Document ID: chunk:federal_register_of_legislation:F2021L01883:body:0:p2
Version: federal_register_of_legislation:F2021L01883
Segment Type: other
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Character Range: 3023–6139

Contribution of Assets between an Investor and its Associate or Joint Venture so that the amendments are required to be applied for annual reporting periods beginning on or after 1 January 2025 instead of 1 January 2022.
The amendments in AASB 2014-10 originally applied to annual reporting periods beginning on or after 1 January 2016, but were later deferred by the IASB indefinitely. Due to legal requirements, the AASB is unable to defer the amendments indefinitely, and instead deferred the amendments to apply to annual reporting periods beginning on or after 1 January 2018 through AASB 2015-10 Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128. The amendments were further deferred to apply to annual periods beginning on or after 1 January 2022 through AASB 2017-5 Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128 and Editorial Corrections.
As the IASB's amendments continue to be deferred indefinitely, this Standard further defers the amendments to annual reporting periods beginning on or after 1 January 2025. Consistent with the IASB's approach, the amendments can still be applied by an entity in advance of this new mandatory application date.
This Standard also makes editorial corrections to various Australian Accounting Standards, including Interpretations, and other pronouncements. The corrections include corrections made by the IASB to IFRS Standards since December 2017.

     Application date
This Standard applies to annual periods beginning on or after 1 January 2022, being the date from which the amendments to AASB 10 and AASB 128 were previously to apply mandatorily. Some of the editorial corrections apply to annual periods beginning on or after 1 January 2023. Earlier application of this Standard is permitted.

Accounting Standard AASB 2021-7
The Australian Accounting Standards Board makes Accounting Standard AASB 2021-7 Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128 and Editorial Corrections under section 334 of the Corporations Act 2001.
                        Keith Kendall
Dated 20 December 2021  Chair – AASB

Accounting Standard AASB 2021-7
Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128 and Editorial Corrections

Objective
     1                        This Standard amends:
          (a)                    AASB 10 Consolidated Financial Statements (July 2015); and
          (b)                   AASB 128 Investments in Associates and Joint Ventures (August 2015);
     to defer the application of previous amendments relating to the sale or contribution of assets between an investor and its associate or joint venture as the continuing consequence of International Financial Reporting Standard Effective Date of Amendments to IFRS 10 and IAS 28, issued by the International Accounting Standards Board in December 2015.
     2                        This Standard also amends the following pronouncements to make editorial corrections:
          (a)