Document ID: chunk:federal_register_of_legislation:F2022C00496:body:0:p14
Version: federal_register_of_legislation:F2022C00496
Segment Type: other
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Character Range: 34437–37424

January 2019, provided that AASB 15 Revenue from Contracts with Customers is also applied to the same period.

(c)                     AASB 2016-7 deferred the effective date of AASB 15 (and its consequential amendments in AASB 2014-5) for not-for-profit entities to annual reporting periods beginning on or after 1 January 2019, instead of 1 January 2018.  However, earlier application of AASB 102 (2015) incorporating the text that relates to AASB 15 is permitted, provided that AASB 15 is also applied.

(d)                    Entities may elect to apply this Standard to annual periods beginning before 1 July 2021.

(e)                     Entities may elect to apply this Standard to annual periods beginning before 1 January 2022.

Table of amendments
Paragraph affected  How affected  By … [paragraph/page]
 Aus10.1            amended       AASB 1058 [page 23]
 Aus10.2            added         AASB 1058 [page 23]
 12                 amended       AASB 16 [page 46]
 Aus36.1            amended       AASB 2021-7 [30]
 40G                added         AASB 16 [page 47]
 Aus42.3            repealed      Legislation Act 2003, s. 48D
 Appendix B         replaced      AASB 1060 [page 61]

Deleted IAS 2 text
Deleted IAS 2 text is not part of AASB 102.
40C IFRS 13, issued in May 2011, amended the definition of fair value in paragraph 6 and amended paragraph 7. An entity shall apply those amendments when it applies IFRS 13.
41 This Standard supersedes IAS 2 Inventories (revised in 1993).
42 This Standard supersedes SIC-1 Consistency—Different Cost Formulas for Inventories.

Basis for Conclusions on AASB 2007-5
This Basis for Conclusions accompanies, but is not part of, AASB 102.  The Basis for Conclusions was originally published with AASB 2007-5 Amendments to Australian Accounting Standard – Inventories Held for Distribution by Not-for-Profit Entities.

Background relating to standards on inventories
BC1 For reporting periods beginning prior to 1 January 2005, under AASB 1019 Inventories (now superseded by AASB 102 Inventories), inventories were defined only in terms of items held for sale or in the process of sale.  The treatment of items in the nature of inventories that were not held for sale needed to be determined by analogy because they were not explicitly covered by AASB 1019.
BC2 Inventories held for distribution by not-for-profit entities were scoped into AASB 102, issued in July 2004, and were required to be measured at the lower of cost and current replacement cost.
BC3 This is the same as the requirement in the International Public Sector Accounting Standards Board's IPSAS 12 Inventories issued in July 2001.  (IPSAS 12 has since been revised in December 2006 for application from 1 January 2008.)
BC4 The Board notes that inventories held for distribution do not include major spare parts and stand-by equipment that qualify as property, plant and equipment, which are discussed in AASB 116 Property, Plant and Equipment at paragraphs 8