Document ID: chunk:federal_register_of_legislation:F2023C00417:reg:85h:p2
Version: federal_register_of_legislation:F2023C00417
Segment Type: reg
Provision Reference: reg 85H (pt 2/3)
Character Range: 54191–56985

Dec 2022         (beginning) 1 Jan 2023      see (f) below
AASB 2019-1  21 May 2019  F2019L00966     31 Dec 2019         (beginning) 1 Jan 2020      see (g) below
AASB 1060    6 Mar 2020   F2020L00288     30 Jun 2021         (beginning) 1 Jul 2021      see (h) below
AASB 2021-7  20 Dec 2021  F2021L01883     31 Dec 2021         (beginning) 1 Jan 2022      see (i) below

   (a) AASB 140 applies to annual periods beginning on or after 1 January 2018 (instead of 1 January 2017) as a result of amendments made by AASB 2015-8 Amendments to Australian Accounting Standards – Effective Date of AASB 15.  Earlier application is permitted for periods beginning on or after 1 January 2014.
   (b) Entities may elect to apply this Standard to annual periods beginning before 1 January 2017, provided that AASB 15 Revenue from Contracts with Customers is also applied.
   (c) Entities may elect to apply this Standard to annual periods beginning before 1 January 2019, provided that AASB 15 is also applied to the same period.
   (d) AASB 2016-7 deferred the effective date of AASB 15 (and its consequential amendments in AASB 2014-5) for not-for-profit entities to annual reporting periods beginning on or after 1 January 2019, instead of 1 January 2018.  However, earlier application of AASB 140 (2015) incorporating the text that relates to AASB 15 is permitted, provided that AASB 15 is also applied.
   (e) For-profit (FP) entities and not-for-profit (NFP) entities may elect to apply the amendments made to AASB 140 by this Standard early, in advance of their particular mandatory effective dates.
(f) 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.)
   (g) Entities may elect to apply this Standard to annual periods beginning before 1 January 2020.
   (h) Entities may elect to apply this Standard to annual periods beginning before 1 July 2021.
   (i) Entities may elect to apply this Standard to annual periods beginning before 1 January 2022.

Table of amendments
Paragraph affected  How affected  By … [paragraph/page]
 AusCF1             added         AASB 2019-1 [page 24]
 3                  deleted       AASB 16 [page 56]
 5                  amended       AASB 16 [page 56]
 6                  deleted       AASB 16 [page 57]
 7                  amended       AASB 16 [page 57]
                    amended       AASB 2021-7 [38]
 8-9                amended       AASB 16 [page 57]