Document ID: chunk:federal_register_of_legislation:F2021L00471:body:0:p1
Version: federal_register_of_legislation:F2021L00471
Segment Type: other
Provision Reference: 
Character Range: 0–3361

AASB Standard   AASB 2021-2
                March 2021

Amendments to Australian Accounting Standards – Disclosure of Accounting Policies and Definition of Accounting Estimates
[AASB 7, AASB 101, AASB 108, AASB 134 & AASB Practice Statement 2]

Obtaining a copy of this Accounting Standard
This Standard is available on the AASB website: www.aasb.gov.au.

Australian Accounting Standards Board
PO Box 204
Collins Street West
Victoria   8007
AUSTRALIA

Phone: (03) 9617 7600
E-mail: standard@aasb.gov.au
Website: www.aasb.gov.au

Other enquiries
Phone: (03) 9617 7600
E-mail: standard@aasb.gov.au

COPYRIGHT
© Commonwealth of Australia 2021
This AASB Standard contains IFRS Foundation copyright material.  Reproduction within Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use subject to the inclusion of an acknowledgment of the source.  Requests and enquiries concerning reproduction and rights for commercial purposes within Australia should be addressed to The National Director, Australian Accounting Standards Board, PO Box 204, Collins Street West, Victoria 8007.
All existing rights in this material are reserved outside Australia.  Reproduction outside Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use only.  Further information and requests for authorisation to reproduce for commercial purposes outside Australia should be addressed to the IFRS Foundation at www.ifrs.org.

ISSN 1036-4803

Contents

Preface
Accounting Standard
AASB 2021-2 Amendments to Australian Accounting Standards – Disclosure of Accounting Policies and Definition of Accounting Estimates

from page
Objective 5
Application 5
Amendments to AASB 101 5
Amendments to AASB 108 8
AMENDMENTS TO OTHER AASB STANDARDS AND PUBLICATIONS 9
Amendments to AASB 7 9
Amendments to AASB 134 11
Amendments to AASB Practice Statement 2 11
COMMENCEMENT OF THE LEGISLATIVE INSTRUMENT 17

aVailable on the AASB website
IASB Implementation guidance – Amendments
IASB Bases for Conclusions – Amendments

Australian Accounting Standard AASB 2021-2 Amendments to Australian Accounting Standards – Disclosure of Accounting Policies and Definition of Accounting Estimates is set out on pages 5 – 17. All the paragraphs have equal authority.

Preface

Standards amended by AASB 2021-2
This Standard makes amendments to the following Australian Accounting Standards:
   (a)          AASB 7 Financial Instruments: Disclosures (August 2015);
   (b)          AASB 101 Presentation of Financial Statements (July 2015);
   (c)          AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors (August 2015); and
   (d)          AASB 134 Interim Financial Reporting (August 2015).
The Standard also makes amendments to AASB Practice Statement 2 Making Materiality Judgements (December 2017).
These amendments arise from the issuance by the International Accounting Standards Board (IASB) in February 2021 of the following International Financial Reporting Standards:
   (a)          Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2); and
   (b)          Definition of Accounting Estimates (Amendments to IAS 8).

Main features of this Standard

Main requirements
This Standard amends:
   (a)          AASB 7, to