Document ID: chunk:federal_register_of_legislation:F2021C00987:body:0:p10
Version: federal_register_of_legislation:F2021C00987
Segment Type: other
Provision Reference: 
Character Range: 23782–26341

Jul 2015  F2015L01628     31 Dec 2017         (beginning) 1 Jan 2018  see (a) below
AASB 1060  6 Mar 2020   F2020L00288     30 Jun 2021         (beginning) 1 Jul 2021  see (b) below

   (a) Entities may elect to apply this Standard to annual periods beginning after 24 July 2014 but before 1 January 2018.
   (b) Entities may elect to apply this Standard to annual periods beginning before 1 July 2021.

Table of amendments
Paragraph affected  How affected  By … [paragraph/page]

 Aus48.1            repealed      Legislation Act 2003, s. 48D
 Appendix A         added         AASB 1060 [page 63]

Deleted IAS 20 text
Deleted IAS 20 text is not part of AASB 120.
40 An entity adopting the Standard for the first time shall:
(a) comply with the disclosure requirements, where appropriate; and
(b) either:
(i) adjust its financial statements for the change in accounting policy in accordance with IAS 8; or
(ii) apply the accounting provisions of the Standard only to grants or portions of grants becoming receivable or repayable after the effective date of the Standard.
42 IAS 1 (as revised in 2007) amended the terminology used throughout IFRSs. In addition it added paragraph 29A. An entity shall apply those amendments for annual periods beginning on or after 1 January 2009. If an entity applies IAS 1 (revised 2007) for an earlier period, the amendments shall be applied for that earlier period.
45 IFRS 13, issued in May 2011, amended the definition of fair value in paragraph 3. An entity shall apply that amendment when it applies IFRS 13.
46 Presentation of Items of Other Comprehensive Income (Amendments to IAS 1), issued in June 2011, amended paragraph 29 and deleted paragraph 29A. An entity shall apply those amendments when it applies IAS 1 as amended in June 2011.

[1]  As part of AASB 2008-5 Amendments to Australian Accounting Standards arising from the Annual Improvements Project issued in July 2008 the Board amended terminology used in this Standard to be consistent with other Australian Accounting Standards as follows: (a) 'taxable income' was amended to 'taxable profit or tax loss', (b) 'recognised as income/expense' was amended to 'recognised in profit or loss', (c) 'credited directly to shareholders' interests/equity' was amended to 'recognised outside profit or loss', and (d) 'revision to an accounting estimate' was amended to 'change in accounting estimate'.
  [2] See also Interpretation 110 Government Assistance—No Specific Relation to Operating Activities, as identified in AASB 1048 Interpretation of Standards.