Document ID: chunk:federal_register_of_legislation:C2013C00453:clause:1_1:p32
Version: federal_register_of_legislation:C2013C00453
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 32/52)
Character Range: 80072–82859

interest or from an equity interest to a debt interest);
 (b) a change to the terms or conditions of the arrangement in a way that materially affects the contingencies on which significant obligations and rights under the arrangement are dependent (for example, by introducing such a contingency or removing such a contingency);
 (c) a change in circumstances that makes something that:
 (i) materially affects significant obligations and rights under the arrangement; and
 (ii) was previously dependent on a contingency;
  no longer dependent on a contingency (because, for example, only one of a number of previously possible contingencies is realised);
 (d) a change to:
 (i) the terms on which credit is to be provided to an entity that is not a party to the arrangement; or
 (ii) the credit rating of an entity that is not a party to the arrangement;
  if a significant obligation or right under the arrangement is dependent on that credit being provided or that rating being maintained;
 (e) if the arrangement is, or includes, a financial asset or financial liability and you prepare your financial reports in accordance with:
 (i) the *accounting standards; or
 (ii) if those standards do not apply to the preparation of the financial report—comparable accounting standards made under a *foreign law that apply to the preparation of the financial report under a foreign law;
  a change to the terms or conditions of, or circumstances that affect, the arrangement that are sufficient for the financial asset or financial liability to be treated as impaired for the purposes of those standards.
 (3) You do not need to make a reassessment under this section merely because of a change in the fair value of the *financial arrangement.

230‑190  Re‑estimation

When re‑estimation necessary
 (1) You re‑estimate a gain or loss from a *financial arrangement under subsection (5) if:
 (a) the accruals method applies to the gain or loss; and
 (b) circumstances arise that materially affect:
 (i) the amount or value; or
 (ii) the timing;
  of *financial benefits that were taken into account in working out the amount of the gain or loss; and
 (c) the circumstances do not give rise to a re‑estimation under section 230‑200; and
 (d) in a case where the gain or loss is spread using the method referred to in paragraph 230‑135(2)(b) in accordance with section 230‑140 (effective interest method)—the maximum life of the arrangement (as determined under the terms and conditions of the arrangement) is more than 12 months.
 (2) If subsection (1) applies, you must re‑estimate the gain or loss:
 (a) unless paragraph (b) applies—as soon as reasonably practicable after you become aware of the circumstances referred to in paragraph (1)(b); or
 (b) if paragraph (1)(d) is satisfied and the