Document ID: chunk:federal_register_of_legislation:F2023C00191:body:0:p18
Version: federal_register_of_legislation:F2023C00191
Segment Type: other
Provision Reference: 
Character Range: 44084–46997

the principal Standard as applicable to annual periods beginning on or after 1 January 2023 but before 1 July 2026.

   (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 January 2023, provided that AASB 9 Financial Instruments is also applied on or before the date of initial application of AASB 17. (AASB 17 was amended prior to its mandatory application by various amending Standards, including AASB 2022-8 Amendments to Australian Accounting Standards – Insurance Contracts: Consequential Amendments, made by the AASB on 15 December 2022.)

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

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

   (e) Entities may elect to apply this Standard to annual periods beginning before 1 January 2023.

Table of amendments
Paragraph affected               How affected  By … [paragraph/page]
 5                               amended       AASB 17 [page 68]
 Aus5.1                          added         AASB 2022-8 [page 7]
 44M                             added         AASB 17 [page 68]
 Aus45.1                         repealed      Legislation Act 2003, s. 48D
Appendix A – recoverable amount  amended       AASB 2021-7 [20]
Appendix D                       replaced      AASB 1060 [page 58]

Deleted IFRS 5 text
Deleted IFRS 5 text is not part of AASB 5.
44A IAS 1 (as revised in 2007) amended the terminology used throughout IFRSs. In addition it amended paragraphs 3 and 38, and added paragraph 33A. 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.
44B IAS 27 Consolidated and Separate Financial Statements (as amended in 2008) added paragraph 33(d). An entity shall apply that amendment for annual periods beginning on or after 1 July 2009. If an entity applies IAS 27 (amended 2008) for an earlier period, the amendment shall be applied for that earlier period. The amendment shall be applied retrospectively.
44C Paragraphs 8A and 36A were added by Improvements to IFRSs issued in May 2008. An entity shall apply those amendments for annual periods beginning on or after 1 July 2009. Earlier application is permitted. However, an entity shall not apply the amendments for annual periods beginning before 1 July 2009 unless it also applies IAS 27 (as amended in January 2008). If an entity applies the amendments before 1 July 2009 it shall disclose that fact. An entity shall apply the amendments prospectively from the date at which it first applied IFRS 5, subject to the transitional provisions in paragraph 45 of IAS 27 (amended