclosure Requirements.

Introduction
BC1 This Basis for Conclusions summarises the Australian Accounting Standards Board's considerations in reaching the conclusions in AASB 2011-5 Amendments to Australian Accounting Standards – Extending Relief from Consolidation, the Equity Method and Proportionate Consolidation and AASB 2011-6 Amendments to Australian Accounting Standards – Extending Relief from Consolidation, the Equity Method and Proportionate Consolidation – Reduced Disclosure Requirements.  Individual Board members gave greater weight to some factors than to others.

Background
BC2 Paragraph 10 of AASB 127 Consolidated and Separate Financial Statements (in common with IAS 27 Consolidated and Separate Financial Statements) provides relief from preparing consolidated financial statements for parents that meet four criteria, including having an ultimate parent or an intermediate parent that prepares IFRS-compliant consolidated financial statements (paragraph 10(d)).
BC3 Due to the addition of Aus paragraphs in IFRSs as adopted in Australia, the financial statements of some entities applying Australian Accounting Standards are not IFRS compliant.  This means that a parent that has an ultimate parent or other intermediate parent that prepares non-IFRS-compliant consolidated financial statements does not have access to the exemption from consolidation provided in paragraph 10 of AASB 127, even if the criteria in paragraphs 10(a) to 10(c) are met.
BC4 Similarly, investors need not apply the equity method when they meet the four criteria in paragraph 13(c) of AASB 128 Investments in Associates and venturers need not apply proportionate consolidation or the equity method when they meet the four criteria in paragraph 2(c) of AASB 131 Interests in Joint Ventures.  The criteria in paragraph 10 of AASB 127, paragraph