Document ID: chunk:federal_register_of_legislation:F2023C00188:reg:7:p42
Version: federal_register_of_legislation:F2023C00188
Segment Type: reg
Provision Reference: reg 7 (pt 42/91)
Character Range: 120860–124106

after 1 January 2023 but before 1 July 2026.

   (a)           Entities may elect to apply this Standard to annual periods beginning before 1 January 2019, provided that AASB 15 Revenue from Contracts with Customers is also applied to the same period.

   (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 January 2019.

   (d)           Entities may elect to apply this Standard to annual periods beginning before 1 January 2019, provided that AASB 1058 Income of Not-for-Profit Entities is also applied to the same period.

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

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

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

Table of amendments to Standard
Paragraph affected  How affected  By … [paragraph/page]
 7                  amended       AASB 17 [page 84]
 Aus7.1             added         AASB 2022-8 [page 14]
 42                 repealed      Legislation Act 2003, s. 48D
 C1A                added         AASB 2019-6 [7]
 C1A                added         AASB 17 [page 84]
 C10                amended       AASB 2018-8 [page 8]
 C10A               added         AASB 2018-8 [page 9]
 C11                amended       AASB 2018-8 [page 9]
 Appendix D         deleted       AASB 2021-7 [47]
 Appendix E         added         AASB 2018-3 [6]
                    replaced      AASB 1060 [page 69]

Table of amendments to guidance
Paragraph affected  How affected  By … [paragraph/page]
 Example 6          amended       AASB 2021-7 [48]
 Example 7          amended       AASB 2021-7 [48, 49]
 Example 8          amended       AASB 2021-7 [48]

Basis for Conclusions
This Basis for Conclusions accompanies, but is not part of, AASB 1058.

Introduction

BC1               This Basis for Conclusions summarises the Australian Accounting Standards Board's considerations in reaching the conclusions in AASB 1058.  It sets out the reasons why the AASB developed the Standard, the approach taken to developing the Standard and the key decisions made.  In making decisions, individual Board members gave greater weight to some factors than to others.

The need for change

BC2               Prior to the issue of this Standard and AASB 15 Revenue from Contracts with Customers, the recognition and measurement requirements for transactions giving rise to income depended on whether the transaction was reciprocal or non-reciprocal in nature.  The accounting for income arising from reciprocal transactions was predominantly addressed in AASB 118 Revenue and AASB 111 Construction Contracts.  The