Document ID: chunk:federal_register_of_legislation:F2023L00010:body:0:p2
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provide needed goods or services to beneficiaries and the resulting cost of those goods or services;
(c)                    specifies that, if both the market selling price of a comparable asset and some market participant data required to measure the fair value of the asset are not observable, an entity uses its own assumptions as a starting point in developing unobservable inputs and adjusts those assumptions to the extent that reasonably available information indicates that other market participants (including, but not limited to, other not-for-profit public sector entities) would use different data; and
(d)                   provides guidance on how the cost approach is to be applied to measure the asset's fair value, including guidance on the nature of costs to include in the replacement cost of a reference asset and on the identification of economic obsolescence.

   Application date
This Standard applies prospectively to annual periods beginning on or after 1 January 2024, with earlier application permitted.

Accounting Standard AASB 2022-10
The Australian Accounting Standards Board makes Accounting Standard AASB 2022-10 Amendments to Australian Accounting Standards – Fair Value Measurement of Non-Financial Assets of Not-for-Profit Public Sector Entities under section 334 of the Corporations Act 2001.
Keith Kendall
Dated 15 December 2022 Chair – AASB

Accounting Standard AASB 2022-10
Amendments to Australian Accounting Standards – Fair Value Measurement of Non-Financial Assets of Not-for-Profit Public Sector Entities

Objective

     1                        This Standard amends AASB 13 Fair Value Measurement (August 2015), including adding authoritative implementation guidance and providing related illustrative examples, for application by not-for-profit public sector entities.

Application

     2                        The amendments set out in this Standard apply to entities and financial statements in accordance with the application of AASB 13 set out in AASB 1057 Application of Australian Accounting Standards.

     3                        This Standard applies to annual periods beginning on or after 1 January 2024. This Standard may be applied to annual periods beginning before 1 January 2024.

     4                        This Standard uses underlining, striking out and other typographical material to identify some of the amendments to a Standard, in order to make the amendments more understandable. However, the amendments made by this Standard do not include that underlining, striking out or other typographical material. Amended paragraphs are shown with deleted text struck through and new text underlined. Ellipses (…) are used to help provide the context within which amendments are made and also to indicate text that is not amended.

Amendments to AASB 13

     5                        Paragraphs Aus28.1, Aus29.1, Aus29.2 and Aus93.2 are added. Paragraphs 28, 29 and 93 are not amended but are included for reference.
     Highest and best use for non-financial assets
     …
          28 The highest and best use of a non-financial asset takes into account the use of the asset that is physically possible, legally