Document ID: chunk:federal_register_of_legislation:F2025C00209:reg:221:p14
Version: federal_register_of_legislation:F2025C00209
Segment Type: reg
Provision Reference: reg 221 (pt 14/73)
Character Range: 200261–203879

2025                                   see (h) below
AASB 2024-1  7 Mar 2024   F2024L00378     29 Jun 2024         (beginning) 1 Jan 2024 that end on or after 30 Jun 2024  see (i) below

   (a) Entities may elect to apply this Standard to annual periods beginning before 1 July 2021.
   (b) Entities are required to apply this Standard to annual periods beginning before 1 July 2021 if the entity is applying AASB 1060 and AASB 2020-4 Amendments to Australian Accounting Standards – Covid-19-Related Rent Concessions to the period.
   (c) Entities may elect to apply this Standard to annual periods beginning before 1 July 2021, provided that AASB 1060 is also applied to the same period.
   (d) Entities may elect to apply this Standard to annual periods beginning before 1 January 2023.
   (e) Entities may elect to apply this Standard to annual periods beginning before 1 January 2022.
   (f) Entities may elect to apply this Standard to annual periods beginning before 1 January 2024.
   (g) Entities may elect to apply this Standard to annual periods ending before 30 September 2023.
   (h) Entities may elect to apply this Standard to annual periods beginning before 1 January 2025.
   (i) Entities may elect to apply this Standard to annual periods ending before 30 June 2024.

Table of amendments to Standard
Paragraph affected        How affected  By … [paragraph]

 25                       amended       AASB 2021-6 [7]
 40                       amended       AASB 2023-3 [5]
 41A                      added         AASB 2023-3 [5]
 47A                      added         AASB 2023-3 [5]
 93                       amended       AASB 2021-6 [7]
 95 (and heading)         amended       AASB 2021-6 [7]
 96                       amended       AASB 2021-6 [7]
 107A                     added         AASB 2020-9 [5]
 112                      amended       AASB 2021-6 [7]
 119A-119C (and heading)  added         AASB 2024-1 [5]
 123                      amended       AASB 2021-6 [7]
 125                      amended       AASB 2021-6 [7]
 129                      amended       AASB 2021-6 [7]
 130                      amended       AASB 2020-9 [6]
 146A                     added         AASB 2020-7 [6]
                          amended       AASB 2020-9 [6]
 160                      amended       AASB 2021-6 [7]
 163                      amended       AASB 2021-6 [7]
 176                      amended       AASB 2023-4 [7]
 178A-178B (and heading)  added         AASB 2023-4 [7]
 214                      amended       AASB 2020-9 [7]
 221                      amended       AASB 2021-6 [7]
 244                      repealed      Legislation Act 2003, s. 48D
 Appendix A               amended       AASB 2021-6 [7]
B1                        amended       AASB 2021-1 [8]
Appendix C                amended       AASB 2020-9 [8]
                          deleted       AASB 2021-7 [51]

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

IG1                 amended       AASB 2020-9 [9]
                    amended       AASB 2023-4 [7]
                    amended       AASB 2023-5 [page 12]
IG2                 amended       AASB 2020-9 [10]

Basis for Conclusions

This Basis for Conclusions accompanies, but is not part of, AASB 1060.

Introduction

      1.                This Basis for Conclusions summarises the Australian Accounting Standards Board's considerations in reaching the conclusions in AASB 1060. It sets out the reasons why the Board developed the Standard, the approach taken to developing the Standard and key decisions made. In making