Document ID: chunk:federal_register_of_legislation:F2024L00708:body:0:p72
Version: federal_register_of_legislation:F2024L00708
Segment Type: other
Provision Reference: 
Character Range: 193775–196782

text is underlined.

  4A When it issued AASB 18 Presentation and Disclosure in Financial Statements in June 2024, the AASB changed the title of AASB 108 to Basis of Preparation of Financial Statements.

A footnote is added to 'AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors.' in paragraph 63E. New text is underlined.

  4B When it issued AASB 18, the AASB changed the title of AASB 108.

IG Example 11 in the Implementation guidance accompanying AASB 2 is amended. New text is underlined and deleted text is struck through.

Guidance on implementing
AASB 2 Share‑based Payment
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Equity‑settled share‑based payment transactions
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IG Example 11

Employee share purchase plan
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Application of requirements

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However, in some cases, the expense relating to an ESPP might not be material. AASB 108 Basis of Preparation of Financial Statements Accounting Policies, Changes in Accounting Estimates and Errors states that the accounting policies in Australian Accounting Standards need not be applied when the effect of applying them is immaterial (AASB 108, paragraph 8). AASB 18 Presentation and Disclosure in Financial Statements also AASB 101 Presentation of Financial Statements states that information is material if omitting, misstating or obscuring it could reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements, which provide financial information about a specific reporting entity. Materiality depends on the nature or magnitude of information, or both. An entity assesses whether information, either individually or in combination with other information, is material in the context of its financial statements taken as a whole (AASB 18, paragraphs B1–B5AASB 101, paragraph 7). Therefore, in this example, the entity should consider whether the expense of CU256,000 is material.

AASB 3 Business Combinations (August 2015)
Paragraphs 50 and B64 are amended. Paragraph 64R is added. New text is underlined and deleted text is struck through.

The acquisition method
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Measurement period
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50 After the measurement period ends, the acquirer shall revise the accounting for a business combination only to correct an error in accordance with AASB 108 Basis of Preparation of Financial StatementsAccounting Policies, Changes in Accounting Estimates and Errors.
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Effective date and transition

Effective date
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64R AASB 18 Presentation and Disclosure in Financial Statements issued in June 2024 amended paragraphs 50 and B64. An entity shall apply those amendments when it applies AASB 18.
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Appendix B
Application guidance
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Disclosures (application of paragraphs 59 and 61)
B64 To meet the objective in paragraph 59, the acquirer shall disclose the following information for each business combination that occurs during the reporting period:
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(q) the following information:
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 If disclosure of any of the information required